New Issue: ERA Group prices $200 million 7¾% 10-year notes at 98.31 to yield 8%

By Paul A. Harris

Portland, Ore., Dec. 4 - ERA Group priced a $200 million issue of 7¾% 10-year senior notes (B2/B/) at 98.31 to yield 8% on Tuesday, according to a market source.

The yield printed 12.5 basis points beyond the wide end of yield talk set in the 7¾% area.

Joint bookrunners Deutsche Bank Securities Inc. and Wells Fargo Securities LLC will bill and deliver. J.P. Morgan Securities LLC and Goldman Sachs & Co. were also joint bookrunners.

Proceeds will be used to repay revolving credit facility debt.

ERA Group is a wholly owned subsidiary of Seacor Holdings Inc., a Houston-based helicopter transport operator primarily servicing the energy industry.

Issuer:	ERA Group
Amount:	$200 million
Maturity:	Dec. 15, 2022
Securities:	Senior notes
Bill and deliver:	Deutsche Bank Securities Inc., Wells Fargo Securities LLC
Bookrunners:	Deutsche Bank, Wells Fargo, J.P. Morgan Securities LLC, Goldman Sachs & Co.
Co-managers:	SunTrust Robinson Humphrey Inc., Cowen & Co., Comerica Securities, Williams Capital Group LP
Coupon:	7¾%
Price:	98.31
Yield:	8%
Spread:	639 bps
Call protection:	Five years
Trade date:	Dec. 4
Settlement date:	Dec. 7
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	7¾% area
Marketing:	Roadshow

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