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Forvia sets tender cap at €200 million for 7¼% sustainability notes
By Mary-Katherine Stinson
Lexington, Ky., April 25 – Forvia SE announced the maximum acceptance amount for its tender offer for the €580,175,000 of outstanding 7¼% sustainability-linked senior notes due 2026 (ISIN: XS2553825949), according to multiple announcements.
The company is offering to buy up to €200 million of the notes, an amount that is based on the amount sold in an offering of new notes. Forvia is offering 5½% senior notes due 2031 in an add-on to the €500 million of notes that were issued on March 11. The new notes priced April 24.
The existing notes have a first call date on Nov. 15, 2024. The original issue size was €950 million.
The company is offering to purchase the existing notes at the make-whole price, or at the one-year Bund rate plus 50 basis points.
The company also issued a conditional notice of redemption on April 24. The redemption will cover the difference between the amount of new notes issued and the amount of notes tendered. The redemption price is the same as the tender price.
Tenders may be prorated.
The tender offer expires at 11 a.m. ET on May 1.
Indicative results will be announced on May 2.
Pricing will be determined at 7 a.m. ET on May 2. Results will be announced following pricing.
Settlement is planned for May 7.
The company is seeking through the add-on issue and the tender offer to proactively manage its maturity profile.
The tender offer is conditioned on the new issuance.
The structuring agents and dealer managers are Banco Santander, SA (Liabilitymanagement@gruposantander.com) and Credit Agricole CIB (+44 20 7214 5903, liability.management@ca-cib.com).
Banco de Sabadell, SA (+34 915 40 27 42 / 09 01; DebtCapitalMarkets@bancsabadell.com, martinezdemurguiay@bancsabadell.com) and Deutsche Bank AG (+44 20 7545 8011) join as dealer managers.
The information and tender agent is D.F. King Ltd. (+44 20 7920 9700; Forvia@dfkingltd.com; https://www.dfkingltd.com/Forvia).
Formerly Faurecia SE, Forvia is a Nanterre, France-based automotive technology supplier.
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