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Moody’s rates Dana notes B1
Moody’s Investors Service said it assigned a B1 (LGD 5) rating to Dana Financing Luxembourg Sarl’s proposed $375 million of senior unsecured notes due 2026.
The proceeds will be used to redeem the outstanding 6¾% senior unsecured notes at Dana Holding Corp. due February 2021, pay related fees and expenses and for general corporate purposes, Moody’s said.
The agency maintained Dana Holding’s corporate family rating at Ba3 and probability of default rating at Ba3-PD, along with the B1 (LGD 5) ratings on its $350 million of senior notes due February 2021, $450 million of senior notes due September 2021, $300 million of senior notes due September 2023 and $425 million of senior notes due December 2024 and SGL-1 speculative grade liquidity rating.
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