Austin, May 9, 2013 (GLOBE NEWSWIRE) -- Westlake Securities, LLC, a Texas based middle-market investment bank, is pleased to announce it served as co-manager on ION Geophysical Corporation's (NYSE:IO) high yield bond offering which was priced yesterday.
The offering involves $175 million aggregate principal amount of its senior secured second lien notes due 2018. The notes will carry a coupon interest rate of 8.125%.
ION Geophysical intends to use the net proceeds from the offering to repay existing debt and for general corporate purposes, including for potential additional capital contributions to the Company's GeoRXT seabed seismic joint venture, thus improving its financial flexibility.
"We were pleased to be selected by ION to co-manage the offering," said Westlake Partner and Managing Director Randy Finch.
"Our involvement in this transaction reflects Westlake Securities' growing presence in the seismic sector specifically and the energy services industry in general.
"As one of the few firms in the middle market with an active capital markets group, we have a range of capabilities in serving publicly traded companies that most of our peers do not."
CONTACT: Randy Finch Managing Director Westlake Securities (512)314-0712 firstname.lastname@example.org
Source:Westlake Securities, LLC