Dana announces extension of early tender time for tender offer and consent solicitation for 2023 notes
Dana incorporated announced that it has extended the early tender time for its previously announced tender offer and consent solicitation (the "tender offer and consent solicitation") for any and all of its outstanding 6.000% senior notes due 2023 (cusip no. 235825ad8) (the "notes") from 5:00 p.m., new york city time, on tuesday, november 19, 2019, to 5:00 p.m., new york city time, on november 21, 2019 (as so extended, the "early tender time"), unless further extended. the previously announced withdrawal deadline for the tender offer and consent solicitation of 5:00 p.m., new york city time, on november 19, 2019, has passed and tendered notes can no longer be withdrawn. all other terms, provisions and conditions of the tender offer and consent solicitation will remain in full force and effect. such terms, provisions and conditions are set in dana's offer to purchase and consent solicitation statement, dated november 5, 2019, copies of which were previously distributed to eligible holders of the notes ("holders"). as of 5:00 p.m., new york city time, on tuesday, november 19, 2019, dana has been informed by the tender and information agent that approximately $147 million aggregate principal amount of the notes, constituting approximately 49% of the total aggregate outstanding notes, had been tendered for purchase in the tender offer and consent solicitation. upon receipt of consents with respect to more than 50% in aggregate principal amount of the outstanding notes not owned by dana or its affiliates, dana plans to amend the indenture governing the notes to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions, and to shorten the required notice period for redemptions of the notes from 30 days to two business days (the "proposed amendments"). holders who tender their notes will be deemed to have given their consent to the proposed amendments with respect to their tendered notes. the tender offer and consent solicitation is scheduled to expire at 9:00 a.m., new york city time, on december 5, 2019 (unless extended) (the "expiration time"). holders who validly tender their notes and delivered their consents on or prior to the early tender time will be eligible to receive the total consideration of $1,022.50 per $1,000 principal amount of notes tendered, which includes $992.50 as the tender offer consideration and $30.00 as the consent and early tender payment. in addition, accrued interest up to, but not including, the payment date of the notes will be paid in cash on all validly tendered and accepted notes. holders who validly tender their notes after the early tender time but on or before the expiration time will be eligible to receive the tender offer consideration which is equal to the total consideration minus the consent and early tender payment. subject to the satisfaction or waiver of certain conditions, dana reserves the right, following the early tender time, to accept for purchase prior to the final settlement date all notes validly tendered on or prior to the early tender time (an "early settlement election"). the settlement date for notes tendered after the early tender time and at or prior to the expiration time, and accepted by dana for purchase will occur promptly after the expiration time. citigroup global markets inc. (citi) is acting as sole dealer manager and solicitation agent for the tender offer and consent solicitation. none of dana, the dealer manager and solicitation agent or the tender and information agent make any recommendations as to whether holders should tender their notes pursuant to the tender offer and consent solicitation, and no one has been authorized by any of them to make such recommendations. holders must make their own decisions as to whether to tender their notes, and, if so, the principal amount of notes to tender.
