HOUSTON, March 26, 2018 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced the early
retirement of the $28.5 million third
lien bonds maturing in May 2018. ION received consent to move
forward with the transaction ahead of schedule, eliminating
additional interest expenses.
"De-levering our business has been a key priority for ION and
I'm pleased with the progress we have made toward that goal,"
stated Brian Hanson, ION's President
and Chief Executive Officer. "Not only did we retire the
third lien bonds early, we are also positioning ourselves favorably
to pay off the second lien indentures due in 2021 ahead of their
scheduled maturity. Our stock price has had a debt overhang
on it for quite some time and we're looking forward to moving past
these hurdles and focusing on executing our business."
About ION
ION develops and leverages innovative technologies, creating
value through data capture, analysis and optimization to enhance
critical decision-making, enabling superior returns. For more
information, visit iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
rachel.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; and political, execution, regulatory, and currency risks.
These risks and uncertainties also include risks associated
with the WesternGeco litigation and other related proceedings. We
cannot predict the outcome of this litigation or the related
proceedings. For additional information regarding these
various risks and uncertainties, including the WesternGeco
litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. Additional risk factors, which
could affect actual results, are disclosed by the Company in its
fillings 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.
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SOURCE ION Geophysical Corporation