Dana Expands Buyback Program to $1 Billion

Auto parts supplier Dana Holding (NYSE: DAN  ) announced today it is expanding its share repurchase program to $1 billion, representing a $900 million increase over the $100 million bought back under the previous authorization. Shares will be bought back over the next two years.

Dana Holding President and CEO Roger J. Wood said: "This expanded program reflects confidence in the long-term prospects of our business and our commitment to delivering value to all of our shareholder. We continue to review our capital structure with the goal of best utilizing our strong balance sheet to maximize shareholder value." As of this writing, Dana shares are trading at $19.40.

The auto parts supplier anticipates having sufficient liquidity to support this initiative after refinancing its current U.S. revolving credit facility and establishing a new five-year, $500 million revolving credit facility. While the stock repurchase is subject to prevailing market conditions, Dana says it will continue to evaluate further credit market opportunities.

Headquartered in Maumee, Ohio, Dana Holding is a supplier of driveline, sealing, and thermal-management technologies that improve the efficiency and performance of passenger, commercial, and off-highway vehicles with both conventional and alternative-energy powertrains. It had revenues of $6.9 billion for the 12-month period ending March 31.

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2515705, ~/Articles/ArticleHandler.aspx, 4/17/2014 3:16:22 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 6 hours ago Sponsored by:
DOW 16,424.85 162.29 1.00%
S&P 500 1,862.31 19.33 1.05%
NASD 4,086.23 0.00 0.00%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

4/16/2014 4:03 PM
DAN $22.55 Up +0.34 +1.53%
Dana Holding Corp. CAPS Rating: ***

Advertisement