Dana to price $400 million eight-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., March 21 – Dana Inc. plans to price $400 million of eight-year senior notes on Tuesday following a mid-morning conference call with investors, according to a syndicate source.

Citigroup Global Markets Inc. is the left bookrunner for the Rule 144A and Regulation S for life offering. J.P. Morgan Securities LLC, Goldman Sachs & Co., BofA Merrill Lynch, Barclays, UBS Investment Bank and RBC Capital Markets are the joint bookrunners.

The notes feature a make-whole call at Treasuries plus 50 basis points for the first three years, then become callable at par plus 75% of the coupon. They also feature a three-year 35% equity clawback and a 101% poison put.

The notes will be issued via Dana Financing Luxembourg Sarl and guaranteed by Dana, the company said in a news release.

Moody's Investors Service is expected to assign its B1 rating to the notes. S&P Global Ratings is also expected to rate the notes.

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

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