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EXHIBIT 99.1
DATE: July 25, 2000
FROM: FOR:
Padilla Speer Beardsley Inc. Tower Automotive, Inc.
224 Franklin Avenue West 5211 Cascade Road S.E., Suite 300
Minneapolis, Minnesota 55404 Grand Rapids, MI 49546
John Mackay (612) 871-8877 Anthony Barone (616) 802-1600
FOR IMMEDIATE RELEASE
TOWER AUTOMOTIVE ANNOUNCES COMPLETION
OF SENIOR NOTES OFFERING
GRAND RAPIDS, Mich., July 25 -- Tower Automotive, Inc. (NYSE: TWR), today
announced that its wholly owned subsidiary, R.J. Tower Corporation, has
completed an offering of Euro 150 million of senior notes in a private placement
pursuant to Rule 144A and Regulation S under the Securities Act of 1933. The
notes bear interest at 9 1/4 percent per year and mature in August 2010. The net
proceeds from the offering will be used by the company to repay existing
indebtedness outstanding under its credit facility. The notes have not been
registered under the Securities Act of 1933 and may not be offered or sold in
the United States absent such registration or an applicable exemption from
registration under the Securities Act.
Tower Automotive, Inc., produces a broad range of assemblies and modules
for vehicle structures and suspension systems for the automotive manufacturers,
including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Auto Alliance, Fiat,
BMW and Volkswagen. Products include body structural assemblies such as pillars
and package trays, control arms, suspension links, engine cradles and full frame
assemblies. The company is based in Grand Rapids, Mich., and has its corporate
office in Minneapolis, Minn.
