SAExploration amends, extends portion of term loans, ups interest

By Wendy Van Sickle

Columbus, Ohio, Sept. 14 – SAExploration Holdings, Inc. said it entered into a second amendment to its June 2016 term loan agreement on Sept. 8 to extend the term loans held by its consenting lenders, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the term loans are extended to Jan. 2, 2020, subject to an earlier maturity date of Jan. 2, 2019 if certain debt remains outstanding at that date.

The amendment also increases the interest rate for the extended loans to 10.5% a year through Feb. 8, 2018, then stepping up to 11.5% on Feb. 8, 2018 and to 12.5% on Aug. 8, 2018.

Additionally, the amendment provides for a mandatory prepayment with proceeds from any Alaska tax credit and provides for a call premium with respect to certain prepayments.

Delaware Trust Co. is the administrative agent.

SAExploration is a Houston-based oilfield services company.

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