AutoParts Firm Forvia to Issue EUR800Mln in New Senior Notes
Miriam Mukuru
Forvia aims to raise 800 million euros ($867.6 million) by issuing new senior notes, the French autoparts company said in a press release on Wednesday.
The proceeds would be used to repurchase a portion of the company's 2.625% senior notes due in 2025 and Forvia's 7.250% sustainability-linked notes due in 2026, it said.
Forvia also intends to use the proceeds to pay its outstanding debt or its subsidiaries' debt.
The new senior notes are in two parts, maturing in 2029 and 2031.
Forvia's long-dated bonds declined around half a point while short-dated notes rose around half a point after news of the supply, CreditSights said in a research note.
Write to Miriam Mukuru at miriam.mukuru@wsj.com
(END) Dow Jones Newswires
February 28, 2024 10:32 ET (15:32 GMT)
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