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

Photo Notes: http://www.newscom.com/cgi-bin/prnh/19990903/DANA AP
Archive: http://photoarchive.ap.org PRN Photo Desk,
photodesk@prnewswire.com
Company News On Call: Company News On-Call:
http://www.prnewswire.com/comp/226839.html


print Print   email Email      rss RSS