Input/Output plans $50 million convertible offering

By Ronda Fears

Nashville, Dec. 3 - Houston-based Input/Output Inc. announced Wednesday after the market close it plans to sell $50 million of five-year convertible senior notes in the Rule 144A market.

There is a $10 million greenshoe available.

Input/Output, an oil and gas seismic company, intends to use $16 million of proceeds to repay debt and the balance for potential acquisitions.

In addition, Laitram LLC, one of Input/Output's largest shareholders and an affiliate of the company's chairman of the board, has informed Input/Output of its intention to purchase up to $7.5 million of Input/Output common shares sold short by purchasers of the notes.

Input Output shares closed Wednesday down 23 cents, or 5.96%, to $3.63.

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