I/O Marine Systems, Inc. engages in the development and manufacture of service systems for seabed and towed streamer seismic imaging. The company offers imaging systems, software, and survey design services for towed streamer and seabed marine seismic acquisition. It provides marine positioning systems, which include streamer cable depth control devices, compasses, acoustic positioning systems, and other sensors; marine positioning equipment controls; in-water positioning equipment for data acquisition and energy source systems; MEMS-based seabed monitoring systems; digital source control technology for 4D time-lapsed applications; and VectorSeis Ocean, re-deployable seabed system for digita...
5200 Toler Street
Harahan, LA 70123
Founded in 1971
ION Geophysical Corporation, ION Exploration Production (U.S.A.), Inc., I/O Marine Systems, Inc. and GX Technology Corporation Amend Senior Secured Credit Facility
Aug 6 15
On August 4, 2015, ION Geophysical Corporation and its material U.S. subsidiaries, ION Exploration Production (U.S.A.), Inc., I/O Marine Systems, Inc. and GX Technology Corporation amended the terms of their senior secured credit facility. The First Amendment to Revolving Credit and Security Agreement dated effective as of August 3, 2015 modified certain provisions of the revolving credit and security agreement dated as of August 22, 2014, among the Borrowers, the lenders party thereto and PNC Bank, National Association as agent for the lenders. The original provisions of the Credit Facility provided for a revolving line of credit of up to $80.0 million in total borrowings outstanding subject to a borrowing base. The original revolving credit and security agreement also required that the company not exceed a maximum senior secured leverage ratio of 3.0 to 1 as of the end of each fiscal quarter. The terms of the First Amendment contemplated PNC becoming the sole lender under the Credit Facility and, among other things: the reduction of the maximum amount of the revolving line of credit under the Credit Facility from $80.0 million to $40.0 million, the elimination of the requirement to maintain a maximum senior secured leverage ratio, the elimination of qualified cash from the borrowing base calculation under the Credit Facility, the addition of a percentage of the net orderly liquidation value of the Company's multi-client data library to the borrowing base calculation under the Credit Facility (not to exceed $15.0 million), the removal of the accordion features under the Credit Facility for both the revolving line of credit and the last out term loan, the reduction of the unbilled receivables sublimit under the Credit Facility from $45.0 million to $25.0 million, an increase in the interest rates under the Credit Facility, an unused line fee of 0.75% per annum with no adjustment based on usage, and the approval of the sale of certain domestic data library programs. As amended pursuant to the First Amendment, the interest rates per annum on borrowings under the Credit Facility are now, at the company's option, (i) an alternate base rate equal to the higher of (a) the prime rate of PNC Bank, (b) a federals funds effective rate plus 0.50% or (c) a LIBOR-based rate plus 1.0%, plus an applicable interest margin of 2.50% (increased from 1.50%), or (ii) a LIBOR-based rate, plus an applicable interest margin of 3.50% (increased from 2.50%). In addition, the First Amendment eliminated the $50,000 annual agency fee and provided for an amendment fee of $40,000.