<PAGE> 1
As filed with the Securities and Exchange Commission on December 22, 1998
Registration No. 333-67307
SECURITIES AND EXCHANGE COMMISSION
AMENDMENT NO. 1
TO
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Dana Corporation
(Exact name of registrant as specified in its charter)
Virginia
(State or other jurisdiction of incorporation or organization)
34-4361040
(I.R.S. Employer Identification No.)
4500 Dorr Street, Toledo, Ohio 43615, Telephone: 419-535-4500
(Address and telephone number of registrant's principal executive offices)
Martin J. Strobel, Secretary
Dana Corporation, 4500 Dorr Street, Toledo, Ohio 43615, Telephone: 419-535-4500
(Name, address and telephone number of agent for service)
Copies to:
Robert L. Kohl, Esq., Rosenman & Colin LLP
575 Madison Avenue, New York, New York 10022, Telephone: 212-940-8800
Adam O. Emmerich, Esq., Wachtell, Lipton, Rosen & Katz
51 West 52nd Street, New York, New York 10019, Telephone: 212-403-1000
Approximate date of commencement of proposed sale to the public: From time to
time after the registration statement becomes effective.
If the only securities being registered on this Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. [ ]
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. [X]
If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
<PAGE> 2
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
TITLE OF EACH CLASS
OF SECURITIES PROPOSED MAXIMUM AGGREGATE AMOUNT OF
TO BE REGISTERED OFFERING PRICE (1) REGISTRATION FEE
---------------- ------------------ ----------------
<S> <C> <C>
Common stock, par value $750,000,000 $208,500
$1 per share (including
related preferred share
purchase rights) and
debt securities
</TABLE>
(1) The maximum aggregate offering price of the common stock and the debt
securities registered hereunder will not exceed $750,000,000. Pursuant
to Rule 457(o) under the Securities Act of 1933, the registration fee
is calculated on the maximum offering price of all securities listed,
and the table does not specify information about the amount to be
registered, the proposed maximum offering price per unit, or the
proposed maximum aggregate offering price for each class.
The Registrant hereby amends this registration statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this registration statement
will thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the registration statement shall become
effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
Pursuant to Rule 429(a) under the Securities Act of 1933, the prospectus which
constitutes part of this registration statement also relates to the securities
of Registrant registered on Form S-3, Registration Statement No. 333-42239.
<PAGE> 3
SUBJECT TO COMPLETION, DATED DECEMBER 22, 1998
PROSPECTUS
[Dana Corporation Logo]
DANA CORPORATION
4500 Dorr Street
Toledo, Ohio 43615
(419) 535-4500
$750,000,000
COMMON STOCK
DEBT SECURITIES
We will provide specific terms of these securities in supplements to this
prospectus. You should read this prospectus and any supplements carefully before
you invest.
The common stock is listed on the New York, Pacific and London Stock Exchanges
under the symbol "DCN."
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.
This prospectus is dated December __, 1998
<PAGE> 4
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we filed with
the Securities and Exchange Commission (the "SEC") using a "shelf" registration
process. Under this process, we may sell any combination of the securities
described in this prospectus in one or more offerings up to a total dollar
amount of $750,000,000. This prospectus provides you with a general description
of the securities we may offer. Each time we sell any of these securities, we
will provide a supplement to this prospectus that will contain specific
information about the terms of that offering. The supplement may also add,
update or change information contained in this prospectus. You should read this
prospectus and the supplements together with the additional information
described under the heading "Where You Can Find More Information."
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and special reports, proxy statements and
other information with the SEC. These filings are available to the public over
the Internet at the SEC's web site at http://www.sec.gov. You may also read and
copy any document we file at the SEC's Public Reference Rooms in Washington,
D.C., New York, New York and Chicago, Illinois. The Public Reference Room in
Washington, D.C. is located at 450 Fifth Street, N.W. Please call the SEC at
1-800-SEC-0330 for further information on the Public Reference Rooms.
Our common stock is listed on the New York Stock Exchange, 20 Broad
Street, New York, New York 10005; The Pacific Stock Exchange, 301 Pine Street,
San Francisco, California 94104; and The International (London) Stock Exchange,
London EC2N 1HP. Reports, proxy statements and other information concerning Dana
can be reviewed at these exchanges.
The SEC allows us to incorporate into this prospectus information
that we have filed with it or will file in the future. This means that we can
disclose important information to you by referring you to our SEC filings.
Information that we file later with the SEC will automatically update and
supersede the information in this prospectus. We are incorporating into this
prospectus the documents listed below and any future filings made with the SEC
under Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934
until we have sold all of the securities:
- Our Annual Report on Form 10-K for the year ended December 31,
1997 (except for the consolidated financial statements for the
three years then ended, which we are incorporating instead by
reference to our Current Report on Form 8-K filed on November
10, 1998);
- Our Quarterly Reports on Form 10-Q for the quarters ended
March 31 and June 30 (which contain information that has not
been restated as a result of our merger with Echlin Inc.,
effective as of July 9, 1998) and September 30, 1998;
- Our Current Reports on Form 8-K, filed on May 4, July 9,
September 3 (Form 8-K/A), September 18 and November 10, 1998;
- The description of our common stock contained in Form 8-A
dated on or about July 12, 1946, and all amendments thereto
and reports filed for the purposes of updating such
description; and
- The description of our preferred share purchase rights
contained in Form 8-A, dated May 1, 1996.
You may request a copy of these filings at no cost, by writing or telephoning:
Martin J. Strobel
Secretary
Dana Corporation
P.O. Box 1000
Toledo, Ohio 43697
(419) 535-4500
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As noted above, we have also filed a registration statement with the
SEC under the Securities Act of 1933 to register the securities covered by this
prospectus. You should read that registration statement for additional
information about Dana and the securities.
You should rely only on the information contained in this prospectus,
any supplement to it and the SEC filings that we have incorporated by reference.
We have not authorized anyone else to provide you with different information. We
are not offering the securities in any state where the offer is not permitted.
You should not assume that the information in this prospectus or any supplement
is accurate as of any date other than the date on the front of those documents.
THE COMPANY
Dana Corporation was founded in 1904 as the first supplier of universal
joints to the automotive industry. Today, we are an international leader in the
design, manufacture and marketing of a broad range of products for worldwide
vehicular and industrial markets. References to Dana in this prospectus include
our consolidated subsidiaries unless the context indicates otherwise.
In the vehicular market, we sell original equipment and aftermarket
components and assemblies for light, medium and heavy trucks, sport utility
vehicles, trailers, vans and automobiles. Our products include:
<TABLE>
<S> <C>
- drivetrain components, including axles, driveshafts and
structural components;
- engine parts, including gaskets and sealing systems, piston
rings, condensers, distributors, ignition coils, and
filtration products;
- structural components, including vehicle frames, engine
cradles and rails;
- chassis products, including steering and suspension
components;
- brake parts, including hydraulic brake master cylinders, new
and remanufactured brake shoes, drums, and disc pads; and
- other parts manufactured primarily for original equipment
manufacturers, including power steering pumps, coupled hose
systems and heavy duty windshield wiper systems.
</TABLE>
In the industrial market, we sell products for off-highway vehicle and
stationary equipment applications. These include components for industrial power
transmission products (such as electrical and mechanical brakes and clutches,
drives and motion control devices) and components for fluid power systems (such
as pumps, cylinders and control valves).
In addition, through our subsidiary Dana Credit Corporation, we provide
leasing and financial services to selected markets in North America and Europe.
In July 1998, we merged one of our subsidiaries with Echlin Inc.,
another worldwide supplier of automotive products. Before the merger, we had
reported sales of $8.3 billion for 1997. Because we are accounting for the
merger as a pooling of interests, we now report combined 1997 sales of $11.9
billion. Unless otherwise indicated, the information in this prospectus
describes the combined entity.
The Echlin merger was one of a series of steps we have taken in the
past two years to focus on and strengthen our core products and businesses.
During that period, we completed strategic acquisitions of operations with
annualized sales of $4.9 billion, including the Clark-Hurth Components assets of
Ingersoll-Rand Company, the Sealed Power Division of SPX Corporation, the heavy
axle and brake business of Eaton Corporation, and Echlin. We also completed
significant restructuring and rationalization, including the sale of our
European distribution operations and other operations not core to our business.
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These actions have helped us toward two goals which we have been
pursuing for some time. First, we have increased the portion of our sales
represented by non-highway vehicle production for original equipment
manufacturers and are closer to a balance between our sales to vehicle original
equipment manufacturers (now approximately 55%) and our sales to the
distribution, off-highway, service and industrial markets (now approximately
45%). Second, we have improved the balance between our U.S. and international
sales and now obtain approximately 36% of our sales (including exports) from
customers outside the U.S.
We expect the Echlin merger to support our growth objectives in other
respects as well. With aftermarket brake parts, we believe we have a product
that has above-industry growth prospects because of superior performance (due to
new technology and materials) and a shorter product life than traditional brake
components. Our leading portfolio of branded products will be especially
important for our entry into emerging international markets. And, we can now
integrate brake system components, vehicle fluid handling systems and electronic
ignition and engine management systems with our drivetrain and engine systems
product lines.
To serve our global markets, we have seven strategic business units --
Automotive Systems Group, Automotive Aftermarket Group, Engine Systems Group,
Heavy Truck Group, Off-Highway Systems Group, Industrial Group and Dana
Commercial Credit -- and regional administrative organizations in North America,
Europe, South America and Asia/Pacific.
USE OF PROCEEDS
We currently plan to issue unsecured senior debt in the public market
in the first quarter of 1999 and to use the net proceeds from the sale to
refinance bridge financing arranged for the acquisition of the Glacier
Vandervell bearings and AE Clevite aftermarket engine hard parts businesses and
to refinance a portion of our short term debt.
We plan to use the net proceeds from any other securities which we sell
under this prospectus for general corporate purposes, including working capital,
capital expenditures, acquisitions, and the repayment or refinancing of debt.
Each time we sell any of the securities, we will provide a supplement containing
information about how we intend to use the net proceeds from that particular
sale.
RATIO OF EARNINGS TO FIXED CHARGES
The following are our consolidated ratios of earnings to fixed charges
for the periods indicated:
<TABLE>
<CAPTION>
Nine Months
Ended
Year Ended December 31 September 30
------------------------------------------------ ----------------
1993 1994 1995 1996 1997 1997 1998
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Consolidated ratio of earnings to
fixed charges 3.0x 4.4x 4.3x 3.9x 3.1x 3.1x 3.7x
</TABLE>
We computed these ratios by dividing our earnings by our fixed charges.
For this purpose, "earnings" means income from continuing operations before
taxes, distributed income of less than 50% owned affiliates, fixed charges
(excluding capitalized interest) and income of majority-owned subsidiaries with
fixed charges, and "fixed charges" means interest on indebtedness and that
portion of rental expense (one third) which we believe to be representative of
interest.
DESCRIPTION OF CAPITAL STOCK
The following is a summary only. For more detailed information, see our
Restated Articles of Incorporation, By-Laws, and, with respect to the preferred
share purchase rights, our Rights Agreement. Copies of these documents have been
filed with the SEC.
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COMMON STOCK
Under our Restated Articles of Incorporation, we are authorized to
issue 350,000,000 shares of common stock with a $1 par value. Currently, we have
approximately 165,500,000 shares of common stock issued and outstanding, and
approximately 15,200,000 shares reserved for issuance under our various employee
and director stock plans. The shares of common stock currently outstanding are
fully paid and non-assessable. Any shares offered under a supplement to this
prospectus will also be fully paid and non-assessable upon our receipt of full
consideration for the shares.
Our common stockholders are entitled to receive dividends in such
amounts per share as our Board of Directors may declare.
They are also entitled to one vote per share on all matters submitted
to a vote of the stockholders. The common stock is the only voting class of our
capital stock of which shares are currently issued and outstanding. As these
shares do not carry cumulative voting rights in electing directors, if there is
a quorum present or represented at a meeting at which directors are to be
elected, the holders of more than 50% of the shares voting will elect all of the
directors and the holders of less than 50% of the shares voting will not elect
any directors.
If Dana is liquidated or dissolved for any reason, our common
stockholders will receive equal shares of our assets which are available for
distribution to them after payment of all of our liabilities and any liquidation
preferences granted to our preferred stockholders.
Our common stock is not convertible, does not have any sinking fund,
preemptive or other subscription rights, and is not subject to redemption.
PREFERRED STOCK
Under our Restated Articles of Incorporation, we are authorized to
issue up to 5,000,000 shares of preferred stock. There is currently no preferred
stock outstanding.
Our Board of Directors has the authority:
- to issue preferred stock in one or more series;
- to fix the number of shares of each series, its particular
designation, its liquidation preference, and the rate of
dividends to be paid; and
- to determine whether dividends will be cumulative, whether
shares of the series will have voting rights or be redeemable,
and whether the particular series will be entitled to a
sinking fund or to conversion rights.
If we issue preferred stock, the amount of funds available for the
payment of dividends on our common stock will be reduced by the dividend
obligation that the Board fixes for the preferred stock. Our preferred
stockholders will also have preferential treatment over our common stockholders
in the event of Dana's liquidation. When issuing preferred stock, our Board may
grant voting rights to the preferred stockholders which dilute the voting power
of the common stockholders.
JUNIOR PARTICIPATING PREFERRED STOCK AND PREFERRED SHARE PURCHASE RIGHTS
In connection with our Rights Agreement, dated April 25, 1996, our
Board authorized the creation of a Series A junior participating preferred
stock.
The number of shares constituting this series of junior preferred stock
is 1,000,000. Shares of this series are issuable only upon the exercise of
preferred share purchase rights, in the amount of one purchase right for each
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share of our common stock. Subject to the provisions of the Rights Agreement,
until the earlier of July 25, 2006, or the redemption of the purchase rights,
the holder of each purchase right is entitled to buy one 1/1000th of a share of
the junior preferred stock at an exercise price of $110, subject to adjustment.
The purchase rights are redeemable at a price of $0.01 each at any time before
any person or entity acquires beneficial ownership of 15% or more of our
outstanding common stock. If any person (or entity) announces that he (or it)
has acquired beneficial ownership of 15% or more of our common stock or
commences, or announces an intention to commence, an offer which would result in
his (or its) beneficially owning 15% or more of our common stock, separate
certificates for the purchase rights will be mailed to our common stockholders
and the purchase rights will become exercisable and transferable apart from the
common stock.
If, without the approval of our Board, Dana is acquired in a merger or
similar transaction or 50% of our assets or earning power are transferred to
another company, the holder of each purchase right may purchase a number of
shares of the acquiring company's common stock with a market price equal to
twice the current exercise price of the purchase right. If 15% (but less than
50%) of our common stock is acquired by any person or entity, our Board may
exchange each purchase right for one share of our common stock. In these
situations, the purchase rights owned by any person or entity holding 15% or
more of our common stock become void and cannot be exercised.
If issued, the junior preferred stock will be entitled to a cumulative
preferential quarterly dividend per share equal to the greater of $10 or 100
times the dividend declared on shares of our common stock. The junior preferred
stock is redeemable in whole at our option at a cash price per share of the
greater of $100 or 100 times the current market price (as defined in the Rights
Agreement) of our common stock. If Dana is liquidated, the junior preferred
stockholders will be entitled to receive an amount equal to accrued and unpaid
dividends plus an amount per share equal to the greater of $100 or 100 times the
payment made per share to our common stockholders. Each share of junior
preferred stock will be entitled to 100 votes, voting together with the common
stockholders on all matters submitted to the vote of stockholders. In the event
of any merger, consolidation or other transaction in which common stock is
exchanged, the holder of each share of junior preferred stock will be entitled
to receive 100 times the amount and type of consideration paid per share of our
common stock. The rights of the junior preferred stockholders as to dividends
and liquidations, their voting rights, and their rights in the event of mergers
and consolidations, are protected by customary anti-dilution provisions.
The purchase rights have anti-takeover effects. Among other things,
they may cause substantial dilution to a person or group that attempts to
acquire Dana on terms not approved by our Board, except pursuant to an offer
conditioned on a substantial number of purchase rights being acquired. The
purchase rights should not interfere with any merger or other business
combination approved by our Board before any person or entity has acquired
ownership of 15% or more of our common stock.
VIRGINIA LAW
Dana Corporation is a Virginia corporation and is subject to Article 14
(the "Affiliated Transactions Statute") and Article 14.1 (the "Control Share
Statute") of the Virginia Stock Corporation Act.
Pursuant to the Affiliated Transactions Statute, a Virginia corporation
may not engage in an affiliated transaction with a 10% stockholder or his
affiliates for three years following the 10% acquisition unless the transaction
is approved by a majority of the disinterested directors of the corporation and
two-thirds of the shares not owned by the 10% holder. An affiliated transaction
means one of the following transactions that has not been approved previously by
the corporation's board of directors: a merger, a share exchange, a sale of
assets with a fair market value in excess of 5% of the corporation's
consolidated net worth, a dissolution of the corporation and certain securities
transactions. The 10% holder may effect an affiliated transaction after the
three-year period only if (i) the transaction is approved by two-thirds of the
shares not owned by such holder or a majority of the disinterested directors or
(ii) the aggregate consideration to be paid in the transaction meets certain
fair price criteria. A corporation may opt out of this provision by an amendment
to its articles of incorporation or by-laws approved by the majority of the
outstanding shares of stock not owned by the 10% holder. Dana has not opted out
of this provision.
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Pursuant to the Control Share Statute, if a person acquires shares
entitled to vote on the election of directors within one of the ranges set by
the statute (20% or more and less than one-third, one-third or more but less
than a majority, or a majority), that person automatically loses the right to
vote the shares that fall within such range. The affected person can demand a
meeting of stockholders to vote on whether his disqualified shares will have
voting rights. The voting rights of the disqualified shares can be restored by
the affirmative vote of a majority of "disinterested shares" at such a
stockholders meeting. "Disinterested shares" means all outstanding shares
except those held by the affected person and by the corporation's officers and
employee-directors. A corporation can opt out of the Control Share Statute by
amendment to its articles or by-laws, and Dana has done so.
DESCRIPTION OF DEBT SECURITIES
The following is a summary of the material terms under which we expect
to offer our debt securities. The terms of the particular debt securities
offered by any supplement will be contained in that supplement.
GENERAL
The debt securities will be issued under the Indenture for Senior
Securities dated as of December 15, 1997, between Dana and Citibank, N.A., the
Trustee, any supplements to that indenture, and any succeeding indenture(s) and
supplement(s) between Dana and Citibank, N.A. The terms of the debt securities
will include those stated in the applicable indenture and supplement and those
made a part of the indenture by reference to the Trust Indenture Act of 1939.
The indenture provides for the issuance of our debt securities in an
unlimited amount from time to time in one or more series. The indenture does not
limit the amount of debt, either secured or unsecured, which we may issue under
the indenture or otherwise.
The prospectus supplement relating to any particular debt securities
offered will describe the following terms:
- the title of the securities;
- the price (expressed as a percentage of the aggregate
principal amount) at which the securities will be issued;
- any limit upon the aggregate principal amount of the
securities;
- the date(s) on which the securities will mature and any
provisions for extending such date(s);
- the rate(s) (which may be fixed or variable) per annum at
which the securities will bear interest (if any), or the
manner in which such rate(s) will be determined;
- the date(s) from which any interest will accrue and on which
such interest will be payable, and any regular record dates
for determining the holders to whom such interest will be
payable;
- the place(s) where the principal of and any premium and
interest on the securities will be payable;
- any obligation or right which we may have to redeem,
repurchase or repay any or all of the securities under any
sinking fund or like provisions, at our option or that of
the holders, and the price(s) at which, period(s) within
which, and terms upon which the securities will be redeemed,
repurchased or repaid under such obligation;
- the denominations in which the securities will be issued (if
other than U.S. $1,000 and any integral multiple thereof);
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- the currency or composite currency in which payment of the
principal of and any premium and interest on the securities
will be payable (if other than United States currency);
- whether the securities will be issued in the form of one or
more permanent global securities (as defined below) and, if
so, the identity of the depository for the same;
- the portion of the principal amount of the securities which
will be payable upon declaration of the acceleration of its
maturity (if other than the principal amount);
- any additions to or changes in the covenants or events of
default set forth below which will apply to the securities;
- any conversion or exchange provisions; and
- any other terms of the securities (which terms will be
consistent with the applicable indenture).
Unless otherwise set forth in the applicable prospectus supplement, the
debt securities will be issued only in fully registered form without coupons, in
denominations of U.S. $1,000 or any integral multiple thereof (or comparable
integral multiples in foreign currency). If the securities are offered or
payable in any foreign currency, the supplement will contain relevant
information about the foreign currency units, restrictions, elections, tax
consequences, and any other special information about the securities.
If the debt securities are issued at a discount from their principal
amount, the supplement will describe any relevant federal income tax or other
special considerations.
Unless otherwise set forth in the supplement, the principal of and any
premium and interest on the debt securities will be payable, and the exchange
and transfer of the securities will be registerable, at the office of the
Trustee or any other office or agency which we maintain for such purpose,
subject to any limitations in the indenture. No service charge will be made for
any registration of transfer or exchange of the securities, but we may require
payment of a sum sufficient to cover any tax or other governmental charge
imposed in connection with the transfer or exchange.
RANKING
We currently intend to issue the debt securities as unsecured and
unsubordinated debt ranking "pari passu" (of the same ranking or priority) with
all other unsecured and unsubordinated debt of Dana.
If we decide to issue any or all of the securities as subordinated debt
securities, the prospectus supplement will set forth the terms of any indenture
that may apply and the rights of the holders of such subordinated debt
securities.
CONVERSION AND EXCHANGE
If the debt securities are convertible into or exchangeable for common
stock, preferred stock, property or cash, the prospectus supplement will set
forth the terms of conversion or exchange, including whether such conversion or
exchange is mandatory or at our option or that of the holders. If applicable,
the supplement will also set forth the factors and time for calculating the
number of shares of common stock or preferred stock to be received by the
holders of the debt securities upon conversion or exchange.
GLOBAL SECURITIES
We may issue any or all of the debt securities in the form of "global
securities" (securities in which designated participants have beneficial
ownership interests but which are held and registered in the name of a
depository or its nominee).
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While the identity of the depository and the specific terms of the
depository arrangement for any series of debt securities will be described in
the prospectus supplement, we anticipate that the following provisions will
apply to all depository arrangements.
Upon the issuance of a global security, the depository or nominee will
credit the principal amount of the debt securities represented by the global
security on its book-entry registration and transfer system. Such accounts will
be designated by the underwriters or agents or by Dana if we are offering the
debt securities directly.
Ownership of beneficial interests in the global security will be
limited to the designated participants and persons that may hold interests
through such participants. Such ownership will be shown on, and the transfer of
that ownership will be effected only through, records maintained by the
depository or nominee (with respect to interests of the participants) and
records of the participants (with respect to interests of persons other than the
participants).
The laws of some states may require that certain purchasers of
securities take physical delivery of the securities in definitive form (that is,
in the form of certificates registered in their names), and such laws may impair
the ability to transfer beneficial interests in a global security.
So long as either the depository or the nominee is the registered owner
of the global security, it will be considered the sole owner or holder of the
debt securities represented by the global security for all purposes under the
applicable indenture.
Except as provided below, owners of beneficial interests in the global
security will not be entitled to have the debt securities registered in their
names, will not receive or be entitled to receive physical delivery of
securities in definitive form, and will not be considered the owners or holders
of the securities under the applicable indenture.
The principal of and any premium and interest on the debt securities
registered in the name of the depository or the nominee will be paid to it as
the registered owner of the global security. Dana, the Trustee, the paying
agent(s) and the registrar(s) for the debt securities will have no
responsibility or liability for the records relating to or the payments made on
account of persons with beneficial ownership interests in the global security
(including maintaining or reviewing any records relating to such interests).
We expect that the depository or the nominee, upon receipt of any
payment of the principal of or any premium and interest with respect to the debt
securities, will credit the participants' accounts immediately with payments in
amounts proportionate to their respective beneficial interests in the principal
amount of the global security, as shown on the depository's or nominee's
records. We also expect that payments by participants to owners of beneficial
interests in the global security held through such participants will be governed
by standing instructions and customary practices (as is now the case with
securities held for the accounts of customers registered in "street name") and
will be the responsibility of such participants.
If the depository is at any time unwilling or unable to continue as
depository and we do not appoint a successor depository within 90 days, we will
issue the debt securities in definitive form in exchange for the global security
representing them. Further, if we so specify, an owner of a beneficial interest
in the global security may receive the debt securities in definitive form, on
terms acceptable to us and to the depository or nominee. In such case, the owner
of the beneficial interest will be entitled to physical delivery in definitive
form of debt securities equal in principal amount to its beneficial interest and
to have such securities registered in its name. The debt securities will be
issued in denominations of U.S. $1,000 and integral multiples thereof, unless we
specify otherwise.
COVENANTS
LIMITATIONS ON LIENS
Except with respect to indebtedness between us and any of our
"restricted subsidiaries," we covenant not to incur or guarantee (or to permit
our "restricted subsidiaries" to incur or guarantee) any "secured debt" without
equally and ratably securing the debt securities offered by this prospectus.
Unless designated as "unrestricted," all of our subsidiaries are "restricted
subsidiaries." Currently, there are no "unrestricted" subsidiaries.
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"Secured debt" means indebtedness which is secured by:
- a lien on our "principal property" or that of a restricted
subsidiary;
- a lien on the stock or indebtedness of a restricted subsidiary; or
- a restricted subsidiary's guarantee of our indebtedness.
"Principal property" means any real property currently owned or
hereafter acquired by us or any restricted subsidiary, including buildings and
improvements (other than any pollution control, cogeneration and small power
production facilities), which has a book value in excess of 2% of our
"consolidated net tangible assets" (that is, the total assets, less applicable
reserves and other properly deductible items, on our balance sheet for the most
recent fiscal quarter, less all current liabilities and goodwill, trade names,
patents, organization expenses and other like intangibles).
This covenant is not applicable to:
- secured debt existing at the date of the indenture;
- liens on real or personal property acquired, constructed or improved
by us or a restricted subsidiary after the date of the indenture
which are created contemporaneously with, or within 12 months after,
the acquisition, construction or improvement to secure all or any
part of the purchase price of the property or the cost of the
construction or improvement;
- mortgages on our property or that of a restricted subsidiary created
within 12 months of the completion of construction or improvement of
any new plant(s) on such property to secure the cost of the
construction or improvement;
- liens on property existing when we or a restricted subsidiary
acquired it;
- liens on the outstanding shares or indebtedness of a corporation
existing when that corporation becomes our subsidiary;
- liens on stock (except stock of our subsidiaries) acquired after the
date of the indenture if the aggregate cost of the acquisition does
not exceed 15% of our consolidated net tangible assets (as defined
above);
- liens securing indebtedness of a successor corporation to us to the
extent permitted by the indenture;
- liens securing indebtedness of a restricted subsidiary when it became
such;
- liens securing indebtedness of any entity outstanding when it merged
with, or substantially all of its properties were acquired by, us or
a restricted subsidiary;
- liens created, incurred or assumed in connection with an industrial
revenue bond, pollution control bond or similar financing arrangement
between us or a restricted subsidiary and any federal, state or
municipal government or other governmental body or quasi-governmental
agency;
- liens in connection with government or other contracts to secure
progress or advance payments;
- liens in connection with taxes or legal proceedings to the extent
such taxes or proceedings are being contested or appealed in good
faith or are incurred for the purpose of obtaining a stay or
discharge in the course of such proceedings;
10
<PAGE> 13
- liens consisting of mechanics' or materialmen's or similar liens
incurred in the ordinary course of business and easements, rights of
way, zoning restrictions, restrictions on the use of real property
and defects and irregularities in title thereto;
- liens made in connection with or to secure payment of workers'
compensation, unemployment insurance, or social security obligations;
- liens in connection with any "sale and leaseback transaction" (an
arrangement with any person or entity providing for the leasing by us
or a restricted subsidiary of any principal property, whereby we or
the subsidiary has or will sell or transfer such property to such
person or entity, excluding arrangements involving a lease for a
term (including renewal rights) of not more than three years) which
is not subject to the limitations described below under "Limitations
on Sale and Leaseback";
- mortgages to secure debt of a restricted subsidiary to us or to
another restricted subsidiary; and
- extensions, renewals or replacements of the foregoing permitted liens
to the extent of the original amounts of such liens.
In addition, we and our restricted subsidiaries may secure debt which
would not otherwise be permitted or excepted without equally and ratably
securing the debt securities offered hereunder, if the sum of such secured debt
plus the aggregate value of any sale and leaseback transactions subject to the
limitations described below does not exceed 15% of our consolidated net tangible
assets (as defined above).
LIMITATIONS ON SALE AND LEASEBACK
We covenant not to engage in any sale and leaseback transactions
involving any principal property which we or any restricted subsidiary own
currently or acquire hereafter, or to permit any restricted subsidiary which
has been in operation for more than 180 days to do so, unless:
- we or the subsidiary would be entitled to incur secured debt on such
principal property equal to the amount realizable upon such sale or
transfer as if such amount were secured by a mortgage, without
equally and ratably securing the debt securities offered hereunder;
or
- an amount equal to the greater of the net proceeds of the sale or the
fair value of the principal property is applied within 180 days
either to (a) the retirement of any indebtedness which under
generally accepted accounting principles would appear as debt on our
consolidated balance sheet and which matures by its terms or at the
option of the obligor more than 12 months from the date of the
determination thereof, or (b) the purchase of other principal
property having a value at least equal to the greater of such
amounts; or
- the sale and leaseback transaction involves an industrial revenue
bond, pollution control bond or other similar financing arrangement
between us or any restricted subsidiary and any federal, state or
municipal government or other governmental or quasi-governmental body
or agency.
PAYMENT OF TAXES
We covenant to pay, before they become delinquent:
- all taxes and other government charges levied on us or any of our
subsidiaries or on our income, profits or property or that of any
of our subsidiaries; and
- all lawful claims for labor, material and supplies which, if
unpaid, might become a lien and have a material adverse effect
on us and our subsidiaries taken as a whole.
11
<PAGE> 14
However, we will not be required to pay taxes, assessments or
charges if the amount, applicability or validity of the same is being contested
in good faith by appropriate proceedings.
EXISTENCE
We covenant to do all things necessary to keep our existence, rights
and franchises in full force and effect, and to cause our subsidiaries to do the
same. However, neither we nor any of our subsidiaries will be required to
preserve any right or franchise (or, in the case of a subsidiary, its existence)
if we determine that the same is no longer desirable in the conduct of our
business and that the loss or termination of the same will not result in a
material adverse effect upon us and our subsidiaries taken as a whole.
COMPLIANCE WITH LAWS
We covenant that we will comply with all applicable federal, state,
local and foreign laws, rules, regulations and ordinances, and will cause our
subsidiaries to do the same, in each case to the extent that the failure to so
comply would have a material adverse effect upon us and our subsidiaries taken
as a whole.
EVENTS OF DEFAULT
Unless otherwise set forth in the applicable prospectus supplement, the
following will be events of default under the indenture with respect to any
series of debt securities:
- a default for 30 days in the payment of any interest on the
securities when due;
- the failure to pay the principal of or any premium on the
securities when due;
- the failure to deposit any mandatory sinking fund installment
with respect to the securities when due;
- the failure to observe or perform any other covenant in the
indenture applicable to the securities (other than a covenant
included in the indenture for the benefit of another series of
debt securities) continuing 60 days after notice from the
Trustee;
- our default on other indebtedness of over $100 million, after the
applicable grace period, which results in such indebtedness
becoming due prior to its maturity;
- certain events of bankruptcy, insolvency or reorganization; and
- any other event of default specified in the supplement.
The indenture provides that, upon the occurrence of an event of default
(after expiration of any applicable grace period), the Trustee or the holders of
25% of the aggregate principal amount of the outstanding debt securities of any
series may declare the principal amount of and any accrued but unpaid interest
on such securities immediately due and payable. A bankruptcy default accelerates
the maturity of the securities automatically. After any such acceleration, the
holders of a majority of the aggregate principal amount of the outstanding debt
securities may rescind and annul such declaration before a judgment or decree
for payment of money has been obtained if we pay all amounts that would have
been due.
The indenture provides that within 90 days after the occurrence of an
event of default with respect to any series of debt securities, the Trustee will
notify the holders of the securities of all uncured and unwaived defaults known
to it (including events which, after notice or lapse of time, will become
events of default. However, except in the case of default in the payment of the
principal of, any premium or interest on, or any mandatory sinking fund
installment on, such debt securities, the Trustee will be protected in
withholding such notice if it determines in good faith that doing so is in the
best interest of such holders.
12
<PAGE> 15
The indenture provides that the holders of a majority of the aggregate
principal amount of any series of outstanding debt securities will have the
right to direct the time, method and place for conducting any proceeding for any
remedy available to the Trustee, or exercising any power or trust conferred on
the Trustee, in accordance with applicable law and the provisions of the
indenture.
If an event of default is continuing, the Trustee will exercise its
rights and powers under the indenture and use the same degree of skill and care
in such exercise as a prudent person would use under the circumstances in the
conduct of his own affairs. However, the Trustee will not be obligated to
exercise its rights or powers under the indenture at the request of the holders
of the debt securities unless they have offered the Trustee reasonable security
or indemnity against the costs, expenses and liabilities which it may incur in
compliance with such request.
Unless otherwise provided in the indenture, the holders of a majority
of the aggregate principal amount of the outstanding debt securities, acting on
behalf of all holders of such securities, may waive:
- any past default under the indenture (except a default in the
payment of the principal of or any premium or interest on the
debt securities); or
- our compliance with certain restrictive provisions of the
indenture.
Under the indenture, we will be required to furnish the Trustee with an
annual statement about our performance of certain of our obligations under the
indenture and any default in such performance.
MERGER
The indenture provides that we may consolidate with, or sell,
lease or convey all or substantially all of our assets to, or merge into any
other corporation, without the consent of the holders of the debt securities,
provided that:
- the successor corporation is organized and existing under the
laws of the United States or a State and expressly assumes the
due and punctual payment of the principal of and any premium and
interest on the securities according to their terms and the due
and punctual performance and observance of the covenants and
conditions of the indenture to be performed by us; and
- after giving effect to the transaction, no event of default will
have occurred and be continuing.
Except as set forth in this prospectus or in any prospectus supplement,
the indenture will not contain any covenants or other provisions designed to
afford the holders of the debt securities protection in the event of a takeover,
recapitalization or highly leveraged transaction involving Dana.
MODIFICATION OF THE INDENTURE
We and the Trustee may amend or modify the indenture from time
to time for administrative convenience or necessity, provided that the changes
do not materially adversely affect the rights of the holders of the debt
securities.
Moreover, with the consent of the holders of a majority in aggregate
principal amount of the outstanding debt securities, we and the Trustee may
amend or modify the indenture so as to affect the rights of such holders, except
that, without the consent of the holder of each security affected by such
amendment, no amendment or modification may:
- extend the time of maturity of the principal of or any
installment of interest on the securities;
- reduce the principal of or any premium or rate of interest on the
securities; or
13
<PAGE> 16
- reduce the percentage in principal amount of outstanding debt
securities the consent of whose holders is required to waive
compliance with certain provisions of the indenture or to waive
certain events of default and their consequences.
DISCHARGE AND DEFEASANCE
We may satisfy and discharge our obligations under the indenture (other
than our obligation to pay the principal of and any premium and interest on the
debt securities and certain other specified obligations) if we:
- irrevocably deposit with the Trustee, as trust funds, the amount
(in money or U.S. government obligations maturing as to principal
and interest) sufficient to pay the principal of and any premium
and interest on the securities and any mandatory sinking fund
obligations with respect thereto on the stated maturity date of
such payments or on any redemption date; and
- comply with any additional conditions specified to be applicable
with respect to the defeasance of such securities.
The terms of any series of debt securities may also provide for legal
defeasance pursuant to the indenture. In such case, if we:
- irrevocably deposit money or U.S. government obligations as
described above,
- make a request to the Trustee to be discharged from our
obligations on such securities, and
- comply with any additional conditions specified to be applicable
with respect to the legal defeasance of such securities,
then we will be deemed to have paid and discharged the entire indebtedness on
all such outstanding securities under the indenture and our obligation to pay
the principal of and any premium and interest on such securities will be
completely discharged and the holders of the securities will be entitled only to
payment out of the money or U.S. government obligations deposited with the
Trustee, unless our obligations are revived and reinstated because the Trustee
is unable to apply such trust fund due to any legal proceeding, order or
judgment.
PLAN OF DISTRIBUTION
We may offer the securities directly to purchasers, to or through
underwriters, through dealers or agents, or through a combination of such
methods.
If underwriters are used, we will execute an underwriting agreement
with them and will set out their names and the terms of the transaction
(including any underwriting discounts and other terms for compensation of the
underwriters and any dealers) in the prospectus supplement. If an underwriting
syndicate is used, the managing underwriter(s) will be set forth on the cover of
the supplement. In this event, the securities will be acquired by the
underwriters for their own accounts and may be resold from time to time in one
or more transactions, including negotiated transactions, at a fixed public
offering price or at varying prices determined at the time of sale. Any initial
public offering price and any discounts or concessions allowed or reallowed or
paid to dealers may be changed from time to time.
If dealers are used in an offering of the securities, we will sell the
securities to them as principals. The dealers then may resell the securities to
the public at varying prices which they determine at the time of resale. The
names of the dealers and the terms of the transaction will be set forth in the
prospectus supplement.
If agents are used in an offering of the securities, the names of the
agents and the terms of the agency will be set forth in the supplement. Unless
otherwise indicated in the supplement, the agents will act on a best-efforts
basis for the period of their appointment.
14
<PAGE> 17
Dealers and agents named in a supplement may be deemed to be
underwriters (within the meaning of the Securities Act) of the securities
described therein. Underwriters, dealers and agents, may be entitled to
indemnification by us against certain liabilities (including liabilities under
the Securities Act) under underwriting or other agreements with us.
We may solicit offers to purchase the securities from, and sell the
securities directly to, institutional investors or others who may be deemed to
be underwriters within the meaning of the Securities Act with respect to any
resales of the securities. The terms of any such offer will be set forth in the
prospectus supplement.
Certain underwriters, dealers or agents and their associates may engage
in transactions with, and perform services for, us in the ordinary course of
business, including refinancing of our indebtedness.
If so indicated in the supplement, we may authorize underwriters or
other persons acting as our agents to solicit offers by certain institutions to
purchase the securities from us pursuant to contracts providing for payment and
delivery on a future date. Institutions with which such contracts may be made
include commercial and savings banks, insurance companies, pension funds,
investment companies, educational and charitable institutions and others, but in
all cases we must approve such institutions. The obligations of any purchaser
under any such contract will be subject to the condition that the purchase of
the securities will not, at the time of delivery, be prohibited under the laws
of any jurisdiction to which such purchaser is subject. The underwriters and
such other agents will not have any responsibility for the validity or
performance of such contracts.
To facilitate an offering of a series of the securities, some persons
participating in the offering may engage in transactions that stabilize,
maintain or otherwise affect the price of the securities. This may include
over-allotments or short sales of the securities, which involves the sale by
persons participating in the offering of more securities than we have sold to
them. In such circumstances, such persons would cover such over-allotments or
short positions by purchasing in the open market or by exercising their
over-allotment options. In addition, such persons may stabilize or maintain the
price of the securities by bidding for or purchasing them in the open market or
by imposing penalty bids, whereby selling concessions allowed to dealers
participating in any such offering may be reclaimed if securities they sell are
repurchased in connection with stabilization transactions. The effect of these
transactions may be to stabilize or maintain the market price of the securities
at a level above that which might otherwise prevail in the open market. Such
transactions, if commenced, may be discontinued at any time.
LEGAL MATTERS
Rosenman & Colin LLP of New York, New York and Hunton & Williams of
Richmond, Virginia may provide legal advice or opinions relating to the
securities. Robert L. Kohl, a member of Rosenman & Colin LLP, owns approximately
1,100 shares of our common stock.
Wachtell, Lipton, Rosen & Katz of New York, counsel for the
underwriters, and other counsel for the underwriters or agents who are
identified in any supplement may also provide legal advice or opinions relating
to the securities. Wachtell, Lipton, Rosen & Katz performs legal services for us
from time to time.
EXPERTS
The financial statements for the three years ended December 31, 1997,
incorporated in this prospectus by reference to the Current Report on Form 8-K
filed on November 10, 1998, have been so incorporated in reliance upon the
report of PricewaterhouseCoopers LLP, independent accountants, given on the
authority of said firm as experts in auditing and accounting.
15
<PAGE> 18
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
The following expenses will be paid by Dana:
<TABLE>
<S> <C>
Securities and Exchange Commission Registration Fee $208,500
Accounting Fees and Expenses 50,000
Legal Fees and Expenses 150,000
Trustees' Fees and Expenses 4,000
Rating Agency Fees 210,000
Printing and Engraving Expenses 70,000
--------
Total $692,500
========
</TABLE>
All expenses other than the Commission registration fee are estimated.
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Under the Virginia Stock Corporation Act, in certain circumstances Dana
Corporation is authorized to indemnify its directors and officers against
liabilities (including reasonable defense expenses) they may incur in
proceedings in which they are named as parties because of their positions as
directors and officers of Dana.
Pursuant to this authorization, the stockholders have adopted the SIXTH Article
of Dana Corporation's Restated Articles of Incorporation. This Article provides
that in any proceeding brought by a stockholder in the right of Dana or on
behalf of the stockholders, no director or officer of Dana shall be liable for
monetary damages exceeding $50,000 with respect to any transaction, occurrence
or course of conduct unless such person engaged in willful misconduct or a
knowing violation of criminal law or of any federal or state securities law. The
Article further provides that Dana shall indemnify any director or officer who
is a party to any proceeding (including a proceeding brought by a stockholder on
behalf of Dana or its stockholders) by reason of the fact that he or she is or
was a director or officer of Dana against any liability incurred in connection
with such proceeding, unless he or she engaged in willful misconduct or a
knowing violation of criminal law. In addition, Dana will pay or reimburse all
reasonable expenses (including attorneys' fees) incurred by the director or
officer in connection with such proceeding in advance of the disposition of the
proceeding if certain conditions are met. In general, all indemnification will
be made in accordance with Section 13.1-701 of the Virginia Stock Corporation
Act.
As authorized in the Restated Articles of Incorporation, the Board of Directors
has adopted a By-Law provision under which Dana will indemnify its directors and
officers in a comparable manner against liabilities they may incur when serving
at Dana's request as directors, officers, employees or agents of other
corporations or certain other enterprises.
Dana carries primary and excess "Executive Liability and Indemnification"
insurance covering certain liabilities incurred by the directors, elected
officers, and certain appointed officers of Dana in the performance of their
duties. Coverage is either on a direct basis or through reimbursement of amounts
expended by Dana for indemnification of these individuals. Subject to certain
deductibles, the insurers will pay or reimburse all covered costs incurred up to
an annual aggregate of $100 million. Coverage is excluded for purchases or sales
of securities in violation of Section 16 (b) of the Securities Exchange Act of
1934, deliberately fraudulent or willful violations of any statute or
regulation, illegal personal gain, and certain other acts.
II-1
<PAGE> 19
ITEM 16. EXHIBITS.
The following exhibits are filed with this registration statement:
1-A** Form of Underwriting Agreement (common stock)
1-B** Form of Underwriting Agreement (debt securities)
3-A* Restated Articles of Incorporation (incorporated by reference to
Exhibit 3-A to Registrant's Quarterly Report on Form 10-Q for the
quarter ending June 30, 1998)
3-B* Restated By-Laws (incorporated by reference to Exhibit 3-B to
Registrant's Quarterly Report on Form 10-Q for the quarter ending June
30, 1998)
4-A* Single Denomination Stock Certificate (incorporated by reference to
Exhibit 4-B to Registrant's Form S-3, Registration No. 333-18403, filed
December 20, 1996)
4-B* Indenture for Senior Securities between Dana Corporation and Citibank,
N.A., Trustee, dated as of December 15, 1997 (incorporated by reference
to Exhibit 4-B to Registrant's Form S-3, Registration No. 333-42239,
filed December 15, 1997)
4-C* Form of Debt Securities (included in Exhibit 4-B)
5** Opinion of Hunton & Williams
12* Computation of Ratio of Earnings to Fixed Charges
23-A Consent of PricewaterhouseCoopers LLP
23-B** Consent of Hunton & Williams (included in Exhibit 5)
24* Power of Attorney
25* Form T-1 Statement of Eligibility Under the Trust Indenture Act of 1939
of a Corporation Designated to Act as Trustee (incorporated by
reference to Exhibit 25 to Registrant's Form S-3, Registration No.
333-42239, filed December 15, 1997)
*Previously filed.
**To be filed by amendment or as an exhibit to a document incorporated by
reference herein.
ITEM 17. UNDERTAKINGS.
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration
statement:
(i) to include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;
(ii) to reflect in the prospectus any facts or events
arising after the effective date of this registration
statement (or the most recent post-effective
amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the
information set forth in this registration statement;
provided that, notwithstanding the foregoing, any
increase or decrease in volume of securities offered
(if the total dollar value of securities offered
would not exceed that which was registered) and any
deviation from the low or
II-2
<PAGE> 20
high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent
no more than 20% change in the maximum aggregate
offering price set forth in the "Calculation of
Registration Fee" table in the effective registration
statement; and
(iii) to include any material information with respect to
the plan of distribution not previously disclosed in
this registration statement or any material change to
such information in this registration statement;
provided, however, that paragraphs (1)(i) and (1)(ii) above do
not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section
13 or Section 15 (d) of the Securities Exchange Act of 1934
that are incorporated by reference in this registration
statement.
(2) That, for the purposes of determining any liability under the
Securities Act of 1933, each such post-effective amendment
will be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities at that time will be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
The undersigned Registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act of 1933, each filing of the Registrant's
annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 that is incorporated by reference in a registration statement will be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time will be deemed to be
the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of
1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
The undersigned Registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities
Act of 1933, the information omitted from the form of
prospectus filed as part of this registration statement in
reliance upon Rule 430A and contained in a form of prospectus
filed by the Registrant pursuant to Rule 424(b)(1) or (4) or
497(h) under the Securities Act of 1933 shall be deemed to be
part of this registration statement as of the time it was
declared effective.
(2) For the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered
therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
The undersigned Registrant hereby undertakes to file an application for the
purpose of determining the eligibility of the trustee to act under subsection
(a) of Section 310 of the Trust Indenture Act in accordance with the rules and
regulations prescribed by the Commission under Section 305(b)(2) of the Act.
II-3
<PAGE> 21
SIGNATURES
THE REGISTRANT. Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Toledo, State of Ohio, on December 22, 1998.
DANA CORPORATION (Registrant)
By: /s/ Martin J. Strobel
--------------------------------
Martin J. Strobel
Secretary
Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the
date indicated.
SIGNATURE TITLE DATE
- --------- ----- ----
PRINCIPAL EXECUTIVE OFFICER:
* /s/ S. J. Morcott
- ----------------------------
S. J. Morcott Chairman of the Board December 22, 1998
and Chief Executive Officer
PRINCIPAL FINANCIAL OFFICER:
*/s/ J. S. Simpson
- ----------------------------
J. S. Simpson Chief Financial Officer December 22, 1998
PRINCIPAL ACCOUNTING OFFICER:
/s/ C. W. Hinde
- ----------------------------
C. W. Hinde Chief Accounting Officer December 22, 1998
DIRECTORS:
* /s/ B. F. Bailar
- ----------------------------
B. F. Bailar Director December 22, 1998
* /s/ A. C. Baillie
- ----------------------------
A. C. Baillie Director December 22, 1998
* /s/ E. M. Carpenter
- ----------------------------
E. M. Carpenter Director December 22, 1998
* /s/ E. Clark
- ----------------------------
E. Clark Director December 22, 1998
* /s/ G.H. Hiner
- ----------------------------
G. H. Hiner Director December 22, 1998
II-4
<PAGE> 22
/s/ J. M. Magliochetti
- ----------------------------
J. M. Magliochetti Director December 22, 1998
* /s/ M. R. Marks
- ----------------------------
M. R. Marks Director December 22, 1998
* /s/ R. B. Priory
- ----------------------------
R. B. Priory Director December 22, 1998
* /s/ J. D. Stevenson
- ----------------------------
J. D. Stevenson Director December 22, 1998
* /s/ T. B. Sumner, Jr.
- ----------------------------
T. B. Sumner, Jr. Director December 22, 1998
*By: /s/ Martin J. Strobel
-----------------------
Martin J. Strobel
Attorney-in-Fact
II-5
<PAGE> 23
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE
1-A** Form of Underwriting Agreement (common stock)
1-B** Form of Underwriting Agreement (debt securities)
3-A* Restated Articles of Incorporation (incorporated by reference
to Exhibit 3-A to Registrant's Quarterly Report on Form 10-Q
for the quarter ending June 30, 1998)
3-B* Restated By-Laws (incorporated by reference to Exhibit 3-B to
Registrant's Quarterly Report on Form 10-Q for the quarter
ending June 30, 1998)
4-A* Single Denomination Stock Certificate (incorporated by
reference to Exhibit 4-B to Registrant's Form S-3,
Registration No. 333-18403, filed December 20, 1996)
4-B* Indenture for Senior Securities between Dana Corporation and
Citibank, N.A., Trustee, dated as of December 15, 1997
(incorporated by reference to Exhibit 4-B to Registrant's Form
S-3, Registration No. 333-42239, filed December 15, 1997)
4-C* Form of Debt Securities (included in Exhibit 4-B)
5** Opinion of Hunton & Williams
12* Computation of Ratio of Earnings to Fixed Charges
23-A Consent of PricewaterhouseCoopers LLP
23-B** Consent of Hunton & Williams (included in Exhibit 5)
24* Power of Attorney
25* Form T-1 Statement of Eligibility Under the Trust Indenture
Act of 1939 of a Corporation Designated to Act as Trustee
(incorporated by reference to Exhibit 25 to Registrant's Form
S-3, Registration Statement No. 333-42239, filed December 15,
1997)
* Previously filed.
** To be filed by amendment or as an exhibit to a document to be incorporated by
reference herein.
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<PAGE> 1
Exhibit 23-A
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Prospectus
constituting part of this Registration Statement on Amendment No. 1 to Form S-3
of our report dated January 21, 1998, except for the business combination with
Echlin Inc. which is as of November 6, 1998, relating to the consolidated
financial statements of Dana Corporation which appears in the Current Report on
Form 8-K dated November 9, 1998 of Dana Corporation. We also consent to the
incorporation by reference of our report on the Financial Statement Schedule,
which appears on page 40 of such Current Report on Form 8-K. We also consent to
the reference to us under the heading "Experts" in such Prospectus.
PRICEWATERHOUSECOOPERS LLP
Toledo, Ohio
December 22, 1998
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