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Dana Holding extends early deadline of tender offer for 6½% notes
By Marisa Wong
Madison, Wis., Dec. 2 – Dana Holding Corp. has extended the early tender time of its previously announced cash tender offer for up to $360 million principal amount of its 6½% notes due 2019.
The early tender time is now 5 p.m. ET on Dec. 2, extended from midnight ET at the end of Dec. 1, according to an 8-K filing with the Securities and Exchange Commission.
The withdrawal deadline of midnight ET on Dec. 1 has passed, and tendered notes may no longer be withdrawn.
As of the original early tender time, holders had tendered about $279 million, or 70%, of the outstanding notes.
The tender offer began on Nov. 17 and will end at midnight ET on Dec. 15.
As previously noted, the total payment will be $1,041.25 per $1,000 principal amount of notes tendered by the early tender time. The total consideration includes an early tender payment 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 company may choose to settle early tender notes before the expiration of the offer.
The offer is conditioned on the completion of a new debt financing, as noted before.
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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