FORVIA SUCCESSFULLY PRICES AN ADDITIONAL €200 MILLION OF 5.500%
SENIOR NOTES DUE 2031
Not for distribution, directly or indirectly, in
the United States, Canada, Australia or Japan
NANTERRE (FRANCE)APRIL 24,
2024
FORVIA SUCCESSFULLY PRICES AN ADDITIONAL €200 MILLION OF
5.500% SENIOR NOTES DUE 2031
FORVIA has successfully priced its offering of
€200 million of additional 5.500% senior notes due 2031 (the “New
Notes”). FORVIA priced the New Notes at 101.75% of par, or a yield
of 5.20%.
The New Notes obtained a 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).
FORVIA intends to use the proceeds of the
offering of the New Notes to fund the repurchase in part of
FORVIA’s 7.250% sustainability-linked notes due 2026 (the “Existing
Notes”) in a cash tender offer (the “Tender Offer”), to pay certain
fees, expenses, premiums and accrued interest and, if, in FORVIA’s
discretion, substantial proceeds remain, FORVIA intends to use such
remaining proceeds to partially redeem the Existing Notes (the
“Redemption”).
The Tender Offer on the Existing Notes launched
on 24 April 2024 remains subject to conditions, such as the
completion of the offering of the New Notes. FORVIA plans to
repurchase io the Existing Notes in an amount up to the principal
amount of the New Notes. The final amount of Existing Notes
accepted in the Tender Offer will be subject to the final amounts
of tenders received. The results of the tender offer are expected
to be published on 2 May 2024.
These transactions allow the Group to actively
manage its maturities and extend its debt average maturity.
An application has been made to list the New
Notes on the Global Exchange Market of Euronext Dublin. The
settlements of the New Notes and the Tender Offer on existing notes
are expected to occur on 7 May 2024. The Redemption, if any, is
expected to settle on 13 May 2024.
PRESS |
ANALYSTS/INVESTORS |
Christophe MALBRANQUEGroup Influence
Director +33 (0) 6 21 96 23
53christophe.malbranque@forvia.com |
Marc MAILLETGroup Head of Investor Relations +33
(0) 1 72 36 75 70marc.maillet@forvia.com |
Iria MONTOUTOGroup Media
Relations+33 (0) 6 01 03 19 89iria.montouto@forvia.com |
Sébastien LEROYGroup Deputy
Investor Relations Director+33 (0) 6 26 89 33
69sebastien.leroy@forvia.com |
About FORVIA FORVIA, 7th global automotive
technology supplier, comprises the complementary technology and
industrial strengths of Faurecia and HELLA. With around 260
industrial sites and 78 R&D centers, over 150,000 people,
including more than 15,000 R&D engineers across 40+ countries,
FORVIA provides a unique and comprehensive approach to the
automotive challenges of today and tomorrow. Composed of 6 business
groups and a strong IP portfolio of over 13,000 patents, FORVIA is
focused on becoming the preferred innovation and integration
partner for OEMS worldwide. In 2023, the Group achieved a
consolidated revenue of 27.25 billion euros. FORVIA SE is listed on
the Euronext Paris market under the FRVIA mnemonic code and is a
component of the CAC Next 20 and CAC SBT 1.5° indices. FORVIA aims
to be a change maker committed to foreseeing and making the
mobility transformation happen.
www.forvia.com
IMPORTANT NOTICEThis document is not an offer
of securities for sale in the United States. The notes being
offered by Forvia (the "Notes") may not be sold in the United
States unless they are registered under the Securities Act or are
exempt from registration. The offering of Notes described in this
announcement has not been and will not be registered under the
Securities Act, and accordingly any offer or sale of Notes may be
made only in a transaction exempt from the registration
requirements of the Securities Act.
Nothing herein shall be construed as an offer to purchase or a
solicitation of an offer to sell or buy any notes, including the
Existing Notes. Nothing herein constitutes a notice of redemption
for the Existing Notes.
It may be unlawful to distribute this document in certain
jurisdictions. This document is not for distribution in Canada,
Japan or Australia. The information in this document does not
constitute an offer of securities for sale in Canada, Japan or
Australia.
Promotion of the Notes in the United Kingdom is restricted by
the Financial Services and Markets Act 2000 (the “FSMA”), and
accordingly, the Notes are not being promoted to the general public
in the United Kingdom. This announcement is directed solely at (i)
persons located outside the United Kingdom, (ii) persons with
professional experience in matters relating to investments falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the “Order”), (iii)
high net worth entities, and other persons to whom it may lawfully
be communicated, falling within Article 49(2)(a) to (d) of the
Order and (iv) persons to whom an invitation or inducement to
engage in investment activity (within the meaning of section 21 of
the Financial Services and Markets Act 2000 (“FSMA”)) in connection
with the issue or sale of any securities of the Issuer or any
member of its group may otherwise lawfully be communicated or
caused to be communicated (all such persons in (i) – (iv) above
being “relevant persons”). Any investment activity to which this
announcement relates will only be available to and will only be
engaged with relevant persons. Any person who is not a relevant
person should not act or rely on this announcement.
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 UK 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
Prospectus Regulation as it forms part of domestic law by virtue of
the European Union (Withdrawal) Act 2018 (the “UK Prospectus
Regulation”) or an offer to the public.
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 UK PRIIPs KID – Manufacturer
target market (UK MIFIR product governance) is eligible
counterparties and professional clients only (all distribution
channels). No UK PRIIPs key information document (KID) has been
prepared as the Notes are not available to retail investors in the
UK.
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.
- FORVIA SUCCESSFULLY PRICES AN ADDITIONAL €200 MILLION OF SENIOR
NOTES
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