GEOSPACE TECHNOLOGIES CORP (GEOS): debt financing — Geospace Technologies enters $25M revolving credit facility with Woodforest National Bank

GEOSPACE TECHNOLOGIES CORP

$25M revolving credit facility for three years, secured by substantially all assets.
Interest at SOFR + 2.75% or ABR + 2.75% per annum; monthly interest payments.
Financial covenants: min tangible net worth $85M, min liquidity $10M, asset coverage ratio 2.00:1.00.
Springing interest coverage ratio of 1.50:1.00 tested when facility drawn or LC exposure >$1M.
Borrowers include Geospace, GTC Inc., Aquana LLC, Quantum Technology Sciences, GeoVox Security.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

GEOSPACE TECHNOLOGIES CORP incurred revolving credit of $25 million with Woodforest National Bank at 30 Day Term SOFR plus a margin equal to 2.75% per annum or an Alternate Base Rat maturing three-year term.

Instrument: revolving credit
Principal: $25 million
Counterparty: Woodforest National Bank
Rate: 30 Day Term SOFR plus a margin equal to 2.75% per annum or an Alternate Base Rat
Maturity: three-year term
Event: incurrence

Exact text from the filing

July 26, 2023, between the Company and Woodforest National Bank. The Agreement is for a three-year term and provides a revolving credit facility with a maximum availability of $25 million. Interest shall accrue on outstanding borrowings at a rate equal to, at the Company’s option, (a) 30 Day Term SOFR plus a margin equal to 2.75% per annum or (b) an Alternate Base

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Source: SEC EDGAR

accession 0001001115-25-000003

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