Geokinetics amends revolver, waiving EBITDA and financial covenants

By Sara Rosenberg

New York, Dec. 14 - Geokinetics Inc. amended its revolving credit facility, waiving the cumulative EBITDA covenant for the month ended Nov. 30 and all financial covenants at Dec. 31, according to a news release.

In addition, the amendment adjusts the monthly maximum total leverage ratio and the monthly minimum interest coverage ratio.

The amendment also requires that the company comply with a monthly liquidity test, monthly senior notes interest reserve and monthly cumulative adjusted EBITDA targets starting at Jan. 31 through Dec. 31, 2011.

Lastly, the capital expenditures allowance for the fiscal year 2011 was set at a maximum of $40 million.

RBC Capital Markets Corp. is the lead bank on the deal.

Geokinetics is a Houston-based provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry.

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