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September 6, 2019 1:30 PM, EDT

Dana Amends Credit Agreement

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Dana Inc. announced an amendment to its existing senior secured credit facility that increases the aggregate amount available to $1 billion from $750 million and extends the maturity by two years to 2024.

“We are quite pleased with this amendment as it affords the company increased liquidity matching the growth our business has achieved over the last few years while lowering overall borrowing costs,” Chief Financial Officer Jonathan Collins said in a company release.

Dana logo

“We expect strong free cash flow generation of about $2 billion over the next five years, which will further enhance our already strong balance sheet,” he added.

From axles, driveshafts and transmissions to electrodynamic, thermal, sealing and digital offerings, Dana enables the propulsion of conventional, hybrid and electric-powered vehicles by supplying nearly every vehicle and engine manufacturer in the world, according to the Maumee, Ohio-based company. — Transport Topics