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Era Group Inc. Announces Entry into Revolving Credit Facility
Era Group Inc. (“ERA”), one of the largest helicopter operators in the world and a wholly owned subsidiary of SEACOR Holdings Inc. (NYSE: CKH) (“SEACOR”) today announced it entered into a $350 million senior secured revolving credit facility. Under the terms of the facility, ERA has the ability to borrow up to $350 million.
As of December 31, 2011, ERA had approximately $252 million in borrowings outstanding under the facility. Of this amount, approximately $200 million was used to repay some of the balance of existing inter-company advances previously made by SEACOR.
About Era Group Inc.
Era provides helicopter and other related services in the U.S. and overseas operations in other countries, including Brazil, Canada, Mexico, the United Kingdom, Sweden, Spain, Indonesia and India. Era was acquired by SEACOR in 2004 and has conducted its business as the Aviation Services segment of SEACOR.
About SEACOR Holdings Inc.
SEACOR Holdings Inc. is a global provider of equipment and transportation services primarily supporting the offshore oil and gas industry and offering its customers a diversified suite of services including offshore and inland water transport, aviation transport, environmental and emergency response and advisory services, movement of bulk commodities, commodity trading and logistics and offshore and harbor towing. SEACOR is focused on providing highly responsive local service combined with the highest safety standards, innovative technology, modern, efficient equipment and dedicated, professional employees.
For additional information, contact Dick Fagerstal, Executive Vice President and Chief Financial Officer of Era Group Inc., at 212 621 9283.
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