2023-05-10 06:08:06 ET
- Dana Financing Luxembourg S.à r.l., a wholly-owned subsidiary of Dana Incorporated ( NYSE: DAN ) to issue €425M of senior unsecured notes due 2031 in a private offering.
- Net proceeds will be used to redeem $200M of the Issuer's outstanding 5.750% Senior Notes due 2025 to repay $245M of outstanding borrowings under Dana's revolving credit facility and to pay related fees and expenses.
- This transaction is anticipated to be leverage neutral.
- Concurrently, Dana Financing Luxembourg issued a conditional notice of partial redemption for $200M of outstanding 2025 Notes on June 9, 2023 at a redemption price of 100.000% of the principal amount.
- The redemption of the 2025 Notes is conditioned upon this offering.
For further details see:
Dana Financing Luxembourg launches €425M senior notes offering