Dana incorporated announces tender offer and consent solicitation for 2023 notes

Dana incorporated announced the commencement of a cash tender offer to purchase any and all of the outstanding $300 million aggregate principal amount of its 6.000% senior notes due 2023 (cusip no. 235825ad8), upon the terms and conditions set out in the offer to purchase and consent solicitation statement dated november 5, 2019. in connection with the offer, dana is also soliciting the consent of holders of the notes to certain proposed amendments to 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. holders of notes who tender their notes will be deemed to have given their consent to the proposed amendments with respect to their tendered notes. the consent from holders of a majority in aggregate principal amount of outstanding notes not owned by dana or its affiliates is required to approve the proposed amendments. the offer 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 at or prior to 5:00 p.m., new york city time, on november 19, 2019 (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 the "consent and early tender payment" of $30.00 per $1,000 of the notes. holders who validly tender their notes after the early tender time but at 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.
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