DAN · Dana Incorporated

The amendment provides Dana with a $500 million senior secured delayed draw term loan A facility, which will be drawn in full to redeem all outstanding 8.500% Senior Notes due 2031 (the '2031 Notes') at a redemption price of 104.250% of principal plus accrued interest. The redemption is expected on or around July 31, 2026. This refinancing replaces high-cost debt (8.500% coupon) with a new facility that likely carries a lower interest rate, as it is priced at the same rates as the existing revolving credit facility, which are based on leverage-adjusted margins. The 364-day maturity with quarterly amortization suggests the company plans to either repay or refinance this bridge facility within a year. The facility is fully guaranteed by domestic subsidiaries and secured by a first-priority lien on substantially all assets, providing strong creditor protections. This transaction improves Dana's capital structure by reducing interest expense and managing near-term debt maturities, while maintaining financial flexibility through the available credit facility.