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.