Prestolite proposes credit facility via National City

By Sara Rosenberg

New York, March 4 - Prestolite Electric Holding Inc. is pursuing a new credit facility to support First Atlantic Capital Ltd.'s acquisition of the company from Genstar Capital ULC, according to a company spokesman. National City is the lead bank on the deal.

The facility is expected to be comprised of a term loan and a revolver.

Although specific sizes were not revealed, the company spokesman did say that "National City is looking for four to five participants with about $10 million commitments in addition to their own."

A bank meeting for the deal has not yet taken place. A specific date for the launch was not available.

The acquisition, which is subject to customary closing conditions, is expected to close in April 2004. Upon closing the transaction, Prestolite Electric Inc., the principal operating subsidiary of Prestolite Electric, will call its 9 5/8% senior notes due 2008 for redemption, according to a company news release.

Prestolite is an Ann Arbor, Mich., manufacturer of alternators and starter motors for heavy-duty, military and industrial applications.

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