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Dana selling $600 million senior notes in two tranches Tuesday
By Paul A. Harris and Aleesia Forni
Virginia Beach, Va., July 30 - Dana Holdings Corp. is planning to sell $600 million of senior notes on Tuesday in two parts due 2021 and 2023, according to a market source.
The notes due 2021 will be non-callable for three years, while the notes due 2023 will be non-callable for five years.
Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
The Securities and Exchange Commission-registered notes feature a 101% poison put.
Proceeds will be used to repurchase the company's series A preferred stock from Centerbridge, to fund additional share repurchases and for general corporate purposes.
The Maumee, Ohio-based supplier to vehicular, off-highway and industrial manufacturers had scheduled an investor call for 10:30 a.m. ET.
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