Dana Inc. has announced that it plans to issue a notice of redemption for the remaining $350 million aggregate principal amount of its outstanding 5.375 percent Senior Notes due 2021 at a redemption price equal to 102.688 percent of the principal amount of the notes, plus accrued and unpaid interest, if any. The notes are set to the redemption date of Sept. 18, 2017.

Dana also announced the closing of an amendment to its existing senior secured credit facility. The amended and restated senior secured credit facility includes an amended and extended cash flow revolving credit facility, which increases the aggregate amount available from $500 million to $600 million, and extends the maturity date to 2022. The amended and restated credit facility also includes a new term facility with an aggregate principal amount of $275 million. Proceeds from the term facility, combined with cash on hand, will be used to satisfy the redemption of the 2021 Notes.

Jonathan Collins, executive vice president and chief financial officer of Dana, stated, “We are very pleased that these actions have lowered our borrowing costs, maintained our liquidity, reduced our outstanding debt, and extended our nearest maturity date to 2022. The strength of our balance sheet and capital structure offers us flexibility and security as we continue to execute our strategy and profitably grow our business.”