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Dana wraps tender offer, accepts $344.59 million of 6½% notes
By Toni Weeks
San Luis Obispo, Calif., Dec. 16 – Dana Holding Corp. said it completed the tender offer to purchase up to $360 million of its 6½% notes due 2019. The offer expired at midnight ET on Dec. 15 and began on Nov. 17.
The company accepted tenders for all $344.59 million, or 86.15%, of the notes tendered by the deadline.
The amount was up slightly from the $343,565,000, or about 86%, of the notes tendered by 5 p.m. ET on Dec. 4, the early tender time. These notes were paid for on Dec. 9. Dana had reported tenders for about $279 million, or 70%, of the notes as of Dec. 3.
The original early tender time of midnight ET on Dec. 1 had previously been extended to 5 p.m. ET on Dec. 2 and again to 5 p.m. ET on Dec. 4.
Following settlement of the notes tendered by the early tender deadline, Dana called $40 million principal amount of the notes at 103 plus accrued interest up to but excluding the redemption date of Jan. 8, as previously reported.
Tendered notes could not be withdrawn as of midnight ET on Dec. 1.
As previously noted, the total payment was $1,041.25 per $1,000 principal amount of notes tendered by the early tender date.
The total amount included an early tender payment of $30.00 per $1,000 of notes.
Those who tendered after the early tender deadline were to receive the total payment less the early premium.
The company also will pay accrued interest up to but excluding the settlement date.
The offer was 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) was the dealer manager. D.F. King & Co., Inc. (866 745-0268 or 212 269-5550 collect for banks and brokers) was 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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