Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when DAN files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsDana secures $500M term loan to redeem 8.500% 2031 notes at 104.25% premium
Filed July 10, 2026 · Period ending July 10, 2026 · ~1 min read
Key Changes
-
high
Dana entered into a $500M delayed draw term loan facility, available through Aug 1, 2026, maturing 364 days after draw, with quarterly 10% amortization starting Dec 31, 2026.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
Company plans to draw the full facility to redeem all outstanding 8.500% Senior Notes due 2031 at 104.250% of par plus accrued interest around July 31, 2026.
Item 8.01 — Other Events verify on EDGAR → -
medium
The facility is secured by first-priority liens on substantially all Dana assets and guaranteed by wholly owned domestic subsidiaries.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Interest rate on the new facility matches Dana's existing revolving credit advances under its credit agreement.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
The transaction creates a direct financial obligation for Dana.
Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR →
Summary
Dana is refinancing its debt by replacing its 8.500% Senior Notes due 2031 with a new $500 million term loan facility. The company will pay a 4.25% premium over par to redeem the notes around July 31, 2026, using proceeds from the new facility. The term loan must be drawn by August 1, 2026, matures 364 days after borrowing, and requires quarterly amortization of 10% starting in December 2026.
For investors, this represents a debt restructuring that likely reduces Dana's interest expense by replacing 8.500% notes with a lower-cost term loan (rate matches existing revolving credit). The 4.25% redemption premium is a one-time cost to achieve ongoing savings.
The facility is secured by substantially all company assets with guarantees from domestic subsidiaries, which is standard for investment-grade industrial credits but does increase secured debt obligations. The transaction appears straightforward with no unusual terms disclosed.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above is incorporated herein by reference.
The 8-K includes a labeled Item 2.03 section. Its body incorporates the primary Item (typically 1.01) by reference rather than restating terms — do not treat that thinness as 'Item 2.03 absent.' The company is signaling creation of a direct financial obligation alongside the agreement disclosure; keep Item 2.03 visible in the report.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Dana secured a $500M delayed draw term loan facility, available until Aug 1, 2026, for general corporate purposes including potential debt repurchase.
Added in current filing · verify on EDGAR →
The Eighth Amendment, among other things, provides for a new senior secured delayed draw term loan A facility (the “Delayed Draw Term Loan A Facility”) in an aggregate principal amount of $500.0 million. The Delayed Draw Term Loan A Facility may be used for general corporate purposes, including the repayment or repurchase of the 2031 Notes (as defined below) and the payment of fees and expenses related thereto and to the Eighth Amendment. The Delayed Draw Term Loan A Facility matures on the date that is 364 days after the borrowing of the loans thereunder. The Delayed Draw Term Loan A Facility is available to be drawn in a single draw at any time prior to August 1, 2026.
Dana entered into an amendment to its credit agreement establishing a new $500 million delayed draw term loan facility. The facility must be drawn in a single draw by August 1, 2026, and matures 364 days after borrowing. Proceeds can be used for general corporate purposes, including repaying or repurchasing the company's 2031 notes.
Added in current filing · verify on EDGAR →
Advances under the Delayed Draw Term Loan A Facility accrue interest at the same rate as Revolving Credit Advances under the Credit Agreement, as set forth therein. The Delayed Draw Term Loan A Facility requires amortization payments quarterly on the last day of each fiscal quarter, beginning on December 31, 2026, in an amount equal to 10% of the aggregate principal amount outstanding under the Delayed Draw Term Loan A Facility, with the remaining outstanding amount repaid upon maturity.
The new facility accrues interest at the same rate as existing revolving credit advances under Dana's credit agreement. The loan requires quarterly amortization payments of 10% of the outstanding principal beginning December 31, 2026, with the balance due at maturity.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jul 13, 2026 · How we verify