Erickson Air-Crane Prices IPO; Will Use Proceeds to Pay Down Debt
Erickson Air-Crane Incorporated (Nasdaq: EAC) announced today the pricing of its initial public offering of 4,800,000 shares of common stock at a price to the public of $8.00 per share. The common stock is expected to begin trading on the NASDAQ Global Market today under the ticker symbol “EAC.”
Erickson expects to receive net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses payable by Erickson, of approximately $32 million. Erickson intends to use the net proceeds to pay down indebtedness under its revolving credit facility.
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