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Federal-Mogul Announces Successful Syndication of $2 Billion Facility

1 October 1998

Federal-Mogul Announces Successful Syndication of $2 Billion Facility

    SOUTHFIELD, Mich., Oct. 1 -- Federal-Mogul Corporation
, announced today the successful syndication of its approximately
$2 billion facility supporting the purchase of Cooper Industries'
automotive businesses.  The facility, with 18-month and eight-year components,
will go into effect upon closing.
    The Chase Manhattan Bank led the facility.  "We were able to
accomplish this significant transaction in what can only be described as one
of the more difficult banking markets in recent history," said James B. Lee,
vice chairman, the Chase Manhattan Bank.  "The syndication was over subscribed
and extremely well distributed amongst 64 lenders.  The reputation of the
Federal-Mogul management and its well-defined strategy were essential in that
accomplishment."
    "With the bank financing in place and syndicated, we now have the funding
to close the acquisition and the flexibility we need," said Thomas W. Ryan,
Federal-Mogul executive vice president and chief financial officer.  "It is
our present intention to issue long-term bonds before year-end and equity
before the end of the first quarter of 1999."
    Headquartered in Southfield, Michigan, Federal-Mogul is an automotive
parts manufacturer providing innovative solutions and systems to global
customers in the automotive, light truck, heavy-duty, farm and industrial
markets.  The company was founded in 1899 and has 41,000 employees worldwide.
For more information on Federal-Mogul, visit the company's web site at
http://www.federal-mogul.com.  Federal-Mogul's press releases are available by
fax through Company News On-Call, call 800-758-5804, ext. 306225.