The company expects to increase its existing term loan A facility by an aggregate principal amount of
The Term Loan B Facility priced at LIBOR plus 225 basis points, will have a maturity of seven years and will be secured on a pari passu basis with the company's term loan A and revolving facilities. Interest on the Term Loan A Incremental Facility and the Revolver Increase is based upon a pricing grid tied to the total net leverage ratio of the company, which is currently LIBOR plus 175 basis points.
Under the terms of the Oerlikon agreement, Dana will acquire Oerlikon's Drive Systems business for
Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates, and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include statements relating to the Acquisition and expected timing for closing as well as the expected financing thereof. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other
Dana is a world leader in highly engineered solutions for improving the efficiency, performance, and sustainability of powered vehicles and machinery. Dana supports the passenger vehicle, commercial truck, and off-highway markets, as well as industrial and stationary equipment applications. Founded in 1904, Dana employs approximately 30,000 people in 33 countries on six continents who are committed to delivering long-term value to customers. The company reported sales of more than
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