DLA Piper has represented Erickson Air-Crane, a helicopter operator and manufacturer, in a stock purchase agreement for Evergreen Helicopters from Evergreen International Aviation.
Under the terms of the agreement, Erickson Air-Crane acquired Evergreen Helicopters for $250m (£161m), consisting of $185m in cash, $17.5m in unsecured promissory notes issued by Erickson Air-Crane and approximately four million mandatorily convertible preferred shares of Erickson Air-Crane valued at $47.5m.
DLA Piper also represented Erickson Air-Crane in connection with the financing for this transaction, which involved $400m of senior secured notes issued to institutional investors and a $100m revolving line of credit from a syndicate of banks.
The transaction, which closed on 2 May 2013, includes the acquisition by Erickson Air-Crane of an incremental fleet of around 65 aircraft, consisting of both helicopters and fixed-wing aircraft, for a range of passenger transport and light, medium and heavy load-carrying missions.
The DLA Piper team representing Erickson Air-Crane was led by Michael Reed and included Rusty Conner, Eric Geppert, Richard Marks, Eric Eisenberg and Beth McAuley in Washington, DC; Paolo Morante, Sidney Burke, Lucien White and Ryan Moreno in New York; Jennifer Dinsmore and Joe Langhirt in Baltimore; and Michael Hutchings, Andrew Ledbetter, Rachel Perkins and Laura Klein in Seattle.