Akin Gump Advises SAExploration Holdings in Notes Offering and Related Transactions
Contact:
(Houston) – SAExploration Holdings, Inc. (SAE) today announced that it has issued $60 million aggregate principal amount of 6.00% Senior Secured Convertible Notes due 2023 in a private offering. Akin Gump advised SAE in the matter.
The notes are convertible into shares of SAE’s common stock at an initial conversion price of $5.75 per share, subject to customary antidilution adjustments (or warrants to acquire an equal number of shares of common stock at an exercise price of $0.0001 per share, subject to customary antidilution adjustments).
The issuance of the notes was the final step in a series of transactions that began earlier in the year and included, among other things, an exchange offer to realign SAE’s capital structure, the upsizing of SAE’s credit facility and the acquisition of assets from Geokinetics, Inc.
Sarah Schultz, a partner in Akin Gump’s financial restructuring practice, led the team advising SAE. She was joined by oil and gas partners Eric Muñoz, Chip Cowell and Patrick Hurley, counsel Christopher Centrich, and associates Matthew Turner, Kathlyn Mickan and Jiha Ko.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
# # #
