Dana Corporation Completes Placement of Notes
10 Dicembre 2004 - 4:00PM
PR Newswire (US)
Dana Corporation Completes Placement of Notes 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/ .
http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Michelle L. Hards of Dana, +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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