TOLEDO, Ohio, Oct. 2 /PRNewswire-FirstCall/ -- Dana Holding Corporation
(NYSE: DAN) announced today that it has drawn $200 million in principal
amount under its existing $650 million secured revolving credit facility to
solidify its liquidity during the current uncertainty in the financial
markets.
(LOGO: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
"Drawing down these funds is a prudent liquidity measure," said Dana
Executive Vice President and Chief Financial Officer James A. Yost.
"Ensuring access to our liquidity to the fullest extent possible at a time
of ambiguity in the capital markets is in the best interest of our
customers, suppliers, shareholders, and employees."
Yost added that drawing the revolver provides additional strength to
the company's cash position. Prior to the draw, Dana had more than $1
billion on hand. The additional liquidity will be available to support
seasonal working capital needs and for other ordinary business needs.
The $650 million secured revolving credit facility was established in
January 2008 with a consortium of banks and provides liquidity that Dana
can draw on from time to time in order to fund working capital and other
needs. Following this draw, Dana has access to additional borrowing
capacity from the revolving credit facility as well as its international
credit facilities.
About Dana Holding Corporation
Dana is a world leader in the supply of axles; driveshafts; and
structural, sealing, and thermal-management products; as well as genuine
service parts. The company's customer base includes virtually every major
vehicle manufacturer in the global automotive, commercial vehicle, and off-
highway markets, which collectively produce more than 70 million vehicles
annually. Based in Toledo, Ohio, the company's operations employ
approximately 32,000 people in 26 countries and reported 2007 sales of $8.7
billion. For more information, please visit: http://www.dana.com.
SOURCE Dana Holding Corporation
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CONTACT:
Chuck Hartlage, for Dana Holding Corporation,
+1-419-535-4728
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