Ion amends revolver, allowing for certain intercompany debt

By Sara Rosenberg

New York, Feb. 27 - Ion Geophysical Corp. amended its revolving credit facility, allowing for certain intercompany debt of up to $150 million during 2008 and $135 million thereafter, according to a 10-K filed with the Securities and Exchange Commission Wednesday.

Also under the amendment, the company can't exceed a minimum domestic fixed-charge coverage ratio of 1.5 to 1.0, can't exceed a maximum domestic leverage ratio of 1.5 to 1.0, and can't let the ratio of the book value of total receivables, cash, permitted investments, inventory and equipment to the total revolver commitments to be less than 1.75 to 1.0.

The amendment was completed on Feb. 26.

Ion is a Houston-based provider of seismic products and services primarily to the oil and natural gas industry.

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