Magna International Inc. (TSX: MG; NYSE: MGA) today announced that it filed a preliminary short form base shelf prospectus (“shelf prospectus”) with the Ontario Securities Commission (the “OSC”) and a corresponding shelf registration statement with the United States Securities and Exchange Commission (the “SEC”) on Form F-10. Our previous short form base shelf prospectus expired in September 2019.
“With our actions today we have made our strong financial position even stronger. Our amended revolving credit facility increases our committed and available credit lines to $3.7 billion, and the prospectus filing provides flexibility to pursue public debt financing down the road for our business.”- Vince Galifi, Magna’s Chief Financial Officer
Magna has also amended its 364-day syndicated revolving credit facility, including to increase the size of the facility from US$300 million to US$1.0 billion and extend its maturity date to April 12, 2021, from June 2020.
Once the final short form base shelf prospectus is receipted by the OSC and the shelf registration statement becomes effective, these filings will, subject to securities regulatory requirements, qualify for issuance up to an aggregate of US$2.0 billion of debt securities from time to time over a 25-month period. The terms of future offerings, if any, will be established at the time of such offerings. At the time any of the debt securities are offered for sale, a prospectus supplement containing specific information about the terms of any such offering will be filed with the OSC and the SEC.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The shelf prospectus has been filed with the OSC but remains subject to completion or amendment. No debt securities may be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective and until a receipt for the final short form base shelf prospectus has been issued by the OSC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to the issuance of a receipt for the final short form base shelf prospectus by the OSC, the filing of a prospectus supplement with the OSC and registration or qualifications under the securities laws of any such jurisdiction.