MAGNA INTERNATIONAL INC. TO CALL BONDS
MAGNA INTERNATIONAL INC. TO CALL BONDS MARKHAM, Ontario., Sept. 17 /PRNewswire/ - Magna International Inc.
(TSE: MG.A, MG.B; ME: MG.A; NASDAQ: MAGAF) today confirmed, during a special meeting of shareholders, that it intends to call all of its outstanding 7 percent convertible subordinated bonds due 1993 for redemption prior to the next interest payment date (Nov. 26, 1992) in order to encourage their conversion. The bonds are convertible into Class A subordinate voting shares at a price of U.S.$20.75 per share, which is well below the current market price. To date, over U.S.$25 million in bonds have been converted into shares, leaving less than U.S.$50 million currently outstanding. The company reminded holders of such bonds that only holders that have converted bonds and are shareholders of record at the close of business on Sept. 30, 1992 will be entitled to the dividend of Cdn$0.10 per share which was declared on the outstanding Class A subordinate voting and Class B shares by the board of directors earlier in the week.
-0- 9/17/92 /CONTACT: Gary M. Cohn, secretary of Magna International Inc., 416-477-7766/ (MAGAF) CO: Magna International Inc. ST: Ontario IN: AUT SU:
AH -- NY047 -- 0603 09/17/92 11:29 EDT
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|Date:||Sep 17, 1992|
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