Geokinetics plans redemption of floaters due 2012

By Jennifer Chiou

New York, May 1 - Geokinetics Inc. said it intends to redeem its $110 million of second-priority senior secured floating-rate notes due 2012 using proceeds from a public offering of 4.5 million shares.

The floaters were issued in December.

Remaining proceeds will go toward repaying outstanding amounts under the company's revolving credit facility and for general corporate purposes.

The company is a Houston-based provider of seismic acquisition and high-end seismic data processing services to the oil and gas industry.

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