Files An 8-K entry into a Material Definitive Agreement
On September8, 2017, SAExploration Holdings, Inc., as borrower (the“Company”), each of the Company’s domestic subsidiaries, as guarantors (the“Guarantors”), Delaware Trust Company, as collateral agent and administrative agent (the“Term Loan Agent”), and the lenders from time to time party thereto (the“Lenders”) entered into a second amendment (“Amendment No.2”), to the Term Loan and Security Agreement, dated as of June29, 2016, among the Company, the Guarantors, the Term Loan Agent and the Lenders (as amended by that certain Amendment No.1 to Term Loan and Security Agreement, dated as of October24, 2016, the“Term Loan”).
Amendment No.2, among other things, modifies the Term Loan to (i)extend the maturity date for the term loans held by consenting lenders (“Extended Loans”) to January2, 2020 (subject to an earlier maturity date of January2, 2019 if certain indebtedness remains outstanding at such time); (ii)increase the interest rate for the Extended Loans to 10.5%per annum for the period beginning on September8, 2017 to, but not including, February8, 2018, 11.5%per annum for the succeeding six-month period beginning on February8, 2018 to, but not including, August8, 2018 and 12.5%per annum for the period beginning on August8, 2018 and thereafter; (iii)subject to certain conditions, provide for a mandatory prepayment with the proceeds from any Alaska tax credit; and (iv)provide for a call premium with respect to certain prepayments.
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