Wells Fargo Leads New Revolver for Erickson Air-Crane
Erickson Air-Crane announced that it has entered into a new $100 million, five-year revolving credit facility with a group of financial institutions led by Wells Fargo Bank and including Bank of the West, Deutsche Bank Americas and HSBC Bank USA.
Erickson said the interest rate under the credit agreement is 325 basis points to 450 basis points over LIBOR depending on the company’s senior leverage ratio.
The company said the proceeds under the credit agreement are expected to be used for general corporate purposes.
Portland, OR-based Erickson Air-Crane is a global provider of aviation services to a diverse mix of commercial and government customers. The company currently operates a diverse fleet of 87 rotary-wing and fixed-wing aircraft, including a fleet of 20 heavy-lift S-64 Aircranes.