Tower Automotive Prices Follow-On Common Stock Offering

    GRAND RAPIDS, Mich.--May 8, 2002--Tower Automotive, Inc. announced today that its previously announced underwritten primary offering of 15 million shares of its common stock was priced at $13.75 per share, before underwriting discounts and commissions. The underwriters have an option to acquire up to 2,250,000 additional shares to cover over-allotments.
    The proceeds from the offering will be used to repay borrowings under the company's senior credit facility.
    Morgan Stanley was lead manager and book runner for the offering. JPMorgan was co-lead manager for the offering, and Robert W. Baird & Co. and Salomon Smith Barney were co-managers.
    A registration statement relating to these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which any such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction. A copy of the registration statement may be obtained on the SEC's web site.
    For copies of the prospectus relating to the offering, contact Morgan Stanley, Attn: Prospectus Department, 1585 Broadway, New York, NY 10036; telephone (212) 761-4000.
    Tower Automotive, Inc., is a global designer and producer of structural components and assemblies used by every major automotive original equipment manufacturer, including Ford, DaimlerChrysler, GM, Honda, Toyota, Nissan, Fiat, Hyundai/Kia, BMW, and Volkswagen Group. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The company is based in Grand Rapids, Mich.
    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results as a consequence of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Tower Automotive operates, and other risks detailed from time to time in the company's Securities and Exchange Commission filings.