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DAN > SEC Filings for DAN > Form 8-K on 31-Dec-2013All Recent SEC Filings

Show all filings for DANA HOLDING CORP

Form 8-K for DANA HOLDING CORP


31-Dec-2013

Termination of a Material Definitive Agreement


Item 1.02. Termination of a Material Definitive Agreement.

On December 20, 2013, Dana Financial Services Ireland Limited (the "Borrower"), a wholly-owned subsidiary of Dana Holding Corporation ("Dana"), provided notice to ING Capital LLC, as agent under Dana's European accounts receivable backed credit facility, of its optional election to terminate on December 31, 2013 all of the lenders' commitments under the Credit Agreement, dated as of March 8, 2011, as amended by the First Amendment to Credit Agreement, dated as of May 10, 2011 (the "European Credit Agreement"), among the Borrower, as borrower, the lenders party thereto (the "Lenders") and ING Capital LLC, as a Lender and agent to the Lenders. The European Credit Agreement was scheduled to terminate on March 8, 2016 and provided for 75 million (approximately $102 million at current exchange rates) in financing for the Borrower. No borrowings were outstanding under the European Credit Agreement as of the termination date.

Effective December 31, 2013, the Borrower repaid in full all of its remaining obligations under the European Credit Agreement, including accrued fees and other amounts owing to the Lenders. There were no material prepayment penalties or breakage costs or fees. Upon making these payments, the Borrower's obligations under the European Credit Agreement were satisfied in full and the European Credit Agreement was immediately terminated other than customary provisions expressly specified to survive termination.


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