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ION Geophysical Corporation (NYSE: IO) announced an Exchange Offer to exchange its 9.125% Senior Secured Second Priority Notes due 2021 for new 8.00% Senior Secured Second Priority Notes due 2025. The total principal amount outstanding of the Old Notes is $120,569,000. Participants will receive $150 in cash and $850 in New Notes, plus potential early participation payment options. The Exchange Offer is open until April 8, 2021, with a condition to obtain at least 66 2/3% consent for proposed amendments to the Old Notes. Notably, around 92% of Old Note holders have agreed to participate.
ION Geophysical Corporation (NYSE: IO) is advancing its rights offering for New Second Lien Convertible Notes as part of its restructuring transactions, approved by shareholders on February 23, 2021. The registration statement has been filed with the SEC, expecting effectiveness before launching the offering. The Record Date has been rescheduled to March 22, 2021, allowing shareholders to purchase New Notes or Common Stock. A Backstop Commitment exceeding $20 million ensures funding for the offering. Details will follow in a prospectus after SEC clearance.
ION Geophysical Corporation (NYSE: IO) announced its initiation of a rights offering for its New Second Lien Convertible Notes and Common Stock as part of a restructuring approved by shareholders on February 23, 2021. Shareholders as of March 15, 2021, will receive a non-transferable subscription right for each share owned, allowing them to purchase New Notes or Common Stock. The company aims to raise at least $20 million through this offering, with backstop agreements in place to support the effort. Further details will be announced after SEC clearance.
ION Geophysical Corporation (NYSE: IO) announced securing over $20 million in backstop support for its rights offering, essential for the bond restructuring process. This support was a prerequisite for participation in the upcoming bond exchange offer. The company aims to secure additional support until the maximum amount is reached or the record date occurs. Oppenheimer & Co. Inc. is the exclusive dealer manager for this offering. CEO Chris Usher highlighted this milestone as crucial for closing the restructuring transactions, which are expected to conclude in early April.
ION Geophysical Corporation (NYSE: IO) recently announced that its shareholders approved all three proposals from the January 22nd Proxy during a special meeting. Notably, 98% voted in favor of bond restructuring, 96% supported an increase in available common stock, and 79% approved replenishing the long-term incentive plan. These approvals signify a crucial step towards executing bond restructuring transactions and associated rights offerings, expected to occur by early April. CEO Chris Usher expressed gratitude for the shareholder support and emphasized the milestone for the company’s recovery strategy.
ION Geophysical Corporation (NYSE: IO) completed a registered direct offering of 2,990,001 common shares at $3.50 each, raising approximately $10.5 million for working capital and corporate purposes. CEO Chris Usher highlighted the deal's role in strengthening the company's balance sheet and aiding its pandemic recovery efforts. A.G.P./Alliance Global Partners served as the sole placement agent. The shares were offered under an effective shelf registration statement with the SEC.
ION Geophysical Corporation (NYSE: IO) announced a securities purchase agreement for the sale of 2,990,001 shares at $3.50 each, totaling approximately $10.5 million. The offering is set to close on or about February 18, 2021. CEO Chris Usher stated that the funds will enhance the company’s liquidity and aid in managing operations amid ongoing pandemic challenges. The company also plans to proceed with bond restructuring and associated rights offerings in April, pending shareholder approval.
ION Geophysical Corporation (NYSE: IO) has announced a significant amendment to its Restructuring Support Agreement, gaining a bondholder backing of 92%, up from 84%. The new pricing terms for the rights offering set the share purchase price at $2.57, with the conversion price for new 8% Senior Secured Notes due 2025 at $3.00, thereby protecting shareholder equity. Additionally, ION secured support from PNC Bank to facilitate the restructuring transactions, aimed for completion by end of March.
ION Geophysical Corporation (NYSE: IO) announced the election of Mr. Zhang ShaoHua to its Board of Directors, effective February 8, 2021, following Mr. Zheng HuaSheng's transition to another company within China National Petroleum Corporation. Mr. Zhang, the General Manager of BGP, brings over 30 years of seismic industry experience and significant leadership expertise. Jay Lapeyre, Chairman of the Board, emphasized that Mr. Zhang's technical skills would support ION's refined strategy and development of new offerings in energy transition and digitalization.
ION Geophysical Corporation (NYSE: IO) reported a 68% increase in fourth quarter revenues, reaching $27.3 million, driven by a strategic entry into the 3D multi-client market. However, there was a 36% decline compared to the previous year. Backlog rose 11% sequentially, totaling $19.7 million. Despite the revenue growth, the company posted a net loss of $13.1 million, an improvement from the prior year. Annual revenues fell 30% to $122.7 million. The company is addressing upcoming bond maturity issues through a restructuring agreement to extend the maturity to 2025, with plans for a shareholder rights offering.
