Dana Holding Corporation Reduces Debt; Receives Commitment for Five-year $500M Revolving Credit Facility

Dana Holding Corporation DAN today announced that it has completed the refinancing of its capital structure. Dana has paid down debt and replaced its secured term loan with $750 million in senior unsecured notes in a registered notes offering. Dana has also received lender commitments for a new $500 million revolving credit facility with a five-year maturity. Additionally, Standard & Poor's upgraded Dana's credit rating to BB- earlier in the week reflecting an improved credit profile. Due to the strong demand, Dana upsized the initial offering of $700 million and placed $750 million in senior notes, $400 million at 6.5 percent due in 2019 and $350 million at 6.75 percent due 2021.