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October 26, 2009 (FinancialWire) -- ION Geophysical Corp. (NYSE: IO | Quote | Chart | News | PowerRating) and BGP Inc., a Chinese geophysical firm, have signed a term sheet to create a joint venture that will provide land seismic products worldwide.
Houston-based ION said it will "significantly enhance" its financial position through total cash proceeds of $175 million from BGP. BGP will receive a 51 percent interest in the joint venture and a roughly 16.66 percent interest in ION.
Prior to the joint venture closing, ION will also receive up to $40 million of bridge financing arranged by BGP. At the transaction's closing, ION will refinance and reduce its long-term debt, and receive an expanded replacement revolving line of credit.
After closing ION expects to have over $100 million in liquidity from cash and spare capacity on its revolving line of credit.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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