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.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...