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Paul, Weiss Closes $750 Million High Yield Offering for Dana
Paul, Weiss has advised client Dana Holding Corporation in a registered high yield offering, the proceeds of which were used to repay amounts outstanding under the company's secured term loan facility. The offering, which closed on January 28, included $400 million 6.500% notes due 2019 and $350 million 6.750% notes due 2021. Dana also received lender commitments for a new $500 million revolving credit facility with a five-year maturity. Joint bookrunners were Citi, Wells Fargo Securities, BofA Merrill Lynch, Barclays Capital, Deutsche Bank Securities, ING and UBS Investment Bank.
The Paul, Weiss team included securities partner David S. Huntington, finance partner Thomas V. de la Bastide III, tax partner Jeffrey B. Samuels, litigation partner Mark F. Mendelsohn and environmental counsel William J. O'Brien.