Shearman And Sterling

News May 13, 2021

Dana Incorporated’s $425 Million Tender Offer and Consent Solicitation

Shearman & Sterling advised Citigroup Global Markets, as dealer manager, in connection with Dana Incorporated’s cash tender offer to purchase any and all of the outstanding $425 million aggregate principal amount of its 5.5% Senior Notes due 2024 (the Notes) and consent solicitation to enter into a supplemental indenture to amend certain terms of the indenture governing the Notes. Concurrent with the tender offer, Dana Incorporated issued a conditional notice of redemption for any and all of its outstanding 2024 Notes at a redemption price of 101.833% of the principal amount thereof, plus accrued and unpaid interest.

Dana Incorporated is a world leader in providing power-conveyance and energy-management solutions for vehicles and machinery. The company's portfolio improves the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment. From axles, driveshafts, and transmissions to electrodynamic, thermal, sealing, and digital solutions, the company enables the propulsion of conventional, hybrid, and electric- powered vehicles by supplying nearly every vehicle manufacturer in the world.

The Team