Daily News: June 18, 2013

Wells Fargo, Others Increase Erickson Air-Crane Facility

Erickson Air-Crane announced that it amended its five-year revolving credit facility to increase the total availability to $125 million.

The facility, led by Wells Fargo Bank and including Bank of the West, Deutsche Bank Trust Company Americas and HSBC Bank USA, continues to bear an interest rate of 325-450 basis points over LIBOR, depending on the company’s senior leverage ratio.

Udo Rieder, chief executive officer of Erickson Air-Crane, commented, “We are pleased to have received this amendment to our revolver, which further enhances our capital structure and gives us increased working capital flexibility to capture the broadening opportunities in diverse end-markets and geographies as we pursue and deliver on our continued growth strategy.“

Erickson Air-Crane Incorporated is a global provider of aviation services to a diverse mix of commercial and government customers. The company currently operates a fleet of 85 rotary-wing and fixed wing aircraft, including a fleet of 20 heavy-lift S-64 Aircranes.

Previously on abfjournal.com:

Update: Erickson Air-Crane Financing, Friday, May 3, 2013