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Dana Procures $2B In Exit Financing

Law360 (November 28, 2007, 12:00 AM EST) -- Bankrupt auto parts supplier Dana Corp. said Tuesday that it had procured $2 billion in exit financing, putting it in position to emerge from Chapter 11 by the end of January.

The exit financing, which is still subject to court approval and certain closing conditions, will be underwritten by Citigroup Global Markets Inc., Lehman Brothers Inc. and Barclays Capital. It will consist of a $650 million asset-based revolving credit facility and a $1.35 billion term loan facility, Dana said.

The Toledo, Ohio-based company added that the...
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