ProAir Holdco, LLC, announced the successful recapitalization of its balance sheet. The company supplies heating, air conditioning and air filtration systems for RVs and other transportation markets.
The recapitalization includes reducing term loans to $8, a $28 million decrease, extending a $12 million line of credit and investments in equity and subordinated debt totaling $7 million.
“We are thrilled with the outcome of the recapitalization and the support of our bank and ownership group,” ProAir CEO Matt Scheuler said. “Our debt levels and related interest expenses have been substantively reduced, which when combined with the new investments in ProAir provides us with ample liquidity to execute upon our growth plans for 2022 and beyond.”
Scheuler said the cash influx well positions ProAir to continue as a leading HVAC supplier.
