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Dana to repay $245 million of revolver drawings with notes proceeds
By Sara Rosenberg
New York, May 10 – Dana Inc. plans to repay $245 million of borrowings under its revolving credit facility using proceeds from a €425 million senior unsecured notes offering, according to a market source.
Remaining proceeds from the notes will be used to redeem $200 million of 5¾% senior notes due 2025 and to pay related fees and expenses.
Dana is a Maumee, Ohio-based designer and manufacturer of highly efficient propulsion and energy-management solutions for vehicles and machines.
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