ION announces certain holders of its second priority 2025 notes purchase ION’s indebtedness to PNC, agree to further forbearance extensions related to both the first lien and second lien debt

HOUSTON, March 09, 2022 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE:IO) announced today that PNC Bank, National Association (“PNC”), has sold and assigned its commitment and outstanding loans under ION’s Revolving Credit and Security Agreement dated August 22, 2014 (as amended, the “Credit Agreement”) to certain holders of ION’s 2025 Notes (the “purchasing lenders”). In addition, ION entered into a First Amendment to the Second Forbearance and Seventh Amendment to the Credit Agreement with the purchasing lenders pursuant to which, among other things, the purchasing lenders have agreed to extend the current forbearance through April 4, 2022.  ION also announced that it had entered into Amendment No. 2 to the Forbearance Agreement with holders of more than 79% of its 2025 Notes to continue their forbearance through April 4, 2022.  The forbearances are subject to the terms and conditions of the relevant agreements, which are described in more detail in our current report on Form 8-K that will be filed with the SEC.