Dana Prices $425 Million in Senior Notes Offering
Dec 4, 2014
MAUMEE, Ohio, Dec. 4, 2014 /PRNewswire/ -- Dana Holding Corporation (NYSE: DAN) ("Dana") today announced that it has priced its previously announced offering of senior unsecured notes of $425 million at 5.500% due 2024.
The company intends to use the proceeds from the offering to purchase up to $360 million aggregate principal amount of its 6.500% Notes due 2019 (the "2019 Notes") in the company's previously announced tender offer, to redeem $40 million aggregate principal amount of the 2019 Notes, to pay related fees and expenses and for general corporate purposes.
As of 5:00 pm, New York City time, Thursday, December 4, 2014, Dana has been informed by the tender and information agent that approximately $344 million aggregate principal amount of the 2019 Notes, constituting approximately 86% of the total aggregate outstanding 2019 Notes, had been tendered for purchase in the tender offer.
Citigroup Global Markets Inc.; BofA Merrill Lynch; Barclays Capital Inc.; Deutsche Bank Securities Inc.; J.P. Morgan Securities LLC; UBS Securities LLC; and Wells Fargo Securities, LLC are acting as joint-bookrunning managers in the offering.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Certain information contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.
About Dana Holding Corporation
Dana is a global leader in the supply of highly engineered driveline, sealing, and thermal-management technologies that improve the efficiency and performance of vehicles with both conventional and alternative-energy powertrains. Serving three primary markets – passenger vehicle, commercial truck, and off-highway equipment – Dana provides the world's original-equipment manufacturers and the aftermarket with local product and service support through a network of nearly 100 engineering, manufacturing, and distribution facilities. Founded in 1904 and based in Maumee, Ohio, the company employs 23,000 people in 26 countries on six continents. In 2013, Dana generated sales of $6.8 billion.
SOURCE Dana Holding Corporation
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