Geokinetics retires its $110 million of floating-rate notes

By Susanna Moon

Chicago, June 18 - Geokinetics Inc. said it redeemed all of its floating-rate notes on June 14 for $113.3 million.

The redemption price includes the $110 million of outstanding principal amount plus a premium of $3.3 million.

"The redemption of these notes is an additional step in our strategy to position ourselves for continued growth by reducing debt and interest expense and strengthening our balance sheet," David A. Johnson, president and chief executive officer of Geokinetics, said in a press release.

Geokinetics Inc. is a Houston-based company that provides seismic acquisition and data processing services to the oil and gas industry.

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