MAUMEE, Ohio, May 10, 2023 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) ("Dana") today announced that its wholly-owned subsidiary, Dana Financing Luxembourg S.à r.l. (the "Issuer"), is proposing to issue €425 million aggregate principal amount of senior unsecured notes due 2031 (the "2031 Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The 2031 Notes will be fully and unconditionally guaranteed by Dana. Dana intends to use the net proceeds from the offering of the 2031 Notes (i) to redeem $200 million of the Issuer's outstanding 5.750% Senior Notes due 2025 (the "2025 Notes"), (ii) to repay $245 million of outstanding borrowings under Dana's revolving credit facility and (iii) to pay related fees and expenses. This transaction is expected to be leverage neutral.