GEOSPACE TECHNOLOGIES CORPORATION (NASDAQ:GEOS) Files An 8-K Entry into a Material Definitive Agreement

GEOSPACE TECHNOLOGIES CORPORATION (NASDAQ:GEOS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement

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On October25, 2017, Geospace Technologies Corporation (the “Company”) entered into a Fourth Amendment (the “Amendment”) amending its existing Loan Agreement dated September27, 2013, among the Company, certain domestic subsidiaries of the Company, as guarantors, and Frost Bank, as amended by that certain First Amendment to Loan Agreement dated December16, 2013, that certain Second Amendment to Loan Agreement dated May4, 2015, and that certain Third Amendment to Loan Agreement dated May7, 2017. The Amendment extended maturity of the Loan Agreement to April30, 2019. The Amendment also modified the borrowing base to be determined based upon certain of the Company’s assets which include (i) 80% of certain accounts receivable plus (ii)certain notes receivable (such result not to exceed $10 million) plus (iii) 25% of certain inventories (such result not to exceed $20 million) and requires the Company to maintain unencumbered liquid assets of $10million. The Amendment also removed a requirement that the Company maintain a financial ratio that compares certain of the Company’s assets to certain of its liabilities and imposed a new financial covenant that the Company maintain a minimum amount of certain liquid assets. Further, the Amendment prevents dividends or distributions by the Company without the prior written consent of the lender.

The above Amendment is qualified in its entirety by reference to the complete text of the Amendment filed as Exhibit 10.1 hereto, which is incorporated herein by reference.

Item 1.01. Financial Statements and Exhibits


GEOSPACE TECHNOLOGIES CORP Exhibit
EX-10.1 2 d483239dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 FOURTH AMENDMENT TO LOAN AGREEMENT This FOURTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is entered into on the 25th day of October 2017 (the “Effective Date”),…
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About GEOSPACE TECHNOLOGIES CORPORATION (NASDAQ:GEOS)

Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. The Company also designs and manufactures non-seismic products, including industrial products, offshore cables and imaging equipment. The Company operates through two segments: Seismic and Non-Seismic. The Company’s Seismic product segments include traditional exploration products, wireless exploration products and reservoir products. Its seismic product lines consist of land and marine nodal data acquisition systems, permanent land and seabed reservoir monitoring products and services, geophones and geophone strings, hydrophones, leader wire, connectors, telemetry cables, marine streamer retrieval and steering devices and various other products. The Company’s Non-Seismic product segments include imaging and industrial products.

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