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Federal-Mogul Reports $500 Million Private Issue Of Convertible Preferred Securities

2 December 1997

Federal-Mogul Reports $500 Million Private Issue Of Convertible Preferred Securities

    SOUTHFIELD, Mich., Dec. 2 -- Federal-Mogul Corporation
reported today that its financing trust has completed a $500
million private issue of 10,000,000 shares of 7% Trust Convertible Preferred
Securities with a liquidation value of $50 per convertible preferred security.
Dividends will be paid quarterly.  The closing date was December 1, 1997.
    The convertible preferred securities are redeemable, in whole or part, on
or after December 6, 2000.  All outstanding convertible securities will be
redeemed on December 1, 2027.  The shares are convertible at the option of the
holder into Federal-Mogul common stock at a conversion price of $51.50 per
share.
    Federal-Mogul intends to use the net proceeds to reduce the amount of
senior bank debt incurred to finance its proposed acquisition of T & N, plc.
Morgan Stanley Dean Witter acted as underwriter.
    The convertible securities have not been registered under the U.S.
Securities Act of 1933 and are subject to certain restrictions on transfer.
Sales have only been made to qualified institutional buyers in reliance on
Rule 144A under the Securities Act and outside of the United States in
compliance with Regulation S under the Securities Act.
    Headquartered in Southfield, Michigan, Federal-Mogul is a $2 billion
global manufacturer and distributor of a broad range of non-discretionary
parts primarily for automobiles, light trucks, heavy trucks, and farm and
construction vehicles.  The company was founded in 1899.  Visit the company's
web site at http://www.federal-mogul.com for additional information on
Federal-Mogul.

SOURCE  Federal-Mogul Corporation