Dana Corporation Announcement on Bond Interest Payments
02 March 2006 - 9:16AM
PR Newswire (US)
TOLEDO, Ohio, March 1 /PRNewswire-FirstCall/ -- Dana Corporation
(NYSE:DCN) announced today that the company did not make the March
1, 2006 interest payments on its 7% Senior Notes due March 1, 2029
and its 6-1/2% Senior Notes due March 1, 2009. The aggregate amount
of these interest payments is approximately $21 million. There is a
30-day grace period with respect to these interest payments.
Failure to make the interest payments by March 31, 2006 would
constitute an event of default under the indenture for the Notes
that would permit the indenture trustee or holders of 25% or more
of the Notes to accelerate the maturity of the Notes. An
acceleration of the Notes would result in a cross- acceleration of
other debt instruments of the company. About Dana Corporation Dana
people design and manufacture products for every major vehicle
producer in the world. Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million vehicles
annually. A leading supplier of drivetrain, chassis, structural,
and engine technologies, Dana employs 46,000 people in 28
countries. Based in Toledo, Ohio, the company reported sales of $9
billion in 2004. Dana's Internet address is: http://www.dana.com/.
Forward-Looking Statements Statements in this release which are not
entirely historical constitute "forward-looking" statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements represent Dana's expectations based on our
current information and assumptions. However, forward-looking
statements are inherently subject to risks and uncertainties. Dana
does not undertake to update any forward-looking statements in this
release. http://www.newscom.com/cgi-bin/prnh/19990903/DANA
http://photoarchive.ap.org/ DATASOURCE: Dana Corporation CONTACT:
Chuck Hartlage of Dana Corporation, +1-419-535-4728, or Web site:
http://www.dana.com/ Company News On-Call:
http://www.prnewswire.com/comp/226839.html
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