AURORA, Ontario, July 15, 2016 /PRNewswire/ --
Magna International Inc. (TSX:
MG; NYSE: MGA) announced today that it has established a U.S.
commercial paper program (the "Program"). Under the Program, Magna
International Inc. (the "Company") may issue, from time to time,
commercial paper notes (the "Notes") up to a maximum aggregate
amount of U.S. $500,000,000. The
Program will be backstopped by the Company's existing global credit
facility. The proceeds from the issuance of any Notes will be used
for general corporate purposes.
The Notes to be offered under the Program will not be registered
under the Securities Act of 1933 and may not be offered or sold in
the United States absent
registration or an applicable exemption from registration
requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy Notes under
the Program.
ABOUT MAGNA
We are a leading global automotive supplier with 306
manufacturing operations and 92 product development, engineering
and sales centres in 29 countries. We have over 147,000
employees focused on delivering superior value to our customers
through innovative products and processes, and World Class
Manufacturing. These figures include manufacturing operations,
product development, engineering and sales centres and employees in
equity accounted operations. Our product capabilities include
producing body, chassis, exterior, seating, powertrain, electronic,
vision, closure and roof systems and modules, as well as complete
vehicle engineering and contract manufacturing. Our common
shares trade on the Toronto Stock Exchange (MG) and the New York
Stock Exchange (MGA).
FORWARD-LOOKING STATEMENTS
This release may contain statements which constitute
"forward-looking information" and "forward-looking statements"
under applicable securities legislation and are subject to, and
expressly qualified by, the cautionary disclaimers that are set out
in the Company's regulatory filings. Please refer to the Company's
most current Management's Discussion and Analysis of Results of
Operations and Financial Position, Annual Information Form and
Annual Report on Form 40-F, as replaced or updated by any of the
Company's subsequent regulatory filings, which set out the
cautionary disclaimers, including the risk factors that could cause
actual events to differ materially from those indicated by such
forward-looking statements.
Vince Galifi, Executive
Vice-President and Chief Financial Officer at +1-905-726-7100 or
Louis Tonelli, Vice-President,
Investor Relations at +1-905-726-7035.