Dana Raises $400 Million for Green Projects
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Dana Inc. announced it has priced its offering of $400 million aggregate principal amount of 4.25% senior notes due 2030 with net proceeds going toward recently completed or future eligible green projects.
The Maumee, Ohio-based company posted its Green Financing Framework online.
“Dana is actively engaged in taking strategic steps towards minimizing the environmental impact of its operations, supply chain and the products that it creates,” the company wrote in the framework.
“In alignment with Dana’s business sustainability strategy, Jim Kamsickas, chairman and CEO of Dana, along with the CEOs of 75 other companies and the AFL-CIO, endorsed an open letter to show the collective support of the Paris Climate Agreement,” it added.
An example of earlier projects included: In August 2019, Dana acquired Nordresa, which develops and integrates electric commercial vehicles. The transaction provided Dana with the in-house capabilities to deliver fully integrated e-powertrains in partnership with its customers. With complete electrification capabilities, Dana is collaborating with customers such as Paccar Inc., the parent company of Peterbilt Motors Co. and Kenworth Truck Co., to transform traditional medium-duty chassis into complete e-powertrains. — Transport Topics
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