SAExploration Announces Upsize of Credit Facility and Redemption of Senior Notes
July 09 2018 - 4:30PM
SAExploration Holdings, Inc. (NASDAQ:SAEX)
(OTCBB:SAEXW), or SAE, announced that on July 5, 2018 it amended
its existing credit agreement to increase the lenders’ maximum
commitment to $30,000,000. In connection with the amendment, SAE
has drawn an additional $10,000,000 in borrowings.
Concurrently with the upsize of its credit
facility, SAE announced its intention to redeem the remaining
$1,865,000 outstanding principal amount of its original
$150,000,000 of 10.00% Senior Secured Notes due 2019 (the “2019
Notes”). The trustee, Wilmington Savings Fund Society, FSB, mailed
the official redemption notices to all current holders of the 2019
Notes. On August 4, 2018 (the “Redemption Date”), the holders of
the 2019 Notes will receive a redemption price of 100% of the
principal amount of the 2019 Notes plus all accrued and unpaid
interest up to the Redemption Date, subject to the right of the
holders of record on July 1, 2018 to receive interest due on the
scheduled July 15, 2018 interest payment date. Concurrently with
the mailing of the redemption notice, SAE deposited sufficient
funds with the trustee to pay the redemption price payable in
respect of all outstanding 2019 Notes, plus accrued and unpaid
interest. As a consequence of the foregoing, SAE satisfied and
discharged its obligations under the 2019 Notes Indenture and the
related security documents in accordance with the satisfaction and
discharge provisions of the 2019 Notes Indenture.
Jeff Hastings, Chairman and CEO of SAE,
commented, “The increase to our credit facility provides us with
immediate additional liquidity to position us to capitalize on our
near term strategic objectives and to fund working capital needs in
advance of a potential return in activity. We believe this
transaction is also reflective of our financing partners’ long-term
commitment to SAE.”
About SAExploration Holdings,
Inc.
SAE is an internationally-focused oilfield
services company offering a full range of vertically-integrated
seismic data acquisition and logistical support services in remote
and complex environments throughout Alaska, Canada, South America,
Southeast Asia and West Africa. In addition to the acquisition of
2D, 3D, time-lapse 4D and multi-component seismic data on land, in
transition zones and offshore in depths reaching 3,000 meters, SAE
offers a full suite of logistical support and in-field data
processing services, such as program design, planning and
permitting, camp services and infrastructure, surveying, drilling,
environmental assessment and reclamation and community relations.
SAE operates crews around the world, performing major projects for
its blue-chip customer base, which includes major integrated oil
companies, national oil companies and large independent oil and gas
exploration companies. Operations are supported through a
multi-national presence in Houston, Alaska, Canada, Peru, Colombia,
Bolivia, Brazil and New Zealand. For more information, please visit
SAE’s website at www.saexploration.com.
The information in SAE’s website is not, and
shall not be deemed to be, a part of this notice or incorporated in
filings SAE makes with the Securities and Exchange Commission.
Forward Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws with respect to SAE. These statements can be
identified by the use of words or phrases such as “expects,”
“estimates,” “projects,” “budgets,” “forecasts,” “anticipates,”
“intends,” “plans,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions. These
forward-looking statements include statements regarding SAE's
financial condition, results of operations and business and SAE's
expectations or beliefs concerning future periods and possible
future events. These statements are subject to significant known
and unknown risks and uncertainties that could cause actual results
to differ materially from those stated in, and implied by, this
press release. Risks and uncertainties that could cause actual
results to vary materially from SAE’s expectations are described
under “Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in SAE’s filings with the Securities and Exchange
Commission. Except as required by applicable law, SAE is not under
any obligation to, and expressly disclaims any obligation to,
update or alter its forward looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise.
Contact
SAExploration Holdings, Inc.Ryan AbneyVice
President, Finance(281) 258-4400rabney@saexploration.com
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