May 8, 2013
/PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that it has priced its offering of
aggregate principal amount of its senior secured second lien notes due 2018. The notes will carry a coupon interest rate of 8.125%. The Company intends to use the net proceeds from the offering to repay existing debt and for general corporate purposes, including for potential additional capital contributions to the Company's GeoRXT seabed seismic joint venture, thus improving its financial flexibility. The Company's obligations under the notes will be guaranteed by certain of its domestic subsidiaries. The offering is expected to close on or about
May 13, 2013
, subject to the satisfaction of customary closing conditions.
The notes will be sold to qualified institutional investors pursuant to Rule 144A under the Securities Act of 1933 and to certain non-U.S. persons in transactions outside
the United States
pursuant to Regulation S under the Securities Act of 1933. Any offers of the notes will be made only by means of a confidential offering memorandum. The notes will not be registered under the Securities Act of 1933 or any applicable state securities law, and may not be offered or sold in
the United States
absent registration under the Securities Act of 1933 and applicable state securities laws or pursuant to available exemptions from such registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, and there shall not be any sale of the notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.