By Wendy Van Sickle
Columbus, Ohio, May 14 – Dana Financing Luxembourg Sarl priced €325 million of 3% eight-year senior notes (B2/BB/BB+) on Friday, according to a news release.
The notes are guaranteed by Dana Inc.
The Rule 144A and Regulation S deal, which kicked off on a Tuesday conference call with investors, was marketed by roadshow through Thursday.
Joint bookrunners were Credit Suisse Securities (Europe) Ltd., J.P. Morgan Securities plc, Bank of Montreal, London branch, Barclays Bank plc, BofA Securities Europe SA, Citigroup Global Markets Ltd., Goldman Sachs International, Mizuho Securities Europe GmbH and RBC Capital Markets LLC.
The notes become callable after three years at par plus 50% of the coupon.
The Maumee, Ohio-based supplier of vehicle drive systems and components plans to use the proceeds plus cash on hand to redeem all of its outstanding 6˝% notes due 2026.
| Issuer: | Dana Financing Luxembourg Sarl
|
| Guarantor: | Dana Inc.
|
| Amount: | €325 million
|
| Issue: | Senior notes
|
| Maturity: | 2029
|
| Joint bookrunners: | Credit Suisse Securities (Europe) Ltd., J.P. Morgan Securities plc, Bank of Montreal, London branch, Barclays Bank plc, BofA Securities Europe SA, Citigroup Global Markets Ltd., Goldman Sachs International, Mizuho Securities Europe GmbH and RBC Capital Markets LLC
|
| Co-managers: | Citizens Capital Markets, Fifth Third Securities, Inc. and KeyBank Capital Markets Inc.
|
| Coupon: | 3%
|
| Call option: | After three years at par plus 50% of coupon
|
| Pricing date: | May 14
|
| Ratings: | Moody’s: B2
|
| S&P: BB
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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