Dana Incorporated (NYSE: DAN) (“Dana”) today announced that it has increased from $75 million to $100 million (as so increased, the “Tender Cap”) the aggregate principal amount of its 5.375% Senior Notes due 2021 (the “Notes”) it has offered to purchase pursuant to the tender offer previously announced by Dana on March 21, 2017 (the “Offer”). Except as described in this news release, all other terms, provisions and conditions of the Offer will remain in full force and effect. Such terms, provisions and conditions are set forth in Dana’s Offer to Purchase, dated March 21, 2017, and the related letter of transmittal, copies of which were previously distributed to eligible holders of the Notes (“Holders”).
Dana also announced that it has decided to exercise its right to accept for early purchase those Notes tendered in the Offer at or prior to 5:00 p.m., New York City time, on April 3, 2017 (the “Early Tender Time”) and expects the early settlement to occur on April 4, 2017. As of the Early Tender Time, Dana had been advised by D.F. King & Co., Inc., as the tender agent and information agent for the Offer, that Holders of $170,728,000 aggregate principal amount of the outstanding Notes had validly tendered their Notes pursuant to the Offer. Because the aggregate principal amount of Notes tendered pursuant to the Offer at the Early Tender Time exceeded the Tender Cap, no Notes tendered after the Early Tender Time, but at or before 12:00 midnight, New York City time, on April 17, 2017, the expiration time of the Offer, will be accepted for payment unless Dana decides, in its sole discretion, to further increase the Tender Cap. The amount of Notes accepted for purchase by each tendering Holder will be determined by multiplying each Holder’s tender of the Notes by the proration factor, and rounding the product down to the nearest $1,000. The proration factor for the Offer will be approximately 58.637%.
Citigroup Global Markets Inc. (“Citi”) is acting as sole dealer manager for the Offer. For additional information regarding the terms of the Offer, please contact Citi at (800) 558-3745 (U.S. toll-free) or (212) 723-6106. Requests for documents may be directed to D.F. King & Co., Inc., which is acting as the tender and information agent for the Offer, at (866) 745-0268 (toll-free), (212) 269-5550 (collect for Banks and Brokers) or via email at dan@dfking.com.
