Dana Corporation Announces Results with Respect to Its Tender Offer
06 Dezember 2004 - 2:51PM
PR Newswire (US)
Dana Corporation Announces Results with Respect to Its Tender Offer
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/ .
http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Michelle L. Hards of Dana Corporation, +1-419-535-4636, or Web
site: http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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