Cooper Tire & Rubber Company Announces Prices for its Fixed Spread Tender Offer

FINDLAY, Ohio, Nov. 29 /PRNewswire-FirstCall/ -- Cooper Tire & Rubber Company today announced that it has determined the consideration to be paid in connection with its fixed spread tender offer to purchase up to $175.0 million in aggregate principal amount of its outstanding 7-3/4% Notes due 2009, 7-5/8% Notes due 2027, and 8% Notes due 2019 (together, the "Notes"). The tender offer is being made upon the terms, and subject to the conditions, set forth in the Offer to Purchase dated November 14, 2005 and in the related Letter of Transmittal.

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Upon consummation of the tender offer, Cooper Tire will pay holders who validly tendered and did not withdraw their Notes at or prior to 5 p.m., New York City time, on November 29, 2005 (the "Early Tender Time") the total consideration (the "Total Consideration") of $1,008.71 for each $1,000 principal amount of 7-3/4% Notes accepted for purchase, $893.20 for each $1,000 principal amount of 7-5/8% Notes accepted for purchase, and $965.36 for each $1,000 principal amount of 8% Notes accepted for purchase, plus, in each case, accrued and unpaid interest up to, but not including, the settlement date. The Total Consideration includes an early tender premium of $30 per $1,000 principal amount of Notes tendered. Holders who validly tender and do not withdraw their Notes after the Early Tender Time but at or prior to the expiration of the tender offer will be eligible to receive the applicable Total Consideration minus the early tender premium, which will result in tender offer consideration of $978.71 for each $1,000 principal amount of 7-3/4% Notes accepted for purchase, $863.20 for each $1,000 principal amount of 7-5/8% Notes accepted for purchase, and $935.36 for each $1,000 principal amount of 8% Notes accepted for purchase, plus, in each case, accrued and unpaid interest up to, but not including, the settlement date.

As described in more detail in the Offer to Purchase, the purchase price for each issue of Notes was determined today at 2 p.m., New York City time, on the basis of a yield to the applicable maturity date of each issue of Notes equal to the sum of (i) the bid-side yield of the specified reference security, plus (ii) the applicable fixed spread. For the 7-3/4% Notes, the reference security is the 3-1/2% U.S. Treasury Note due December 15, 2009, and the fixed spread is 310 basis points. For the 7-5/8% Notes, the reference security is the 5-3/8% U.S. Treasury Note due February 15, 2031, and the fixed spread is 405 basis points. For the 8% Notes, the reference security is the 4-1/2% U.S. Treasury Note due November 15, 2015, and the fixed spread is 395 basis points.

The tender offer is scheduled to expire at 5:00 p.m., New York City time, on Tuesday, December 13, 2005, unless extended (the "Expiration Date"). Settlement of the tender offer is expected to occur on December 15, 2005, the second business day following the Expiration Date.

Specified details of the tender offer are fully described in the Offer to Purchase and the Letter of Transmittal. Requests for documents may be directed to Global Bondholder Services Corporation, the Information Agent for the tender offer, by telephone at (866) 807-2200 or (212) 430-3774 or in writing at 65 Broadway, Suite 704, New York, New York 10006. Questions regarding the tender offer may be directed to Banc of America Securities LLC, the Dealer Manager for the tender offer, at (866) 475-9886 or (704) 388-4603.

None of Cooper Tire, the Dealer Manager or the Information Agent makes any recommendation that any holders tender or refrain from tendering all or any portion of the principal amount of their Notes pursuant to the tender offer, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decisions as to whether to tender their Notes, and if so, the principal amount to tender.

This press release is not an offer to purchase any Notes, which is being made only pursuant to the terms of the Offer to Purchase and the Letter of Transmittal and in accordance with applicable securities laws. This press release shall not constitute a notice of redemption of any Notes.

Company Description

Cooper Tire & Rubber Company is a global company that specializes in the design, manufacture and sales of passenger car, light truck and medium truck tires and subsidiaries that specialize in motorcycle and racing tires, as well as tread rubber and related equipment for the retread industry. With headquarters in Findlay, Ohio, Cooper Tire has 39 manufacturing, sales, distribution, technical and design facilities within its family of companies located around the world. For more information, visit Cooper Tire's web site at: http://www.coopertireandrubber.com/.

This press release contains forward-looking statements that are subject to certain risks, uncertainties and assumptions, including the ability to satisfy the conditions to consummate the tender offer. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These and other risks and assumptions are described in Cooper Tire's reports that are available from the United States Securities and Exchange Commission. Cooper Tire assumes no obligation to update the information in this press release.