Dana driving by with $400 million green bonds due September 2030; price talk 4¼%-4½%

By Paul A. Harris

Portland, Ore., April 29 – Dana Inc. plans to price a $400 million public offering of senior green bonds due September 2030 (expected ratings B2/BB/BB+) in a Thursday drive-by, according to a syndicate source.

Price talk is 4¼% to 4½%.

Books close at 2 p.m. ET on Thursday, and the deal is set to price thereafter.

Citigroup Global Markets Inc. is the lead bookrunner. Barclays, BMO Capital Markets Corp., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and RBC Capital Markets LLC are the joint bookrunners.

Citizens Capital Markets Inc., Fifth Third Securities Inc. and KeyBanc Capital Markets Inc. are the co-managers.

The notes become callable after five years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the full coupon and a 101% poison put.

The Maumee, Ohio-based supplier of vehicle drivetrain components plans to use the proceeds to finance or refinance, in whole or in part, recently completed or future eligible green projects.

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