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SAExploration completes $150M senior secured notes offering

SAExploration Holdings Inc.

SAExploration Holdings Inc. (NASDAQ: SAEX, OTCBB: SAEXW) has completed its private offering of $150 million aggregate principal amount of 10.000% senior secured notes due 2019.

The notes are guaranteed by each of SAE’s existing and future domestic restricted subsidiaries and are 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, are 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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