SAExploration to cancel $10 million 10% notes under equity exchange

By Wendy Van Sickle

Columbus, Ohio Aug. 26 – SAExploration Holdings, Inc. expects to cancel $10 million of its 10% senior notes Thursday as a result of an exchange agreement with the notes’ holder, Fidelity Management & Research Co., according to a news release.

Under the agreement, Fidelity will exchange the $10 million of notes for about 2.4 million shares of SAExploration’s common stock. Accrued interest will be paid to Fidelity at closing of the deal.

“We are very pleased to have the opportunity to enhance our balance sheet, improve our leverage profile, and help preserve our liquidity. This is one additional step in the right direction to elevating our public company profile and increasing long-term stakeholder value,” Brian Beatty, president and chief executive officer of SAExploration said in the release.

SAExploration is a Houston-based oilfield services company.

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