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TransPro Inks Loan Pact
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Business New Haven
1/22/2001
By: BNH
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NEW HAVEN - TransPro Inc. (NYSE: TPR) has entered into a $65 million loan and security agreement with Congress Financial Corp. New England, an affiliate of First Union National Bank. The agreement replaces TransPro's previous $52 million revolving-credit arrangement with five banking institutions.
The deal provides for secured borrowings or the issuance of letters of credit in an aggregate amount not to exceed $65 million and is comprised of a $60 million revolving credit line and up to a $5 million term loan. The initial term of the loan agreement expires on January 5, 2004, with annual extensions thereafter.
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