SOLAR FINANCIAL SERVICES, INC. ANNOUNCES LETTER OF INTENT
SOLAR FINANCIAL SERVICES, INC. ANNOUNCES LETTER OF INTENT MIAMI, March 5 /PRNewswire/ -- Solar Financial Services, Inc.
(NASDAQ: SOFI) today announced the signing of a letter of intent with Josephthal, Lyon and Ross, a member of the New York Stock Exchange, for a proposed private placement of an aggregate of $18 million in automobile receivable backed bonds by a special purpose subsidiary of the company. It is anticipated that the proceeds will be used to retire the debt currently owed by Solar to its principal lender in the approximate amount of $12 million, and for expansion. Completion of this offering is subject to certain conditions, including obtaining an investment grade rating by a major rating agency and negotiation of a satisfactory placement agreement between Solar and the placement agent. The offering will be made on a "best efforts" basis by the placement agent to institutional investors.
David Pavsner stated: "We are very pleased to enter into this letter of intent. We feel that this financing will allow the company to continue its growth." Solar and its subsidiaries, operates three used car lots, one in Miami and two in Fort Lauderdale, Fla., under the trade name "Don L. Motors." The company also operates a finance company, which finances the sale of used vehicles, and a vehicle service company. -0- 3/5/92 /CONTACT: David Pavsner, president or Laurance B. Hankin, chief financial officer of Solar Financial Services, Inc., 305-835-1160/ (SOFI) CO: Solar Financial Services, Inc. ST: Florida IN: SU:
AW-SS -- FL010 -- 5539 03/05/92 14:42 EST
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|Date:||Mar 5, 1992|
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