Dana sets initial preferred stock conversion price at $13.19

By Caroline Salls

Pittsburgh, April 22 - Dana Holding Corp. set the initial conversion price of its series A preferred stock and series B preferred stock at $13.19, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

As previously reported, private equity firm Centerbridge Capital Partners agreed to purchase up to $250 million of series A preferred shares and backstop the sale of $250 million in series B preferred shares under Dana Corp.'s plan of reorganization, which took effect on Feb. 1.

Dana is a Toledo, Ohio-based supplier of components, modules and systems to vehicle manufacturers and related aftermarkets.

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