Dana sets Tuesday launch for $2 billion exit facility

By Sara Rosenberg

New York, Jan. 3 - Dana Corp. has scheduled a bank meeting for Tuesday to launch its proposed $2 billion exit financing credit facility, according to a market source.

Citigroup; Lehman Brothers and Barclays are the lead banks on the deal.

The facility consists of a $650 million five-year asset-based revolver and a $1.35 billion seven-year term loan B.

Proceeds will be used to repay the company's debtor-in-possession credit facility, to make other payments required upon its exit from bankruptcy and to provide liquidity to fund working capital and other general corporate purposes.

Dana is a Toledo, Ohio-based supplier of components, modules and systems to vehicle manufacturers and related aftermarkets.

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