Dana amended its existing senior secured credit facility, extended the maturity date to 2024 and increasing the aggregate amount of the revolver from $750 million to 1 billion

The amendment also extends the maturity of the existing Term Loan A tranche by two years to 2024. As a result of this amendment, pricing of both the revolving facility and Term Loan A were reduced by 25 basis points.

Citi acted as administrative agent, joint lead arranger, and joint bookrunner for the transaction.

“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,” said Jonathan Collins, Dana executive vice president and chief financial officer. “We expect strong free cash flow generation of approximately $2 billion over the next five years, which will further enhance our already strong balance sheet as we move toward our long-term leverage target.”

Based in Maumee, OH, Dana provides power-conveyance and energy-management solutions for vehicles and machinery.