ProAir Holdco, LLC (ProAir), today announced the successful recapitalization of its balance sheet, consisting of a reduction of term loans by $28 million to $8 million, amendment & extension of a $12 million line of credit, and new equity and subordinated debt investments totaling $7 million.
Matt Scheuler, CEO of ProAir, commented “We are thrilled with the outcome of the recapitalization and the support of our bank and ownership group. 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. ProAir is well positioned to continue being a leader in the HVAC system for specialty vehicles industry.”
ProAir LLC designs, manufactures, installs, and supports a complete line of advanced mobile air conditioning, heating and air filtration systems for the bus transportation and specialty vehicle markets. Including emergency vehicles, construction, RV, agriculture industry, as well as systems for School, Commercial, Shuttle, Transit and Para Transit Buses. Proair HVAC systems are available for both conventional and electric drive vehicles. ProAir LLC also offers a complete line of aftermarket service parts and on-site product training services. The company is well-known throughout the industry for its advanced product design, excellent customer support and the on-time delivery of a quality product.
Visit us online at www.proairllc.com.