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EAC > SEC Filings for EAC > Form 8-K on 2-Jul-2014All Recent SEC Filings

Show all filings for ERICKSON INC.

Form 8-K for ERICKSON INC.


Other Events

Item 8.01. Other Events.

On June 30, 2014, Erickson completed a sale-leaseback transaction with one of its business partners (the "Purchaser" or "Lessor"), pursuant to which Erickson sold one (1) S-64 Aircrane to the Purchaser for a total purchase price of $24.7 million and, simultaneously with the closing of the sale, entered into a lease agreement (the "Lease") whereby Erickson leased the subject Aircrane back from the Lessor.

The Lease has an initial term of seven (7) years commencing on June 30, 2014. Pursuant to the terms of the Lease, Erickson agreed to make base monthly lease payments to the Lessor of approximately $264,000. Erickson has the right to purchase the subject Aircrane back from the Lessor at the end of the fourth year of the Lease term at a purchase price based upon the fair market value of the Aircrane at that time. At the end of the term of the Lease, the Lessor has a put right to sell the subject Aircrane back to Erickson at a purchase price based on the fair market value of the Aircrane determined at that time.

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