By Aleesia Forni
Virginia Beach, Va., April 25 - Erickson Air-Crane Inc. priced a $400 million offering of 8¼% seven-year second-priority senior secured notes (/B/) on Thursday at par, according to a market source.
Deutsche Bank Securities Inc. was the left bookrunner. Wells Fargo Securities LLC was the joint bookrunner.
The Rule 144A and Regulation S with registration rights notes become callable in three years at par plus 75% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually during the non-call period.
The Portland, Ore.-based provider of helicopter lift services plans to use the proceeds to fund the acquisitions of Evergreen Helicopters, Inc. and Air Amazonia and to refinance debt.
| Issuer: | Erickson Air-Crane Inc.
|
| Amount: | $400 million
|
| Maturity: | 2020
|
| Securities: | Second-priority senior secured notes
|
| Left bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunner: | Wells Fargo Securities LLC
|
| Co-managers: | Stifel Nicholas, Imperial Capital
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Call features: | Callable in three years at par plus 75% of the coupon
|
| Special call: | Issuer may redeem 10% of notes annually during the non-call period
|
| Trade date: | April 25
|
| Rating: | Standard & Poor's: B
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | 8¼%
|
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