ION announces expiration and results of its Exchange Offer and Rights Offering
April 13 2021 - 5:49PM
ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”)
today announced the expiration and results of its previously
announced Exchange Offer and Rights Offering.
In the Exchange Offer, approximately $113.5
million, or 94.1%, of the existing $120.6 million 9.125% Senior
Secured Second Priority Notes due 2021 (the “Old Notes”) were
tendered. The majority of the exchange consideration will be in the
form of newly issued 8.00% Senior Secured Second Priority Notes due
2025 (the “New Notes”).
In the concurrent Rights Offering, shareholders
exercised subscription rights totaling approximately $45 million,
apportioned as approximately $32 million in New Notes and $13
million in ION Common Stock. All over-subscription rights will be
exercised without proration as the $50 million limit on proceeds
was not exceeded.
Final results of the Exchange Offer and Rights
Offering are subject to change pending the finalization of
subscription procedures by the subscription agent and will be
announced at closing on April 15, 2021.
“We are pleased with the overall level of
participation these transactions have received from both our
noteholders and shareholders, and we look forward to sharing more
detailed information about how this balance sheet restructuring
will transform our capital structure once the transaction settles
later this week,” said Chris Usher, ION’s President and Chief
Executive Officer.
The Rights Offering and Exchange Offer are being
made pursuant to registration statements on Form S-1 and Form S-4,
respectively, on file with the Securities and Exchange Commission
(the “SEC”). Holders of ION Common Stock and Old Notes may
obtain a copy of each prospectus free of charge on the SEC website
at www.sec.gov or by contacting D.F. King & Co., Inc. at 1
(877) 732-3617 or ion@dfking.com.
This press release is for informational purposes
only and is not an offer to purchase or to sell or a solicitation
of an offer to purchase or sell any securities, nor shall there be
any offer, solicitation or sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About ION
Leveraging innovative technologies, ION delivers
powerful data-driven decision-making to offshore energy and
maritime operations markets, enabling clients to optimize
investments and results through access to our data, software and
distinctive analytics. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial
OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com
ION (Media relations)
Vice President, CommunicationsRachel White, +1
281.781.1168rachel.white@iongeo.com
The information herein contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements may include
information and other statements that are not of historical fact.
Actual results may vary materially from those described in these
forward-looking statements. All forward-looking statements reflect
numerous assumptions and involve a number of risks and
uncertainties. These risks and uncertainties include the risks
associated with the timing and development of ION Geophysical
Corporation’s products and services; pricing pressure; decreased
demand; changes in oil prices; agreements made or adhered to by
members of OPEC and other oil producing countries to maintain
production levels; the COVID-19 pandemic; our ability to complete
the Restructuring Transactions and other related matters in a
timely manner, if at all; and political, execution, regulatory, and
currency risks. For additional information regarding these various
risks and uncertainties, see our Form 10-K for the year ended
December 31, 2020, filed on February 12, 2021, and our Form S-1 and
Form S-4, each filed on January 29, 2021, and amended on February
12, 2021 and March 3, 2021. Additional risk factors, which could
affect actual results, are disclosed by the Company in its filings
with the Securities and Exchange Commission (“SEC”), including its
Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The
Company expressly disclaims any obligation to revise or update any
forward-looking statements.
ION Geophysical (NYSE:IO)
Historical Stock Chart
From Mar 2024 to Apr 2024
ION Geophysical (NYSE:IO)
Historical Stock Chart
From Apr 2023 to Apr 2024