Geokinetics Announces Commencement of an Offering of $275 Million Senior Secured Notes Due 2014
December 07 2009 - 9:08PM
PR Newswire (US)
HOUSTON, Dec. 7 /PRNewswire-FirstCall/ -- Geokinetics Inc. (NYSE
Amex: GOK) announced today that its wholly-owned subsidiary,
Geokinetics Holdings, Inc., has commenced an offering of $275
million senior secured notes due 2014 (the "notes") to be offered
and sold to qualified institutional buyers pursuant to Rule 144A
and outside the United States pursuant to Regulation S under the
Securities Act of 1933, as amended. The notes will bear interest at
a rate to be determined at pricing and will be guaranteed on a
senior secured basis by Geokinetics and each of its domestic
subsidiaries. The notes and the guarantees will be secured by liens
on substantially all of the assets of Geokinetics, Geokinetics
Holdings and the subsidiary guarantors. Geokinetics intends to use
the net proceeds from this offering to finance the cash portion of
the acquisition of the on-shore seismic and multi-client seismic
library business of Petroleum Geo-Services ASA and to repay current
outstanding indebtedness. The notes and the guarantees thereof have
not been registered under the Securities Act of 1933 or any state
securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements under the Securities Act of 1933 and any
applicable state securities laws. This press release is neither an
offer to sell nor the solicitation of an offer to buy the notes or
any other securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which, or to any
persons to whom, such an offer, solicitation or sale is unlawful.
Any offers of the notes will be made only by means of an offering
memorandum. This press release is being issued pursuant to and in
accordance with Rule 135c under the Securities Act. About
Geokinetics Inc. Geokinetics Inc., based in Houston, Texas, is a
leading global provider of seismic acquisition and high-end seismic
data processing services to the oil and gas industry. Geokinetics
has strong operating presence in North America and is focused on
key markets internationally. Geokinetics operates in some of the
most challenging locations in the world from the Arctic to
mountainous jungles to the transition zone environments. This press
release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act").
All statements, other than statements of historical facts, included
in this press release that address activities, events or
developments that Geokinetics expects, believes or anticipates will
or may occur in the future are forward-looking statements. These
statements include but are not limited to statements about the
business outlook for the year, backlog and bid activity, business
strategy, related financial performance and statements with respect
to future events. These statements are based on certain assumptions
made by Geokinetics based on management's experience and perception
of historical trends, industry conditions, market position, future
operations, profitability, liquidity, backlog, capital resources
and other factors believed to be appropriate. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of Geokinetics, which may cause
actual results to differ materially from those implied or expressed
by the forward-looking statements. These include risks relating to
financial performance and results, job delays or cancellations,
reductions in oil and gas prices, the continued disruption in
worldwide financial markets, impact from severe weather conditions
and other important factors that could cause actual results to
differ materially from those projected, or backlog not to be
completed, as described in the Company's reports filed with the
Securities and Exchange Commission. Any forward-looking statement
speaks only as of the date on which such statement is made and
Geokinetics undertakes no obligation to correct or update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Contacts: Scott A. McCurdy Vice
President and CFO Geokinetics Inc. (713) 850-7600 DATASOURCE:
Geokinetics Inc. CONTACT: Scott A. McCurdy, Vice President and CFO
of Geokinetics Inc., +1-713-850-7600
Copyright