Geokinetics plans to redeem floaters

By Angela McDaniels

Seattle, May 17 - Geokinetics Inc. plans to redeem its $110 million second-priority senior secured floating-rate notes due 2012 with the proceeds from an offering of common stock, according to an 8-K report filed with the Securities and Exchange Commission on Thursday.

The notes were issued on Dec. 15 and are callable at 103 during the first six months under the equity clawback provision.

The company is selling 4.5 million shares at $28 each for total proceeds of $126 million. The underwriters have been granted a $16.172 million greenshoe.

Proceeds from the stock offering will also be used to repay a portion of the company's revolving credit facility.

Geokinetics is a Houston-based provider of seismic services to the oil and gas industry.

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