Dana repays $109 million of term loan debt with common stock proceeds

By Sara Rosenberg

New York, Feb. 24 - Dana Holding Corp. repaid $109 million of its term loan in September using proceeds from a common stock offering, according to a 10-K filed with the Securities and Exchange Commission.

Of the total paydown amount, $11 million was made to a wholly owned non-U.S. subsidiary of Dana that holds a portion of the term loan and $98 million was used to repay term loan debt held by third parties.

In addition, in October, the underwriters for the stock offering exercised their over-allotment option to purchase an additional 5 million shares, generating additional net proceeds of $33 million. Of these proceeds, $15 million was used to repay third party debt principal.

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

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