Proliance Signs Letter of Intent for Mezzanine Financing
06 Octobre 2008 - 10:36PM
Business Wire
Proliance International, Inc. (AMEX: PLI), a leading global
manufacturer and distributor of aftermarket heat exchange and
temperature control products for automotive and heavy-duty
applications, said that it had signed a letter of intent with a
group of institutional lenders that will provide $30 million of
mezzanine financing to the Company. The mezzanine financing would
be part of a previously announced package of debt and/or equity the
Company has been seeking to fully or partially replace its current
lead lender. The letter of intent provides exclusivity for the
proposed lenders while they complete due diligence and negotiate
definitive agreements. Completion of this financing, tentatively
expected in the fourth quarter, is subject to closing conditions,
including satisfactory completion of due diligence, the Company
establishing a new senior secured credit facility with a new lender
and execution of the aforementioned definitive agreements.
Preliminary terms of the proposed transaction are subject to a
confidentiality agreement between the parties. Proliance is
currently in discussions with several financial institutions to
provide a new senior secured credit facility to the Company. The
Company also announced that its current lenders have signed an
eighth amendment to the Company�s credit agreement, enabling
Proliance temporary access to an additional $2.5 million from its
current lenders, representing a relaxation of prior loan
restrictions on a portion of the insurance settlement received
earlier this year for the casualty event at Proliance�s Southaven,
Mississippi facility. The amendment also provides for an additional
$2.5 million of borrowing capacity that will become temporarily
available upon Proliance�s signing of a definitive agreement to
fund the mezzanine and senior secured credit facility financings.
About Proliance International, Inc. Proliance International, Inc.
is a leading global manufacturer and distributor of aftermarket
heat transfer and temperature control products for automotive and
heavy-duty applications serving North America, Central America and
Europe. Forward Looking Statements Statements included in this
press release, which are not historical in nature, are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Statements relating to the future financial performance or
liquidity of the Company are subject to business conditions and
growth in the general economy and automotive and truck business,
the impact of competitive products and pricing, changes in customer
product mix, failure to obtain new customers or retain old
customers or changes in the financial stability of customers,
changes in the cost of raw materials, components or finished
products, the discretionary actions of its suppliers and lenders,
and changes in interest rates. Such statements are based upon the
current beliefs and expectations of Proliance management and are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements. When
used in this press release, the terms "anticipate," "believe,"
"estimate," "expect," "may," "objective," "plan," "possible,"
"potential," "project," "will" and similar expressions identify
forward-looking statements. Factors that could cause Proliance's
results to differ materially from those described in the
forward-looking statements can be found in the 2007 Annual Report
on Form 10-K of Proliance and Proliance's other subsequent filings
with the SEC. The forward-looking statements contained in this
press release are made as of the date hereof, and we do not
undertake any obligation to update any forward-looking statements,
whether as a result of future events, new information or otherwise.
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