Dana Corporation Completes Placement of Notes

Dec 10, 2004

    TOLEDO, Ohio, Dec. 10 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE: DCN) announced today the completion of its private placement of
$450 million in unsecured senior notes maturing on January 15, 2015.
    (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
    The notes bear a coupon of 5.85 percent and were priced at 99.953 to yield
5.855 percent.
    In conjunction with some of the cash on hand from the company's recently
completed sale of its automotive aftermarket businesses, Dana will use the
proceeds from the offering to pay for the notes that had been received under
its recent tender offer.  As announced on Dec. 8, 2004, $169.5 million of the
company's 10-1/8 percent notes due 2010, 163.7 million EUR of its 9 percent
Euro notes due 2011, and $445.4 million of its 9 percent notes due 2011 were
tendered under the offer.
    "We are extremely pleased with the success of both our notes offering and
the results, to date, of the tender," said Dana Chief Financial Officer Bob
Richter.  "These transactions, in combination with the recent divestiture of
our aftermarket business, position Dana well for the future by enhancing our
strategic focus and strengthening our balance sheet."
    The securities offered have not been registered under the Securities Act
of 1933 and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
    This press release is neither an offer to sell nor the solicitation of an
offer to buy the notes or any other securities, and shall not constitute an
offer, solicitation, or sale in any jurisdiction in which such an offer,
solicitation, or sale is unlawful.
    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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