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Magna Completes Preferred Securities Offering and European Private Placement

22 September 1999

Magna Completes Preferred Securities Offering and European Private Placement

    AURORA, ON, Sept. 21 /CNW-PRN/ - Magna International Inc. (TSE:MG.A, MG.B;
ME:MG.A; NYSE:MGA) announced today that it has completed the previously
announced sale of Cdn.$165 million of 8.65% Series A Preferred Securities in
Canada and U.S.$170 million of 8.875% Series B Preferred Securities
/Cumulative Quarterly Income Preferred Securities (QUIPS) in the United States
(including in both cases preferred securities sold through the exercise by the
underwriters of their over-allotment options). The issue was underwritten in
Canada by an underwriting syndicate led by CIBC World Markets Inc., Merrill
Lynch Canada Inc. and Nesbitt Burns Inc. and in the United States by an
underwriting syndicate led by Goldman, Sachs & Co. and Merrill Lynch & Co.
    Magna also announced that it has completed the private placement in Europe
of Euro 100 million 7.08% subordinated debentures due September 2009 with a
European Bank.
    Magna, one of the most diversified automotive suppliers in the world,
designs, develops and manufactures automotive systems, assemblies and
components, and engineers and assembles complete vehicles, primarily for sale
to original equipment manufacturers of cars and light trucks in North America,
Europe, Mexico, South America and Asia. Magna's products include: exterior
decorative systems; interior products including complete seats, instrument and
door panel systems and sound insulation; stamped and welded metal parts and
assemblies; sunroofs; electro-mechanical devices and assemblies and navigation
systems; a variety of plastic parts, including body panels and fascias through
Decoma International Inc.; various engine, powertrain and fueling and cooling
components through Tesma International Inc.; and a variety of drivetrain
components and complete vehicle engineering and assembly through the
Steyr-Daimler-Puch Group.
    Magna has over 54,000 employees in 164 manufacturing operations and 30
product development and engineering centres in 19 countries.