ION Geophysical Tear Sheet, Distressed Exchange Analysis

Providing an updated ION Geophysical tear sheet in addition to a detailed covenants analysis, our Americas Covenants team dove deep into the company’s exchange offer and rights offering pursuant where the company exchanged an aggregate principal amount of $113.5 million for a combination of cash, stock and new 8.000% second lien convertible notes due 2025. These exchanges resulted in changes to the ION Geophysical capital structure and leverage metrics and despite the April 2021 exchange, approximately $7 million of Old 2L Notes remained outstanding as of June 2021.

Our updated ION Geophysical tear sheet and covenants analysis includes a deep dive into the notable features of the company’s new 2L convertible notes including the conversion mechanics, make whole mechanics, Series A Preferred Stock, and more. Click through for our full analysis on the updated ION Geophysical tear sheet: https://reorg.com/ion-geophysical-exchange-offer/