5 May 2016quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported a quarterly net loss of $35.0 million for the period ended 2016-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 May 2016securities registration● Neutral
ION GEOPHYSICAL CORP filed notice of an exempt private placement.
29 Apr 2016director interest notice● Neutral
ION GEOPHYSICAL CORP director James M Lapeyre Jr. received 20,000 shares as part of the equity award.
28 Apr 2016capital raising announcement▲ GoodMajor
The exchange closed on April 28, 2016. ION accepted $146,503,000 of the $175M old notes (about 83.72%). It swapped $120,569,000 for the same amount of new 9.125% notes due Dec 15, 2021 plus 1,205,477 new shares, and paid $15M cash to buy back $25,934,000 of old notes. $28,497,000 of old notes remain outstanding, now with a third-priority lien and most covenants removed. ION received no cash proceeds. By simple arithmetic (an inference), note face value fell from $175M to about $149.1M, with most of it pushed out to 2021. This resolves the exchange thread.
28 Mar 2016material agreement● NeutralMajor
ION formally launched the noteholder exchange agreed in February, on revised terms. Holders of the 8.125% 2018 notes get $1,000 of new 9.125% second-priority notes due 2021 plus 7 shares per $1,000, or 10 shares if tendered by April 11, 2016 (the Feb deal said 10 shares flat). The offer expires April 25, 2016, and the old notes' lien would drop to third priority rather than being removed. The $15.0M cash option (Dutch auction at $430-$600 per $1,000) is unchanged. The filing also reports that S&P cut ION to CC on March 1 because it saw the exchange as a potential selective default, and that Wilmington Savings Fund Society replaced Wilmington Trust as trustee. This continues the Support Agreement thread.
29 Feb 2016material agreement▼ BadMajor
On Feb 26, 2016 ION signed a support agreement with holders of over two-thirds of its $175M 2018 second-priority notes, who agreed to tender in a proposed exchange offer. Each $1,000 of old notes would get $1,000 of new 9.125% second-priority notes due 2021 plus ten ION common shares, with up to $15.0M cash buyback via a Dutch auction at $430-$600 per $1,000, and the old notes' collateral released. This would dilute existing shareholders through new share issuance (an inference from the ten-shares-per-note term); it needs 90% participation and is not guaranteed to close.
11 Feb 2016quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported a quarterly net loss of $5.5 million for the period ended 2015-12-31.
10 Feb 2016substantial holder notice● Neutral
The Vanguard Group reported a ION GEOPHYSICAL CORP shareholding of 6,291,508 shares (3.87% of votes) in a periodic institutional filing.
5 Feb 2016substantial holder notice● Neutral
Invesco Ltd reported a ION GEOPHYSICAL CORP shareholding of 28,426,585 shares (17.50% of votes) in a periodic institutional filing.
10 Dec 2015substantial holder notice● Neutral
BlackRock, Inc reported a ION GEOPHYSICAL CORP shareholding of 7,698,120 shares (4.70% of votes) in a periodic institutional filing.
5 Nov 2015quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported a quarterly net loss of $20.4 million for the period ended 2015-09-30.
5 Nov 2015quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported a quarterly net loss of $20.4 million for the period ended 2015-09-30.
17 Aug 2015listing compliance notice▼ BadMajor
The NYSE notified ION on Aug 11, 2015 that its 30-trading-day average share price ($0.98 as of Aug 7) was below the $1.00 minimum. ION has six months to regain compliance (possibly longer if shareholder approval is needed); shares keep trading meanwhile, but failing to cure would lead the NYSE to start delisting procedures.
6 Aug 2015quarterly activities report● Neutral
ION GEOPHYSICAL CORP reported a quarterly net income of $56.1 million for the period ended 2015-06-30.
6 Aug 2015debt financing▼ BadMajor
ION cut its PNC revolver from $80.0M to $40.0M, raised borrowing margins (base-rate margin 1.50% to 2.50%; LIBOR margin 2.50% to 3.50%), added a 0.75% unused line fee, and dropped the maximum senior secured leverage covenant; nothing was drawn. The same filing carried Q2 2015 results: revenue $36.8M, adjusted net loss $44.7M, net income $56.1M helped by $100.8M of special items mainly a partial reversal of a litigation reserve, cash $117.1M. The WesternGeco lawsuit is named as a risk to results and liquidity. Brian Hanson is now President and CEO.
20 May 2015agm notice● Neutral
ION GEOPHYSICAL CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
7 May 2015quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported a quarterly net loss of $55.3 million for the period ended 2015-03-31.
7 May 2015quarterly activities report▼ Bad
ION GEOPHYSICAL CORP reported a quarterly net loss of $55.3 million for the period ended 2015-03-31.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director John N Seitz received 25,000 shares as part of the equity award.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP EVP & CFO Steven Bate received 58,986 shares and a 455,145-share option grant as part of the equity award.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director Franklin Myers received 25,000 shares as part of the equity award.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director David H Barr received 25,000 shares as part of the equity award.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director S James Nelson received 25,000 shares as part of the equity award.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director Michael Jennings received 25,000 shares as part of the equity award.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director Huimin Hao received 25,000 shares as part of the equity award.
3 Mar 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director James M Lapeyre Jr. received 25,000 shares as part of the equity award.
10 Feb 2015substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial ION GEOPHYSICAL CORP shareholding (5.17% of votes).
3 Feb 2015substantial holder notice● Neutral
Invesco Ltd. IRS # reported a ION GEOPHYSICAL CORP shareholding of 31,797,788 shares (19.40% of votes) in a periodic institutional filing.
26 Jan 2015substantial holder notice● Neutral
BlackRock, Inc reported a ION GEOPHYSICAL CORP shareholding of 12,011,354 shares (7.30% of votes) in a periodic institutional filing.
8 Jan 2015director interest notice● Neutral
ION GEOPHYSICAL CORP director James M Lapeyre Jr. gifted 65,000 shares.