ION Geophysical retires $28.5 million 8 1/8% notes due in May early

By Wendy Van Sickle

Columbus, Ohio, March 26 – ION Geophysical Corp. retired ahead of schedule its $28.5 million of 8 1/8% third-lien bonds due May 2018, the company said in a press release issued Monday.

ION said it received consents to retire the debt early, eliminating additional interest expense.

“De-levering our business has been a key priority for ION and I'm pleased with the progress we have made toward that goal,” Brian Hanson, ION's president and chief executive officer, said in the release.

“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 Geophysical is a Houston-based provider of geophysical technology, services and solutions for the oil and gas industry.

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