Dana Launches $400 Million Senior Notes Offering

Rhea-AI Summary

On April 29, 2021, Dana Incorporated (NYSE: DAN) announced a registered offering of $400 million in senior unsecured notes due 2030. The net proceeds will support eligible green projects under Dana's Green Financing Framework. The offering is managed by prominent financial institutions, including Citigroup and Barclays. This move aligns with Dana's commitment to sustainability, which has been recognized in its corporate ethos. Dana reported $7.1 billion in sales for 2020 and was named one of America's Most Responsible Companies for 2021.

Positive

• Commencing a $400 million offering of senior unsecured notes supports eligible green projects.
• Enhances company’s commitment to sustainability, aligning with investor interest in ESG factors.
• Reported sales of $7.1 billion in 2020 indicates strong financial performance.

Negative

• None.

MAUMEE, Ohio, April 29, 2021 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) ("Dana") today announced that it is commencing, subject to market conditions, a registered offering of $400 million aggregate principal amount of senior unsecured notes due 2030. The company intends to allocate the net proceeds from the offering to finance or refinance, in whole or in part, recently completed or future eligible green projects as described in Dana's Green Financing Framework, which is available on Dana's website at www.dana.com/greenbond

Citigroup Global Markets Inc.; Barclays Capital Inc.; BMO Capital Markets Corp.; BofA Securities; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Mizuho Securities USA LLC, RBC Capital Markets, LLC are acting as joint-bookrunning managers and Citizens Capital Markets, Inc., Fifth Third Securities, Inc. and KeyBanc Capital Markets Inc. are acting as co-managers in the offering.

The offering is being made pursuant to the Company's automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on November 5, 2019, and pursuant to a preliminary prospectus supplement, which will also be filed with the SEC.

A prospectus and prospectus supplement concerning the offering may be obtained from:

• Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by calling 1-800-831-9146 or by emailing prospectus@citi.com;
• Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling 1-888-603-5847 or by emailing barclaysprospectus@broadridge.com;
• BMO Capital Markets Corp., 3 Times Square, 25^th Floor, New York, NY 10036, Attention: High Yield Capital Markets, by calling 1-212-702-1882;
• BofA Securities NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte NC  28255-0001, Attention: Prospectus Department, by emailing dg.prospectus_requests@baml.com;
• Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, 3rd Floor, New York, NY 10010, Attention: Prospectus Department, by calling 1-800-221-1037 or by emailing ecm.prospectus@credit-suisse.com;
• Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attention: Prospectus Department, by calling 1-866-471-2526, by faxing 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com;
• J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, by calling 1-866-803-9204;
• Mizuho Securities USA LLC, 320 Park Avenue, 12th Floor, New York, NY 10022, Attention: Debt Capital Markets Syndicate, by calling 1-866-271-7403; or
• RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Leveraged Capital Markets, by calling 1-877-280-1299.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-Looking Statements

Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including with respect to the use of proceeds, are based on our current expectations, estimates, and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason.

About Dana Incorporated

Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions for all mobility markets across the globe. The company's conventional and clean-energy solutions support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

Based in Maumee, Ohio, USA, the company reported sales of $7.1 billion in 2020 with 38,000 associates in 33 countries across six continents. Founded in 1904, Dana was named one of "America's Most Responsible Companies 2021" by Newsweek for its emphasis on sustainability and social responsibility. The company is driven by a high-performance culture that focuses on its people, which has earned it global recognition as a top employer, including "World's Best Employer" from Forbes magazine.

 

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SOURCE Dana Incorporated

FAQ

What is the purpose of Dana's $400 million offering of senior unsecured notes?

The proceeds from the offering will finance or refinance eligible green projects as per Dana's Green Financing Framework.

When did Dana announce the offering of $400 million senior unsecured notes?

Dana announced the offering on April 29, 2021.

What is the maturity date for Dana's senior unsecured notes?

The senior unsecured notes are due in 2030.

Who are the joint-bookrunning managers for Dana's notes offering?

The offering is managed by Citigroup, Barclays, BMO Capital Markets, and other major financial institutions.

How much did Dana report in sales for the year 2020?

Dana reported $7.1 billion in sales for the year 2020.