Dana Holding begins tender offer for $360 million 6½% notes due 2019

By Susanna Moon

Chicago, Nov. 17 – Dana Holding Corp. said it began a cash tender offer for up to $360 million principal amount of its 6½% notes due 2019.

The total payment will be $1,041.25 per $1,000 principal amount of notes tendered by midnight ET on Dec. 1, the early tender date, which includes a premium of $30 per $1,000 notes.

Those who tender after the early tender deadline will receive the total payment less the early premium.

The company also will pay accrued interest up to but excluding the settlement date.

The tender offer will end at midnight ET on Dec. 15.

Tendered notes may be withdrawn by the early tender deadline.

The offer is conditioned on the completion of a new debt financing.

Dana also intends to redeem $40 million principal amount of notes at 103% of par plus accrued interest, according to a company press release.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager. D.F. King & Co., Inc. (866 745-0268 or 212 269-5550 collect for banks and brokers) is the tender and information agent.

Dana is a supplier of driveline, sealing and thermal-management technologies for passenger, commercial and off-highway vehicles. The company is based in Maumee, Ohio.

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