Erickson Air-Crane, which manufactures and operates S-64 heavy-lift helicopters for government and commercial use, set terms for a second time on Wednesday. The Portland, OR-based company, which postponed its deal in February, still plans to raise $75 million by offering 5.4 million shares at a price range of $13.00 to $15.00. The number of shares outstanding are now lower though, reflecting a change in preferred shares, which will convert to common stock in connection with the offering. At the midpoint of the proposed range, Erickson Air-Crane would command a market value of $142 million, down from $154 million.
Erickson Air-Crane, which was founded in 1971 and booked $153 million in sales in 2011, plans to list on the NASDAQ under the symbol EAC. Stifel Nicolaus Weisel is the bookrunner on the deal.
