Not for distribution, directly or indirectly, in
NANTERRE (
FORVIA FURTHER IMPROVES ITS DEBT PROFILE BY USING PROCEEDS FROM ADDITIONAL ISSUANCE OF SENIOR NOTES DUE 2031 TO PARTIALLY REFINANCE EXISTING 2026 SUSTAINABILITY-LINKED NOTES
- Issued an additional €200 million of 5.500% Senior Notes due 2031 at 101.75% of par, corresponding to a yield of 5.20%
- Proceeds from the issuance, with additional cash, used to repurchase €250 million of existing 2026 7.250% Sustainability-Linked Notes by way of a tender offer, thus reducing the Group’s gross debt
FORVIA has successfully closed its previously announced offering of an additional €200 million in aggregate principal amount of 5.500% Senior Notes due 2031 (the “New Notes”), which will be consolidated with and form a single series with the existing €500 million 5.500% Senior Notes due 2031 issued on
The New Notes obtained credit rating in line with the long-term credit rating of FORVIA (i.e., “BB+” by Fitch Ratings, “Ba2” by Moody’s and “BB” by Standard & Poor’s) and are listed on the
The associated tender offer (the “Tender Offer”) for the repurchase of FORVIA’s existing 7.250% Sustainability-linked Notes due 2026 (the “Existing Notes”) also settled today. With the success of the Tender Offer, FORVIA decided to increase the maximum amount of the Existing Notes accepted for tender in the Tender Offer to, and has accepted the tenders of, €250 million in aggregate principal amount of the Existing Notes, which Existing Notes have now been cancelled. This tender offer further reduces the outstanding amount of the Existing Notes, which now stands at €330.2 million vs the initial €950 million issuance.
These transactions allow the Group to proactively manage its liabilities and extend its average debt maturity.
PRESS | ANALYSTS/INVESTORS |
Christophe MALBRANQUE Group Media Relations Director +33 (0) 6 21 96 23 53 christophe.malbranque@forvia.com | Marc MAILLET Group Head of Investor Relations +33 (0) 1 72 36 75 70 marc.maillet@forvia.com |
Iria MONTOUTO Group Media Relations Officer +33 (0) 6 01 03 19 89 iria.montouto@forvia.com | Sébastien LEROY Group Deputy Investor Relations Director +33 (0) 6 26 89 33 69 sebastien.leroy@forvia.com |
About FORVIA, whose mission is: “We pioneer technology for mobility experiences that matter to people”.
FORVIA, 7th global automotive technology supplier, comprises the complementary technology and industrial strengths of
IMPORTANT NOTICE
This document is not an offer of securities for sale in
It may be unlawful to distribute this document in certain jurisdictions. This document is not for distribution in
Promotion of the Notes in the
The offer and sale of the Notes will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus for offers of securities. This announcement does not constitute a prospectus within the meaning of the Regulation EU 2017/1129, as amended (the "Prospectus Regulation") or an offer to the public.
The offer and sale of the Notes will be made pursuant to an exemption under the
MiFID II professionals/ECPs-only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the Notes are not available to retail investors in EEA.
MiFIR professionals/ECPs-only/No
Neither the content of Forvia’s website nor any website accessible by hyperlinks on Forvia’s website is incorporated in, or forms part of, this announcement. The distribution of this announcement into any jurisdiction may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, no money, securities or other consideration will be accepted.
Attachment
- 20240507 250M BOND TENDER
OFFER ENG
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