Dana Holding to repurchase 4% convertible preferreds from Centerbridge

By Marisa Wong

Madison, Wis., July 30 - Dana Holding Corp. said it has agreed to repurchase all 2.5 million shares of outstanding 4% series A convertible preferred stock from Centerbridge Capital Partners, LP.

The total purchase price will be about $471.5 million plus accrued dividends through the closing date.

The buyback is subject to Dana receiving proceeds from an issuance of new senior notes totaling at least $600 million, according to an 8-K filing with the Securities and Exchange Commission. The two transactions are expected to close concurrently.

Dana is a supplier of driveline, sealing and thermal-management technologies for passenger, commercial and off-highway vehicles. The company is based in Maumee, Ohio.

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