Dana wraps tenders for $343.6 million of 6½% notes so far; call issued

By Susanna Moon

Chicago, Dec. 9 – Dana Holding Corp. said it settled tenders for $343,565,000, or about 86%, of its 6½% notes due 2019 tendered by 5 p.m. ET on Dec. 4.

Dana also called $40 million principal amount of the notes at 103 plus accrued interest up to but excluding the redemption date of Jan. 8, according to a company press release.

The tender offer will end at midnight ET on Dec. 15. The company began the tender offer for up to $360 million of the 6½% notes on Nov. 17.

Dana had received tenders for about $279 million of the notes as of Dec. 3.

Tendered notes may no longer be withdrawn, as of midnight ET on Dec. 1.

As of the original early tender time, holders had tendered about $279 million, or 70%, of the outstanding notes.

As previously noted, the total payment will be $1,041.25 per $1,000 principal amount of notes tendered by 5 p.m. ET on Dec. 2, the early tender date, which was extended from midnight ET on Dec. 1.

The total amount includes an early tender payment of $30.00 per $1,000 of 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 offer is conditioned on the completion of a new debt financing.

Dana closed its offering of $425 million principal amount of 5½% senior notes due 2024 on Dec. 9.

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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