Dana Corporation Completes Tender Offer

Dec 23, 2004

    TOLEDO, Ohio, Dec. 23 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) ("Dana") announced the expiration of the tender offer for its
10-1/8% Notes due 2010 (the "10-1/8% Notes"), 9% EUR Notes due 2011 (the
"9% EUR Notes") and 9% USD Notes due 2011 (the "9% USD Notes") (collectively,
the "Notes").
    (Logo:  http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    A total of approximately $891 million (or its equivalent) in aggregate
principal amount of Notes was tendered prior to 5:00 p.m., New York City time,
on December 22, 2004, the expiration date. The early settlement was completed
on December 10, 2004 and the final settlement was completed today. Accrued
interest was paid, in each case, up to but not including the applicable
settlement date.
    The table below shows, by series, the Notes included in the tender offer,
the principal amount tendered prior to the expiration of the tender offer and
the principal amount remaining outstanding.


    Title of           Principal              Principal      Principal Amount
    Security       Amount Outstanding (1)   Amount Tendered     Remaining
                                                                Outstanding
    10-1/8% Notes
     due 2010 (USD)     $250,000,000          $175,252,000        $74,748,000
    9.00% Euro Notes
     due 2011 (EUR)  EUR 200,000,000       EUR 192,723,000      EUR 7,277,000
    9.00% Notes
     due 2011 (USD)     $575,000,000          $459,372,000       $115,628,000

     (1) As of the tender offer launch date, November 15, 2004.

    Dana has received the requisite consents to adopt its proposed amendments
with respect to each series of Notes subject to the tender offer. As a result,
the supplemental indentures containing such amendments have been executed and
are operative.
    Banc of America Securities, Deutsche Bank Securities and J.P. Morgan
Securities acted as the joint-lead dealer managers in connection with the
tender offer and solicitation agents in connection with the consent
solicitation.

    About Dana Corporation
    Dana Corporation is a global leader in the design, engineering, and
manufacture of value-added products and systems for automotive, commercial,
and off-highway vehicles.  Delivering on a century of innovation, Dana employs
approximately 45,000 people worldwide dedicated to advancing the science of
mobility.  Founded in 1904 and based in Toledo, Ohio, Dana operates
technology, manufacturing, and customer-service facilities in 30 countries.
Sales from continuing operations totaled $7.9 billion in 2003.  Dana's
Internet address is: http://www.dana.com.


SOURCE Dana Corporation

Web Site: http://www.dana.com

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