Forvia offers to buy 7¼% sustainability notes at make-whole amount

Chicago, April 24 – Forvia SE started a tender offer for the €580,175,000 of outstanding 7¼% sustainability-linked senior notes due 2026 (ISIN: XS2553825949), according to an announcement.

The company is offering to buy a potentially capped amount that will be based on the amount sold in an offering of new notes.

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 notes at the make-whole price, or at the one-year Bund rate plus 50 basis points.

The offer is subject to a new issue condition.

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 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.

The company is seeking through the add-on issue and the tender offer to proactively manage its maturity profile.

Tendering noteholders may be given priority allocation in the new offering. Interested existing noteholders should contact the dealer managers as soon as possible as the new notes are expected to price before the expiration of the tender offer.

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 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 (+34915402742, 0901DebtCapitalMarkets@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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