logo
  Join        Login             Stock Quote

Erickson Air-Crane Cuts Price Range Of IPO

 April 04, 2012 11:23 AM


Erickson Air-Crane Inc. has slashed its proposed initial public offering price range to $8.00 to $9.00 per share from previous range of $13.00 to $15.00 per share.

In an amended S-1 filing with the SEC, the company said it now plans to sell 4.8 million shares of its common stock from 5.35 million shares intended previously.

Erickson Air-Crane is an aircraft manufacturing and operating company based in Portland, Oregon, United States. It is known for producing the S-64 Aircrane helicopter, which is used in wildland fire suppression and other heavy-lift operations.

Erickson Air-Crane intends to list its common stock on the NASDAQ Global Market under the symbol "EAC."

The company also cut additional shares offered to underwriters to 720,000 shares from 802,500 shares.

[Related -Health Care SPDR (ETF)(NYSEARCA:XLV): The Only ETF You Need To Own – For September]

The company estimates that it would receive net proceeds from the sale of shares of common stock in this offering of about $33.5 million, assuming an initial public offering price of $8.50 per share, the midpoint of the sale price range, after deducting underwriting discounts and commissions, expenses.

The company plans to use the proceeds of this offering to pay down indebtedness under its revolving credit facility, which will increase the amounts available for future borrowing under its revolving credit facility and will, in its view, increase the likelihood of its compliance with the financial covenants under its Credit Agreement on an ongoing basis and improve its ability to refinance its senior credit facilities.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageLevel 3 Communications, Inc. (LVLT): A Good Time To Buy Says Macquarie

On a day Wall Street is struggling to advance, Level 3 Communications, Inc. (NYSE:LVLT) is having no such read on...

article imageAbercrombie & Fitch Co. (ANF) Q2 Earnings Preview: The Unkind Quarter

Abercrombie & Fitch Co. (NYSE:ANF) will be holding its second quarter 2014 earnings conference call for all read on...

article imageWorkday Inc. (WDAY) Q2 Earnings Preview: Built In Surprise

Workday Inc. (NYSE:WDAY) plans to announce its fiscal 2015 second quarter results after market close on read on...

article imageArcelorMittal SA (ADR)(MT): Steel Stocks about to Get Red Hot

For the second consecutive day, a major broker upgraded a steel company by advancing their recommendation read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Three Stocks to Consider in a Hot Sector
More Articles on: Transportation



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.