FORVIA to offer an additional €200 million of 5.500% senior notes due 2031 aiming to partially refinance its 7.250% 2026 bonds

FORVIA has announced today that it will make an offering of €200 million of 5.500% senior notes due 2031 (the “New Notes”) which will be consolidated with and form a single series with the €500 million 5.500% Senior Notes due 2031 issued on 11 March 2024 (ISIN Code: XS2774392638) after the expiry of a 40-days distribution compliance period. The completion of the offering of the New Notes is subject to market conditions.

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”). The Tender Offer was launched today and remains subject to conditions, such as the completion of the offering of the New Notes. FORVIA plans to repurchase 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.

In addition, if, in FORVIA’s discretion, substantial proceeds remain, FORVIA intends to use such remaining proceeds to partially redeem the Existing Notes (the “Redemption”). FORVIA today issued a conditional notice of the Redemption to holders of the Existing Notes. The Redemption is subject to the completion of the offering of the New Notes and the completion of the Tender Offer with the principal amount of the Existing Notes validly tendered and accepted therein being substantially less than the principal amount of the New Notes issued.