HOUSTON, March 03, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company has secured more than $20 million in backstop support for its rights offering. This was a critical milestone in the bond restructuring process, as the supporting bondholders had conditioned their participation in the upcoming bond exchange offer on the Company securing this amount of backstop support.

The Company will seek to obtain additional backstop support in connection with the rights offering until the maximum amount is secured or the record date (the date on which a person must hold shares to participate) is reached. Oppenheimer & Co. Inc. is serving as the exclusive dealer manager for the rights offering. For additional details regarding the bond exchange offer and rights offering transactions, please refer to the registration statements on Form S-1 and Form S-4 filed with the SEC today.

“This milestone was a significant hurdle to closing the bond restructuring transactions,” said Chris Usher, ION’s President and Chief Executive Officer. “The deal provides the opportunity to participate in both debt and equity, depending on the party’s preference, with attractive backstop premiums. We are in the final stretch and remain on track to complete the transactions in early April.”

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
mike.morrison@iongeo.com

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com

Registration statements relating to the securities to be offered in the exchange offer and the rights offering in connection with the restructuring transactions have been filed with the Securities and Exchange Commission, but have not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The exchange offer and the rights offering will be made only by means of a prospectus. Copies of each such prospectus, when they become available, will be distributed, as applicable, to our bondholders and shareholders and may also be obtained free of charge at the website maintained by the SEC at or by contacting the appropriate agent for the offerings. Contact information for such agents will be provided when available.