Dana talks €425 million eight-year senior notes to yield in 8½% area; books close Wednesday

By Paul A. Harris

Portland, Ore., May 10 – Dana Inc. talked a €425 million offering of Dana Financing Luxembourg Sarl eight-year senior notes (B1/BB-) to yield in the 8½% area, according to market sources.

Official price talk comes tight to earlier guidance in the mid-to-high 8% area.

Books were set to close late in the London afternoon on Wednesday.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

Joint global coordinator Barclays will bill and deliver. BofA is also a joint global coordinator.

BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC are the joint bookrunners.

Citizens Capital Markets Inc., Fifth Third Securities Inc. and KeyBanc Capital Markets Inc. are the co-managers.

The Maumee, Ohio-based supplier of propulsion and energy-management solutions for vehicles and machines plans to use the proceeds to redeem $200 million its 5¾% senior notes due 2025 and to repay $245 million of debt under its revolver.

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