New Issue: Dana prices $300 million eight-year notes at par to yield 5 3/8%

By Paul A. Harris

Portland, Ore., Nov. 5 – Dana Inc. priced a $300 million issue of eight-year senior notes (B2/BB-/BB+) at par to yield 5 3/8% in a Tuesday drive-by, according to market sources.

The yield printed at the tight end of yield talk in the 5½% area and tighter than initial guidance in the mid-to-high 5% area.

Citigroup Global Markets Inc. was the lead bookrunner. Joint bookrunners were 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.

The Maumee, Ohio-based supplier of automotive transmissions, axles and driveshafts plans to use the proceeds, together with cash on hand, to repurchase its 6% senior notes due 2023.

Issuer:	Dana Inc.
Amount:	$300 million
Maturity:	Nov. 15, 2027
Securities:	Senior notes
Lead bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	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
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	361 bps
First call:	Make-whole call at Treasuries plus 50 bps until Nov. 15, 2022, then callable at 102.688
Equity clawback:	35% at 105.375 until Nov. 15, 2022
Trade date:	Nov. 5
Settlement date:	Nov. 20
Ratings:	Moody's: B2
	S&P: BB-
	Fitch: BB+
Distribution:	SEC registered
Price talk:	5½% area
Marketing:	Quick to market

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.