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...
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