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.
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Amount: | $400 million
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Maturity: | 2020
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Securities: | Second-priority senior secured notes
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Left bookrunner: | Deutsche Bank Securities Inc.
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Joint bookrunner: | Wells Fargo Securities LLC
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Co-managers: | Stifel Nicholas, Imperial Capital
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Coupon: | 8¼%
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Price: | Par
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Yield: | 8¼%
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Call features: | Callable in three years at par plus 75% of the coupon
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Special call: | Issuer may redeem 10% of notes annually during the non-call period
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Trade date: | April 25
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Rating: | Standard & Poor's: B
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Distribution: | Rule 144A, Regulation S
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Price talk: | 8¼%
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