Local business

Erickson Air-Crane reveals how it will pay for recent acquisitions

Erickson Air-Crane unveiled plans for paying for two acquisitions announced last month.

The helicopter company whose main manufacturing and maintenance plant is outside Central Point, said it intends to offer $400 million of seven-year second-priority senior secured bonds to help finance its $250 million acquisition of Evergreen Helicopters from Evergreen International Aviation Inc., based in McMinnville.

The company said the notes will be guaranteed by existing and future domestic subsidiaries.

Erickson added that proceeds may be applied to its proposed acquisition of Brazilian firm, Air Amazonia Servicos Aereos Ltda.


Umpqua Bank's earnings declineto $23.2 million from a year ago

Umpqua Banks's home lending and refinancing didn't produce the kind of revenue it has in recent times as Umpqua Holdings earnings fell to $23.2 million, or 21 cents per share, from $25.3 million, or 23 cents per share, a year ago. Umpqua loan portfolio showed growth, jumping 12 percent to $6.6 billion.

"It was another good quarter for Umpqua, highlighted by reductions in noninterest expense and nonperforming assets," CEO Ray Davis said in a statement. "We also remain bullish on our loan growth prospects for the rest of the year as our commercial loan pipeline has reached a record high of $1.9 billion."

Like many other banks, Umpqua continues to write off bad loans from its balance sheets. There are still $79.7 million in problem loans on the books, but that's down.

Umpqua generated $23.6 million in mortgage revenue during the first quarter as it closed $509 million worth of loans.

A 26 percent decline in production was attributed to higher average mortgage rates and slower home purchase activity.

The company, which began with the merger of South Umpqua and Valley of the Rogue Banks, said it was able to reduce the costs of its interest-bearing accounts for the 23rd consecutive quarter.

Compiled from staff reports


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