Magna International Inc. (TSX: MG; NYSE: MGA) announced today that it has established a euro-commercial paper programme (the “Programme”). Under the Programme, an indirect wholly-owned subsidiary of Magna International Inc. (the “Company”) may issue, from time to time, euro-commercial paper notes (the “notes”) up to a maximum aggregate amount of €500 million or its equivalent in alternative currencies. Any notes issued will be guaranteed by the Company and the Programme will be backstopped by the Company’s existing global credit facility. The proceeds from the issuance of any notes will be used for general corporate purposes.
ING Bank N.V. is acting as the Arranger of the Programme and the notes will be offered through a commercial paper dealer group consisting of Bank of America Merrill Lynch International Limited, BNP Paribas, Citibank Europe plc, UK Branch and ING Bank N.V.
