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Forvia to offer €200 million add-on to 5½% senior notes due 2031
By Marisa Wong
Los Angeles, April 24 – Forvia will make an offering of €200 million of 5½% senior notes due 2031, according to a Wednesday press release.
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 add-on offering is subject to market conditions.
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. The company launched the tender offer on Wednesday, but the tender offer is subject to completion of the new notes offering.
In addition, if substantial proceeds remain, the company intends to use those remaining proceeds to partially redeem the existing 2026 notes.
Forvia is a global automotive technology supplier based in Nanterre, France.
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