Dana to price $400 million eight-year notes in Tuesday drive-by; price talk 5¾%-5 7/8%

By Paul A. Harris

Portland, Ore., June 16 – Dana Inc. plans to price a $400 million public offering of eight-year senior notes (expected ratings B2/BB-/BB+) in a Tuesday drive-by, according to a syndicate source.

The notes are talked to yield 5¾% to 5 7/8%.

Books close at 1:15 p.m. ET, and the deal is set to price thereafter.

Citigroup Global Markets Inc. is the lead bookrunner. Barclays, BMO Capital Markets Corp., BofA Securities Inc., Citizens Capital Markets Inc., Commerz Markets LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA Inc. and RBC Capital Markets LLC are the joint bookrunners.

The notes feature a make-whole call at Treasuries plus 50 basis points for first three years, then become callable at par plus 50% of the coupon.

The Maumee, Ohio-based supplier of automotive transmissions plans to use the proceeds to repay drawn amounts under its credit facility and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.