By Rebecca Melvin
New York, July 26 – SAExploration Holdings, Inc. said it plans to price $50 million of 6% five-year convertible secured notes at par with an initial conversion premium of 10%, according to a news release.
The Rule 144A notes will be convertible into shares of SAE’s common stock at an initial conversion price based on an equity valuation of $55.5 million, subject to typical anti-dilution adjustments.
The proceeds will be used to repay obligations under its existing credit facilities and for general corporate purposes.
Further details were not immediately available.
SAExploration is a Houston-based oilfield services company.
| Issuer: | SAExploration Holdings Inc.
|
| Issue: | Convertible secured notes
|
| Amount: | $50 million
|
| Maturity: | 2023
|
| Coupon: | 6%
|
| Price: | Par
|
| Initial conversion premium: | 10%
|
| Initial conversion price: | Based on equity valuation of $55.5 million
|
| Distribution: | Rule 144A
|
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