New Issue: Dana prices $400 million eight-year notes at par to yield 5¾%

By Paul A. Harris

Portland, Ore., March 21 – Dana Inc. priced a $400 million issue of eight-year senior notes (B1/BB) at par to yield 5¾% on Tuesday, according to a syndicate source.

The yield printed at the tight end of the 5¾% to 5 7/8% yield talk.

The notes were issued via Dana Financing Luxembourg Sarl.

Citigroup Global Markets Inc. was the left bookrunner. J.P. Morgan Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch, Barclays, UBS Investment Bank and RBC Capital Markets were the joint bookrunners.

The Maumee, Ohio-based provider of driveline products, power technologies and vehicle service parts plans to use the proceeds to refinance debt.

Issuer:	Dana Financing Luxembourg Sarl
Amount:	$400 million
Maturity:	April 15, 2025
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch, Barclays, UBS Investment Bank, RBC Capital Markets
Coupon:	5¾%
Price:	Par
Yield:	5¾%
Spread:	351 bps
Call:	Make-whole call at Treasuries plus 50 bps until April 15, 2020, then callable at 104.313
Equity clawback:	35% at 105.75 until April 15, 2020
Trade date:	March 21
Settlement date:	April 4
Ratings:	Moody's: B1
	S&P: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	5¾% to 5 7/8%
Marketing:	Quick to market

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