Prestolite to call 9 5/8% notes after company's acquisition

New York, March 4 - Prestolite Electric Holding Inc. said the company will be sold and that upon closing the transaction, Prestolite Electric Inc. - the principal operating subsidiary of Prestolite Electric Holding - will call its 9 5/8% senior notes due 2008 for redemption.

Prestolite did not give a timeframe for either the buyout of the company or the planned note redemption.

Prestolite, an Ann Arbor, Mich.-based manufacturer of alternators and starter motors, said that Genstar Capital ULC and Prestolite Electric Holding have signed a definitive agreement with an affiliate of First Atlantic Capital Ltd. to sell Prestolite, which is a Genstar Capital portfolio company. The purchase price was not disclosed.

The transaction, which is subject to customary closing conditions, is expected to close in the next month.

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