By Paul A. Harris
Portland, Ore., May 10 – Dana Inc. priced a €425 million issue of Dana Financing Luxembourg Sarl eight-year senior notes (B1/BB-/BB+) at par to yield 8½% on Wednesday, according to market sources.
The yield printed in the middle of yield talk in the 8½% area. Initial guidance was in the mid-to-high 8% area.
Joint global coordinator Barclays will bill and deliver. BofA Securities Inc. was also a joint global coordinator. Joint bookrunners were BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC.
The Maumee, Ohio-based supplier of propulsion and energy-management solutions for vehicles and machines plans to use the proceeds to redeem $200 million its 5¾% senior notes due 2025 and to repay $245 million of debt under its revolver.
| Issuer: | Dana Financing Luxembourg Sarl
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| Amount: | €425 million
|
| Issue: | Senior notes
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| Tenor: | Eight years
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| Joint global coordinators | Barclays (bill and deliver) and BofA Securities Inc.
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| Joint bookrunners: | BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC
|
| Co-managers: | Citizens Capital Markets Inc., Fifth Third Securities Inc. and KeyBanc Capital Markets Inc.
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| Coupon: | 8½%
|
| Price: | Par
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| Yield: | 8½%
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| Spread: | 630 bps
|
| Call protection: | Three years
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| Trade date: | May 10
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| Ratings: | Moody’s: B1
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| S&P: BB-
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| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8½% area
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