By Marisa Wong
Los Angeles, April 24 – Forvia priced €200 million of additional 5½% senior notes due 2031, according to a Wednesday press release.
The add-on notes (Ba2/BB/BB+) priced at 101.75 to yield 5.2%.
The new notes will be consolidated and form a single series with the €500 million 5½% senior notes due 2031 (ISIN: XS2774392638) issued on March 11, after the expiry of a 40-days distribution compliance period.
The company plans to use the proceeds to fund the repurchase in part of its 7¼% sustainability-linked notes due 2026 in a cash tender offer launched on Wednesday.
In addition, if substantial proceeds remain, the company intends to use those remaining proceeds to partially redeem the existing 2026 notes.
The tender offer and new issuance are expected to settle on May 7. The redemption, if any, is expected to settle on May 13.
The company intends to list the new notes on Euronext Dublin.
Forvia is a global automotive technology supplier based in Nanterre, France.
| Issuer: | Forvia
|
| Amount: | €200 million
|
| Issue: | Notes, add-on
|
| Maturity: | 2031
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| Coupon: | 5½%
|
| Price: | 101.75
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| Yield: | 5.2%
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| Pricing date: | April 24
|
| Settlement date: | May 7
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
| Fitch: BB+
|
| ISIN: | XS2774392638
|
| Total issuance: | €700 million, including €500 million issued March 11
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