Dana to sell $350 million 10.25-year notes on Monday; talk 4½% area

By Paul A. Harris

Portland, Ore., Nov. 15 – Dana Inc. plans to price a $350 million public offering of 10.25-year senior notes (expected ratings B1/BB) in a Monday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming to yield in the 4½% area, a trader said.

Citigroup Global Markets Inc. is the left bookrunner. Barclays, BMO Capital Markets Corp., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC are the joint bookrunners.

Citizens Capital Markets Inc., Fifth Third Securities Inc. and KeyBanc Capital Markets Inc. are the co-managers.

The notes become callable after 5.25 years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the full coupon and have a 101% poison put.

The Maumee, Ohio-based supplier of drivetrains and related components plans to use the proceeds to repay its senior secured term loan due 2026.

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