DAWSON GEOPHYSICAL COMPANY (NASDAQ:DWSN) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01. Entry Into Material Definitive
Agreements.

Amendment to Credit Facility

On June30, 2017, Dawson Geophysical Company (the Company) entered
into an amendment (the Amendment) to the Amended and Restated
Loan and Security Agreement (as amended, the Amended Loan
Agreement) for the purpose of amending and extending the Companys
line of credit with its lender, Sovereign Bank, a Texas state
bank (Sovereign Bank). The Amended Loan Agreement continues to
provide for a revolving credit facility (the Revolving Credit
Facility) in an amount up to the lesser of (i)$20,000,000 or
(ii)a sum equal to (a)80% of the Companys eligible accounts
receivable (less the outstanding principal balance of term loans
and letters of credit under the Amended Loan Agreement) and
(b)the lesser of (i)50% of the value of certain of the Companys
core equipment or (ii)$12,500,000. The Revolving Credit Facility
now matures on June30, 2018, which date was extended in the
Amended Loan Agreement from a previous maturity of June30, 2017.
As of this date, the Company has not borrowed any amounts under
the Revolving Credit Facility.

The Company continues to be obligated to meet quarterly certain
financial covenants, including maintaining a minimum tangible net
worth. The Amended Loan Agreement now provides that the Company
will maintain a required tangible net worth of not less than
$125,000,000. The remaining terms and conditions of the Amended
Loan Agreement generally continue in the form existing prior to
the Amendment.

Additionally, on November23, 2016, the Company entered into a
Twelfth Amendment to the Amended and Restated Loan and Security
Agreement with Sovereign Bank (the Twelfth Amendment). The
Twelfth Amendment clarified the date of issuance of a letter of
credit issued by Sovereign Bank at the Companys request and
amended the interest rate terms and the payment schedule thereof.
A copy of the Twelfth Amendment is attached hereto as
Exhibit10.2.

The foregoing descriptions of each of the Amendment and the
Twelfth Amendment are qualified in their entirety by reference to
the full text of the Amendment and the Twelfth Amendment, which
are filed as Exhibit10.1 and Exhibit10.2, respectively, to this
Current Report and are incorporated by reference herein.

Item 2.03. Creation of Direct Financial
Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.

The information provided in item 1.01 of this Current Report on
Form8-K is incorporated herein by reference.

Item 9.01. Financial Statements and
Exhibits.

(d) Exhibits.

DAWSON GEOPHYSICAL CO Exhibit
EX-10.1 2 a17-15169_1ex10d1.htm EX-10.1 Exhibit 10.1   SOVEREIGN BANK — LOAN NO. 1703864   THIRTEENTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT   THIS THIRTEENTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) dated as of JUNE 30,…
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About DAWSON GEOPHYSICAL COMPANY (NASDAQ:DWSN)

Dawson Geophysical Company, formerly TGC Industries, Inc., is a provider of onshore seismic data acquisition and processing services with operations throughout the United States and Canada. The Company acquires and processes two-dimensional (2-D), three-dimensional (3-D) and multi-component seismic data for its clients, ranging from oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries. It operates through contract seismic data acquisition and processing services segment. It operates approximately 10 seismic crews, consisting of over eight crews in the United States and approximately two crews in Canada, and a seismic data processing center. It owns equipment for over 20 land-based seismic data acquisition crews, approximately 220 vibrator energy source units, over 248,000 recording channels and approximately 20 central recording systems.