Global Geophysical lists 11.5% perpetual preferreds to trade on NYSE

By Marisa Wong

Madison, Wis., Dec. 16 - Global Geophysical Services, Inc. listed its 11.5% series A cumulative perpetual preferred stock for trading on the New York Stock Exchange.

The preferreds were admitted for trading under the ticker "GGS PRA," according to a notice by NYSE Euronext.

Global Geophysical priced $8.69 million of the 11.5% perpetual preferreds on Dec. 6.

The preferreds were issued as depositary shares representing a 1/1,000th interest. The preferreds were also sold at a discounted price of $23.00 per share.

MLV & Co. LLC and National Securities Corp. were the joint bookrunning managers.

Dividends will be payable monthly, and the preferreds cannot be redeemed until Dec. 13, 2018. However, the company can redeem the stock in the event of a change of control.

If the preferreds should be delisted for a period of 180 consecutive days, the dividend will increase and holders will have a right to appoint two members to the board of directors. The penalty rate will also go into effect if the company fails to make six dividend payments.

Once all accumulated dividends have been paid in full, the dividend will reset to the initial rate.

Proceeds will be used for general corporate purposes.

Global Geophysical is a Missouri City, Texas-based provider of seismic data solutions to the oil and gas industry.

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