Dana gets financing commitment from Citigroup to fund acquisition

By Sara Rosenberg

New York, July 30 – Dana Inc. plans on using $600 million of new financing to finance its purchase of the Drive Systems segment of the Oerlikon Group, according to a company presentation.

Citigroup provided the financing commitment.

Net leverage will be 1.6 times.

Under the agreement, the Drive Systems business will be bought for CHF 600 million (about $600 million).

Closing is expected in late 2018 or the first quarter of 2019, subject to customary regulatory approvals.

Dana is a Maumee, Ohio-based supplier of drivetrain, sealing and thermal-management technologies.

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