The Retirement of $28.5 Million Debt
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.
