Dana announces public offering of common stock (updated)

Rubber and Plastics News staff report

Toldeo, Ohio - Dana Holding Corp. has priced a public offering of 34 million shares of its common stock at $6.75 per share.

In conjunction with the offering, Dana has granted the underwriters a 30-day option to purchase up to 5.1 million additional shares, the company said. The size of the common stock offering increased from the previously announced 27 million shares.

Goldman, Sachs & Co. is serving as the sole book-runner, with Citigroup Inc. and JPMorgan Chase & Co. as co-managers for the offering.

The company intends to use the net proceeds from the offering for general corporate purposes including flexibility for future expansion and restructuring of operations, Dana said, and will use about 50 percent of the proceeds to repay debt.

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Press release from Rubber and Plastics News (a Crain publication)