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Erickson Air-Crane decreases proposed IPO deal size

By: Renaissance Capital
Posted: 4/4/2012 12:28:00 PM
Referenced Stocks: EAC

Erickson Air-Crane, which provides aerial firefighting and timber harvesting service on heavy-lift helicopters, lowered the proposed deal size for its upcoming IPO on Wednesday. The Portland, OR-based company now plans to raise $41 million by offering 4.8 million shares at a price range of $8 to $9. The company had previously filed to offer 5.4 million shares at a range of $13 to $15. At the midpoint of the revised range, Erickson Air-Crane would raise 46% fewer proceeds than previously anticipated. Erickson Air-Crane, which was founded in 1971 and booked $153 million in sales for the 12 months ended 12/31/2011, plans to list on the NASDAQ under the symbol EAC. Stifel Nicolaus Weisel, Oppenheimer & Co. and Lazard Capital Markets are the joint bookrunners on the deal, which is still expected to price this week.