Modine Announces Private Placement of $75.0 Million of 5.68 Percent Senior Notes

RACINE, Wis.--Modine Manufacturing Company , a world leader in designing and developing heating and cooling solutions, announced today that it has entered into a Note Purchase Agreement with a group of investors, including The Prudential Life Insurance Company of America, The Prudential Life Insurance Company, Ltd., Country Life Insurance Company and TIAA-CREF for the issuance and private placement of 5.68 percent Series A Senior Notes due December 7, 2017 and 5.68 percent Series B Senior Notes due December 7, 2018 in an aggregate principal amount of $75.0 million. JPMorgan Securities Inc. acted as Modine’s agent with respect to the placement of the Notes.

In commenting on the private placement, Bradley C. Richardson, Modine’s Executive Vice President, Finance and Chief Financial Officer said, “I am delighted that, with JPMorgan’s support, we successfully placed our $75.0 million notes. Our subscription for these notes was very high, indicating significant interest in Modine and confidence in Modine’s long-term future. I was also very pleased that the debt market recognized Modine’s position as a global diversified industrial company, evidenced by the favorable rates we received relative to other deals being consummated in the marketplace.”

Modine will use the proceeds from the note offering for general corporate purposes, including the repayment of other debt.

About Modine

Founded in 1916, with fiscal 2006 revenues from continuing operations of $1.6 billion, Modine specializes in thermal management systems and components, bringing highly engineered heating and cooling technology and solutions to diversified global markets. Modine products are used in light, medium and heavy-duty vehicles, HVAC (heating, ventilating, and air conditioning) equipment, industrial equipment, refrigeration systems, fuel cells, and electronics. Based in Racine, Wisconsin, the company has approximately 9,000 employees at 34 facilities in 15 countries worldwide. For information about Modine, visit www.modine.com.