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SAExploration gets OK to force conversion of 8% perpetual preferreds
By Susanna Moon
Chicago, July 25 – SAExploration Holdings, Inc. said it received consents from holders of 77.3% of its 8% cumulative perpetual series A preferred stock.
On Sept. 5, the preferreds will automatically convert into 3,271.4653 shares of common stock, or, if a warrant election is made, 3,271.4653 conversion warrants, according to a company notice.
SAE said it expects to issue about 109 million new shares upon conversion of the preferreds.
Holders eligible to elect to receive warrants in lieu of shares of common stock must do so by 5 p.m. ET on Sept. 3.
As of July 24, SAE had 32,789 shares of series A preferreds outstanding.
The company also said its indirect wholly owned subsidiary SAExploration Acquisitions (U.S.), LLC acquired substantially all of the assets of Geokinetics, Inc.
In connection with the acquisition, SAE amended and restated its existing credit facilities and the acquisition subsidiary entered into a new $23.4 million acquisition credit facility to fund the acquisition and to pay related transaction costs.
SAExploration is a Houston-based oilfield services company.
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