DBRS rates Magna notes A

DBRS said it has assigned a rating of A (low) with a stable trend to the $750 million of 3.625% 10-year senior unsecured notes issued by Magna International Inc.

The notes will mature on June 15, 2024 and will rank pari passu with all other existing and future senior unsecured obligations.

The agency said that the debt issuance is reflective of the company’s transition to a new capital structure and is consistent with DBRS’s previous expectations.

During the first quarter of 2014, Magna filed a short-form base shelf prospectus with the Ontario Securities Commission and a corresponding shelf registration statement with the Securities and Exchange Commission.

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