ION announces a continued forbearance and amendment extension related to its revolving credit agreement and forbearance agreement extension related to its senior secured second priority notes due 2025

HOUSTON, Feb. 15, 2022 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE:IO) announced today that it has entered into a Second Forbearance and Sixth Amendment extension with PNC Bank, National Association (“PNC”), under its Revolving Credit and Security Agreement dated August 22, 2014 (as amended, the “Credit Agreement”), pursuant to which PNC has agreed to waive, through and including March 8, 2022, a cross default that would have occurred under the Credit Agreement by virtue of ION’s missing and still not having paid, the interest payment on the 2025 Notes that was due on December 15, 2021. In addition, ION also announced that it had entered into Amendment No. 1 to the Forbearance Agreement with holders of more than 79% of its 2025 Notes to continue to forbear until March 8, 2022 from enforcing their rights and remedies arising as a result of ION’s failure to make the December 15, 2021 interest payment due on the 2025 Notes. The forbearances are subject to the terms and conditions of the relevant agreements with PNC and the note holders, which are described in more detail in our current report on Form 8-K filed with the SEC.