MAUMEE, Ohio (AP) - Auto parts maker Dana Holding Corp. said Friday that its board approved the expansion of its common stock buyback program to up to $1 billion.

MAUMEE, Ohio (AP) Auto parts maker Dana Holding Corp. said Friday that its board approved the expansion of its common stock buyback program to up to $1 billion.

The new program represents an increase of about $900 million over the more than $100 million of stock bought back under the Maumee, Ohio, company's previous authorization.

Dana said it plans to buy back its shares either on the open market or through privately negotiated deals over the next two years. The company said that the expanded program reflects its confidence in its long-term business prospects and its commitment to boosting value for its shareholders.

Dana also said Friday that it refinanced its current U.S. revolving credit facility, establishing a new five-year, $500 million revolving credit facility. The company said the move will both lower its on-going costs and increase its financial flexibility.

Dana shares rose 36 cents, or 2 percent, to $18.57 in premarket trading.