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Clients rely on our Finance Group to help them navigate the business and legal complexities of novel and multi-dimensional debt financing transactions. Our versatile finance practitioners work closely with our mergers and acquisitions, securities, tax, real estate and bankruptcy lawyers to provide seamless advice and innovative solutions that address our clients' debt financing needs related to all types of transactions and capital structures.

Dana Closes $500 Million Bridge Facility and Amends Existing Credit Agreement

Paul Weiss represented Dana Incorporated, a world leader in providing power-conveyance and energy-management solutions in the automotive industry, in connection with the company’s new $500 million bridge facility. The facility has a 364-day commitment and is intended to provide the company access to additional liquidity and can be terminated at the company's option at any time. Dana also consummated an amendment to its existing credit agreement, providing for, among other things, a temporary alleviation of its financial maintenance covenant. The closing of the new bridge facility and amendment occurred on April 16. In order to help provide Dana with continued access to its existing $1.0 billion revolving facility and facilitate borrowings under the $500 million delayed-draw bridge facility, Paul, Weiss assisted Dana in successfully negotiating for a new COVID-19 related MAE carve-out.

The Paul Weiss team included corporate partners Thomas de la Bastide, David Huntington and Claudine Meredith-Goujon; real estate partner Salvatore Gogliormella; and tax partner David Mayo.

April 16, 2020

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