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Dana Incorporated (NYSE: DAN) is a global leader in the design and manufacture of highly efficient propulsion and energy-management solutions for vehicles and machines in all mobility markets worldwide. Based in Maumee, Ohio, Dana operates across four primary segments: Light Vehicles, Power Technologies, Commercial Vehicle, and Off-Highway. The Light Vehicles segment, catering to light trucks, SUVs, CUVs, vans, and passenger cars, generates the majority of the company's revenue.
Founded in 1904 by pioneers such as Clarence Spicer, Joseph Victor, Hugo Reinz, J.B. Long, and Charles Dana, the company has a rich legacy of innovation and risk-taking that continues to drive its mission today. Dana's diverse range of products includes drive and motion systems, electrodynamic technologies, software and controls, and thermal, sealing, and digital solutions. These offerings support nearly every vehicle manufacturer, making Dana a critical player in both conventional and clean-energy solutions.
In 2022, Dana reported sales of $10.2 billion and employed 42,000 people across 31 countries on six continents. The company continues to gain recognition for its ethical practices and responsibility, being named among the
Dana Incorporated (NYSE: DAN) announced the pricing of its €325 million offering of 3.000% Senior Notes due 2029, which will be guaranteed by the company. The proceeds will be used to redeem existing 6.500% Senior Notes due 2026 and cover related fees. Led by Credit Suisse and J.P. Morgan, a group of financial institutions is managing the offering. This strategic move aims to optimize Dana's debt structure, promoting financial stability. Dana, a leader in propulsion and energy-management solutions, reported $7.1 billion in sales for 2020.
Dana Incorporated (NYSE: DAN) reported that as of May 12, 2021, approximately 60% of its 5.500% Senior Notes due 2024, totaling $254 million, were tendered in a consent solicitation. This enabled Dana to amend the indenture, reducing restrictive covenants and shortening the redemption notice period from 30 days to two business days. All conditions in the accompanying Statement remain unchanged, and Dana anticipates accepting the tendered notes for payment on May 13, 2021. The tender offer ends on May 26, 2021, with early participants receiving $1,020 per $1,000 principal amount, inclusive of interest.
Dana is proposing to issue €325 million in senior unsecured notes due 2029 through its subsidiary, Dana Financing Luxembourg S.à r.l. The 2029 Notes aim to refinance existing debt by redeeming the 6.500% Senior Notes due 2026 at a price of 103.250% plus accrued interest. The offering will only be available to qualified institutional buyers and non-U.S. investors, exempt from U.S. registration requirements. Dana's commitment to efficient energy solutions continues, having reported $7.1 billion in sales for 2020.
Dana Incorporated (NYSE: DAN) will participate in the virtual Oppenheimer 16th Annual Industrial Growth Conference on May 4, 2021, at 1:30 p.m. EDT, featuring Executive Vice President and CFO Jonathan Collins. The company will also join the 2021 Virtual Wells Fargo Industrials Conference on May 6, 2021, from 3:20 p.m. to 3:50 p.m. EDT. Webcast access details will be available on Dana's Investor website. Dana, based in Maumee, Ohio, reported $7.1 billion in sales for 2020 and is recognized for its sustainability efforts and high-performance workplace culture.
Dana Incorporated (NYSE: DAN) has priced its offering of $400 million in 4.250% Senior Notes due 2030. The company plans to use the net proceeds for financing eligible green projects as outlined in its Green Financing Framework. Citigroup, Barclays, BMO, and others are acting as joint-bookrunning managers for the offering. The news release includes forward-looking statements regarding the use of proceeds, acknowledging risks and uncertainties linked to these projections. Dana reported $7.1 billion in sales for 2020, emphasizing its commitment to sustainability.
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.
Dana announced a cash tender offer to buy back $425 million of its 5.500% Senior Notes due 2024. This offer includes a consent solicitation for proposed amendments to eliminate restrictive covenants and reduce notice periods for redemptions. Holders tendering their Notes can receive up to $1,020 per $1,000 of Notes, depending on timing. The offer expires on May 26, 2021, with early tender eligibility by May 12. Acceptance of valid offers depends on securing at least $400 million in new debt securities. A concurrent redemption of all outstanding Notes is set for May 29, 2021, subject to conditions.
Dana reported first-quarter 2021 sales of $2.3 billion, up $337 million from last year, driven by strong demand in the light-truck, commercial-vehicle, and off-highway markets. Net income attributable to Dana rose to $71 million, with diluted EPS of $0.48. Adjusted EBITDA increased to $234 million, reflecting a 10.3% margin. Operating cash flow improved to $27 million. The company has revised its full-year sales guidance to $8.50 to $9.00 billion and adjusted EBITDA guidance to $920 million to $1.0 billion.
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