Proliance Makes Progress Toward Completing Debt Refinancing
18 Novembre 2008 - 3:00PM
Business Wire
Proliance International, Inc. (AMEX: PLI) has signed a proposal
letter with a major bank that would provide a new $60 million
senior secured credit facility and replace the Company�s current
senior lender. The letter provides exclusivity for the proposed
lender while it completes due diligence and negotiates definitive
agreements. Establishing a new senior secured credit facility with
a new lender was a key condition in the previously announced letter
of intent signed by the Company with institutional lenders to
separately provide $30 million of mezzanine financing. Completion
of both the senior credit and mezzanine financings are expected to
occur by the end of this year or early 2009 and are subject to
closing conditions, including satisfactory completion of due
diligence and execution of definitive agreements. 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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