Dana Puts Up $472M To Buy Back Centerbridge-Held Shares

Law360, New York (July 30, 2013, 2:39 PM EDT) -- Ohio-based automobile parts manufacturer Dana Holding Corp. will repurchase all of its shares held by Centerbridge Capital Partners LP for roughly $472 million, funded by a $600 million debt offering, Dana announced Tuesday.

Centerbridge, a New York-based private equity and credit investor, currently holds 2.5 million shares of Dana's Series A preferred stock. Dana plans to repurchase the entire holding for $22.50 per underlying common share, which will reduce its number of fully diluted shares outstanding by 10 percent.

The stock buyback is contingent on the...
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