Reuters: Regulatory News: UPDATE 1-Erickson Air-Crane cuts IPO size

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UPDATE 1-Erickson Air-Crane cuts IPO size Apr 4th 2012, 14:18 April 4 | Wed Apr 4, 2012 10:18am EDT April 4 (Reuters) - Helicopter maker Erickson Air-Crane Inc filed with U.S. regulators on Wednesday cutting the size of its initial public offering. The Portland, Oregon-based company, which had earlier expected to sell 5.4 million shares between $13 to $15 apiece, now expects to offer 4.8 million shares at $8 to $9 apiece. In May 2010 Erickson had filed with the U.S. Securities and Exchange Commission to raise upto $75 million in IPO. At the mid-point of its offering price, the company now expects to receive net proceeds of $33.5 million, which it will use to pare debts. Oppenheimer & Co, Lazard Capital Markets, D.A. Davidson & Co and Stifel Nicolaus Weisel are the underwriters to the offering.

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