Proliance Signs Letter of Intent for Mezzanine Financing (Business Wire)

Monday October 6, 4:36 pm ET Current Lender Provides Additional $2.5 Million NEW HAVEN, Conn.--(BUSINESS WIRE)--Proliance International, Inc. (AMEX: PLI - News ), 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... [read full story]