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ION Geophysical Corporation (NYSE: IO) announced the successful completion of its Exchange Offer, converting approximately 94.1% of its Old Notes into New Notes with a lower 8.00% interest rate due in 2025. The exchange was part of a broader strategy to reduce debt and shift capital toward growth opportunities. In the concurrent Rights Offering, ION raised $41.8 million, enhancing its financial position. The overall transactions resulted in approximately $14 million in net proceeds after expenses. This shift aims to support ION's focus on energy transition and sustainability.
ION Geophysical Corporation (NYSE: IO) will take part in the 24th Annual Burkenroad Reports Investment Conference on April 23, 2021. Rachel White, Vice President of Investor Relations, is scheduled to present at 11:45 a.m. Central Time. Investors can access the presentation slides and webcast on the Investor Relations section of the ION website on the day of the event. A replay will be available post-presentation. ION specializes in data-driven solutions for offshore energy and maritime operations, leveraging innovative technologies to optimize investments.
ION Geophysical Corporation (NYSE: IO) announced a revision to the settlement date of its Exchange Offer and Rights Offering, now expected on April 19, 2021. The extension allows for completion of necessary validations and processing due to the complex nature of the transactions. These offerings are made under SEC registration statements on Form S-1 and Form S-4. ION emphasizes that this announcement is for informational purposes only and does not constitute an offer to buy or sell securities.
ION Geophysical Corporation reported favorable outcomes from its Exchange Offer and Rights Offering, which expired on April 13, 2021. Approximately 94.1% of the $120.6 million of existing Senior Secured Second Priority Notes were tendered, leading to the issuance of 8.00% New Notes due in 2025. Shareholders exercised rights totaling about $45 million, divided into $32 million in New Notes and $13 million in common stock. This restructuring aims to enhance the company's capital structure, with final results expected on April 15, 2021.
ION Geophysical Corporation (NYSE: IO) announced an exclusive agreement for 3D multi-client programs offshore Kenya, focusing on both new data acquisition and reimaging of existing data in the underexplored Lamu Basin.
This initiative aims to enhance understanding of the region's hydrocarbon potential, thereby attracting future investments. Joe Gagliardi, Senior VP of Ventures, emphasized ION's geographic exclusivity and experience, positioning Kenya as a key addition to their 3D strategy alongside initiatives in Mexico, Brazil, and Mauritania.
ION Geophysical Corporation (NYSE: IO) announced first quarter 2021 revenues of approximately $14 million and a cash balance of $34 million as of March 31, 2021. Total liquidity stands at about $39 million. The backlog rose for the third consecutive quarter to $21 million, attributed to its entry into the 3D new acquisition multi-client market. Despite challenges, ION's CEO anticipates a U-shaped recovery in the latter half of the year due to improved oil prices and client activity. Additionally, the Rights Offering and Exchange Offer deadlines have both been extended to April 12, 2021.
ION Geophysical Corporation (NYSE: IO) has initiated the second phase of its North Sea 3D multi-client program, expanding coverage to approximately 11,000 sq km. Data collection is set from late April to mid-October 2021, following successful underwriting and award of additional acreage. Partnering with Shearwater GeoServices, ION aims to optimize data collection using advanced software. This phase is expected to be significantly more impactful on earnings compared to the first phase, providing high-resolution geological insights and enhancing ION's position in the 3D acquisition market.
ION Geophysical Corporation (NYSE: IO) announced successful early tender results for its Exchange Offer to exchange 9.125% Senior Secured Second Priority Notes due 2021 for 8.00% Senior Secured Second Priority Notes due 2025. As of March 24, 2021, tenders for $113.24 million of the $120.57 million outstanding Old Notes were received, representing 93.92%. The Exchange Offer will expire on April 8, 2021, with a Minimum Participation Condition of 95%. The company has also received the necessary Consents for proposed amendments to the Old Notes Indenture.
ION Geophysical Corporation (NYSE: IO) has initiated a Rights Offering to its common stock holders, allowing them to purchase either $2.78 of 8.00% Convertible Notes due in 2025 or 1.08 shares of Common Stock at $2.57 each. The offering aims to raise up to $50 million for paying holders of existing Second Lien Notes and general corporate needs. The offering ends on April 8, 2021. The company has secured backstop agreements guaranteeing up to $40.1 million in notes or shares.
ION Geophysical Corporation announced the extension of its Gemini extended frequency source deployment for a Super Major in the Middle East. This extension will nearly double the program's duration and area, confirming the technology's capability and operational benefits. The enhanced survey is set to conclude in late May and reflects strong industry demand, prompting plans to increase Gemini capacity four-fold this summer. ION aims to provide improved data quality and environmental compliance amid evolving energy landscape challenges.
