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."
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.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
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