Dana Holding this afternoon completed its offering of senior notes via joint bookrunners Citi, Bank of America Merrill Lynch, Barclays, Deutsche Bank, J.P. Morgan, UBS, and Wells Fargo. Terms were finalized at the midpoint of talk. Proceeds from the SEC-registered offering will be used to repay the borrower’s 6.5% notes due 2019, and for general corporate purposes. The 2019 notes are first callable in February 2015 at 103.25 and closed last night at 104.25, according to S&P Capital IQ.
Terms:
| Issuer | Dana Holding | |
| Ratings | BB+/B2 | |
| Amount | $425 million | |
| Issue | senior (SEC Reg.) | |
| Coupon | 5.5% | |
| Price | 100 | |
| Yield | 5.5% | |
| Spread | T+324 | |
| Maturity | Dec. 15, 2024 | |
| Call | nc-5 | |
| Trade | Dec. 4, 2014 | |
| Settle | Dec. 9, 2014 (T+3) | |
| Bookrunners | Citi/BAML/Barc/DB/JPM/UBS/WFS | |
| Price talk | 5.5% area |