Dana unit offers €425M senior notes due 2031; to redeem $200M of 2025 notes

DANA Inc

Dana subsidiary proposes €425M senior unsecured notes due 2031, guaranteed by Dana.
Net proceeds: redeem $200M of outstanding 5.750% 2025 notes and repay $245M revolver borrowings.
Conditional partial redemption of $200M 2025 notes set for June 9, 2023 at par plus accrued interest.
Transaction described as leverage neutral.
Offering is private, not registered under Securities Act.

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