SAExploration unit gets $23.4 million loan for Geokinetics purchase

By Susanna Moon

Chicago, July 25 – SAExploration Holdings, Inc. said it amended its credit facilities and subsidiary SAExploration Acquisitions (U.S.), LLC obtained a $23.4 million credit facility to fund the acquisition of Geokinetics, Inc.

The company also received consents from holders of 77.3% of its 8% cumulative perpetual series A preferred stock, according to a company notice.

On Sept. 5, the preferreds will automatically convert into 3,271.4653 shares of common stock, or, if a warrant election is made, 3,271.4653 conversion warrants.

SAExploration is a Houston-based oilfield services company.

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