Erickson amends credit agreement’s excess availability requirements

By Wendy Van Sickle

Columbus, Ohio, June 29 – Erickson Inc. amended its credit agreement with Wells Fargo Bank, NA and Deutsche Bank Trust Co. Americas on June 24 to modify its excess availability requirements and increase pricing until the company achieves $17.5 million in excess availability, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, required excess availability was set at $10 million through July 7, stepping up to $17.5 million through Sept. 29 and again to $20 million through Dec. 31, 2016.

The interest rate was increased by 100 basis points over the highest chargeable rate prior to the amendment to Libor plus 550 basis points until the $17.5 million excess availability threshold is met.

The aircraft manufacturer is based in Portland.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.