05:12 PM EST, 03/05/2024 (MT Newswires) -- Magna International Inc. ( MGA ) after trade Tuesday entered into an underwriting agreement in respect of the offering of US$400 million aggregate principal amount of senior unsecured notes due 2029. A statement said the notes will bear interest at an annual rate of 5.050% and will mature on March 14, 2029.

Magna added it intends to use the net proceeds from the offering of notes for general corporate purposes, which may include the repayment of its existing indebtedness.

The offering of notes is expected to close on March 14, 2024, subject to customary closing conditions. The notes will be offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC") and a short form base shelf prospectus and prospectus supplement filed with the Ontario Securities Commission.