Dana Holding entered into a revolving credit and guaranty agreement with Citibank as administrative agent and collateral agent and a syndicate of other banks including Citigroup Global Markets and Goldman Sachs as lead arrangers and joint bookrunners, Bank of America as syndication agent, and Barclays Bank, Citizens Bank, JPMorgan Chase, Royal Bank of Canada and UBS Securities as documentation agents.

The facility has a five-year term and matures in June 2021. Availability under the facility will be in an aggregate amount of $500 million, reduced for outstanding credit advances or letter of credit issuances.

The facility is secured on a first-priority lien basis on substantially all of the assets of Dana and the guarantors, subject to certain exceptions.

The facility refinanced the existing asset-based revolving credit facility. There are no amounts outstanding under the facility, but certain outstanding letters of credit under the existing ABL facility were rolled over into the facility.

The facility bears interest at a floating rate based on, at Dana’s option, either a Eurodollar rate plus an applicable margin between 1.50% and 2.00% per annum that is determined by reference to a total net leverage ratio, or a base rate plus an applicable margin between 0.50% and 1.00% per annum that is determined by reference to a total net leverage ratio.

In addition to paying interest on outstanding principal under the facility, Dana is required to pay a commitment fee to the lenders in respect of the unutilized commitments at a rate between 0.25% and 0.50% per annum that is determined by reference to a total net leverage ratio.