By Paul A. Harris
Portland, Ore., Nov. 15 – Dana Inc. priced a $350 million issue of 10.25-year senior notes (B1/BB/BB+) at par to yield 4½% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk and initial guidance, both of which were set in the 4½% area.
Orders were heard to amount to 1.5-times deal size earlier in the day, a bond trader said.
Citigroup Global Markets Inc. was the left bookrunner. Joint bookrunners were Barclays, BMO Capital Markets Corp., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC.
The Maumee, Ohio-based supplier of drivetrains and related components plans to use the proceeds to repay its senior secured term loan due 2026.
| Issuer: | Dana Inc.
|
| Amount: | $350 million
|
| Maturity: | Feb. 15, 2032
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays, BMO Capital Markets Corp., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC
|
| Co-managers: | Citizens Capital Markets Inc., Fifth Third Securities Inc. and KeyBanc Capital Markets Inc.
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 288 bps
|
| First call: | Feb. 15, 2027 at 102.25
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 4½% area
|
| Marketing: | Drive-by
|
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