SAExploration begins $150M senior secured notes offering

SAExploration Holdings Inc.

SAExploration Holdings Inc. (NASDAQ: SAEX, OTCBB: SAEXW) intends to sell up to $150 million aggregate principal amount of its senior secured notes in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and in offshore transactions pursuant to Regulation S under the Securities Act of 1933.

The notes will be guaranteed by each of SAE’s existing and future domestic restricted subsidiaries and will be secured by a lien on substantially all of the assets of SAE and the guarantors, subject to certain exceptions and permitted liens. These liens, however, will be contractually subordinated to a first priority lien on certain assets that may secure a new credit facility that SAE and the guarantors will be permitted to enter into in the future.

SAE plans to use the net proceeds of the offering of the notes to repay certain of its existing indebtedness, fund the purchase of equipment related to its Alaska operations, pay related fees and expenses, and for general corporate purposes.


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