Erickson Air-Crane cuts IPO price target

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Thursday, April 05, 2012

Erickson Air-Crane cut the share price of its pending stock offering by nearly half.

Erickson wants to sell stock so it can start paying down $130.6 million in debt. It's been preparing an IPO for two years but has repeatedly delayed the offering amid uneven financial results. 
Last month, Erickson said it hoped to raise around $65 million by selling stock for between $13 and $15 a share. Today, though, the company said it expects to sell fewer shares for less money. 
In a federal regulatory filing, the company set a price range between $8 and $9. At the midpoint of the range, Erickson said it would raise $33.5 million, roughly half of its target last month.

Read more at OregonLive.com.

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