Dana Corporation Announces Results with Respect to Its Tender Offer
Dec 6, 2004
TOLEDO, Ohio, Dec. 6 /PRNewswire-FirstCall/ -- Dana Corporation (NYSE: DCN) ("Dana") today announced the results to date of its tender offer commenced on November 15, 2004, for its $250 million of 10-1/8% Notes due 2010, EUR 200 million of 9% EUR Notes due 2011 and $575 million of 9% USD Notes due 2011 (collectively, the "Notes"). (Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA ) The early tender date with respect to the Notes has expired. As of 5:00 p.m., New York City Time, on December 3, 2004, holders of approximately $835 million (or its equivalent) in aggregate principal amount of Notes had tendered their Notes pursuant to the offer. This represents approximately 76% of the principal amount of Notes included in the offer. Dana has received the requisite consents to adopt its proposed amendments with respect to each series of Notes subject to the offer. As a result, Dana and the indentures' trustee are executing the supplemental indentures containing such amendments. Holders of the Notes who delivered valid tenders by the applicable early tender date and whose Notes are accepted for payment will receive the total consideration as defined in the Offer to Purchase and Consent Solicitation Statement dated November 15, 2004 (as amended by the Supplement dated November 30, 2004) on the early settlement date, which is expected to be on or about December 10, 2004. Holders who tender their Notes after the applicable early tender date, but on or prior to the expiration date, and whose Notes are accepted for payment will receive total consideration, less the early tender payment, applicable to their Notes, and will receive payment on the final settlement date, which is expected to be on or about December 23, 2004. Payment on the early settlement date and the final settlement date is subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement. The total consideration and the tender offer consideration will be determined as of 2:00 p.m., New York City Time, on December 8, 2004, unless the offer is modified. Dana has retained Banc of America Securities, Deutsche Bank Securities and J.P. Morgan Securities to act as the joint-lead dealer managers in connection with the tender offer and solicitation agents in connection with the consent solicitation. Banc of America Securities (the coordinator for the offer and consent solicitation) can be contacted at (+1) 888-292-0070 (U.S. toll free), (+1) 212-847-5834 (collect), or (+44) 20-7174-4737. Deutsche Bank Securities can be contacted at (+1) 866-627-0391 (U.S. toll free), (+1) 212-250-2955 (collect), or (+44) 20-7545-8011. J.P. Morgan Securities can be contacted at (+1) 866-834-4666 (U.S. toll free), (+1) 212-834-3424 (collect) or (+44) 20-7742-7506. Holders can request documentation from D.F. King & Co., Inc. and D.F. King (Europe) Limited, the information agents for the offer, at (+1) 800-859-8509 (U.S. toll free), (+1) 212-269-5550 (collect), and (+44) 20-7920-9720. 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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