3-D Geophysical Inc. Announces $30 Million Credit Facility.LITTLETON, Colo.--(BUSINESS WIRE)--Nov. 19, 1997--3-D Geophysical Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TDGO) today announced that it has entered into a $30 million credit facility with Sanwa Business Credit Corp. ("Sanwa"). With this credit facility, the company expects to be able to finance the continued growth of the company, particularly in Canada, Alaska and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . At Oct. 31, 1997, the company's backlog was approximately $88 million, including approximately $64 million that is expected to be completed in the next 12 months. Under the loan agreement, Sanwa has provided the company with a $10 million five-year term loan, a $10 million credit line to be used to finance capital expenditures and a $10 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. line for five years. The interest rates are prime rate plus .5% or LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 2.75% for the revolving credit line and prime rate plus 1% or LIBOR plus 3.5% for the term loan and capital expenditures credit line (in each case, at the company's election). All of the assets of the company and its operating subsidiaries and the stock of the operating subsidiaries have been pledged to secure the credit agreement. Funding of the facility occurred on Nov. 18, 1997 with $10.1 million used to repay the company's outstanding debt to Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, N.A. under its existing credit facility, which is being terminated. The company also repaid loans in the aggregate of $850,000.00 plus interest to five persons including Joel Friedman, chairman of the board; Ralph M. Bahna, a director; Wayne P. Widynowski, executive vice president and director; and Ronald Koons, vice president and chief financial officer. Headquarters in Littleton, 3-D Geophysical is a leading provider of land-based seismic data acquisition services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Mexico. CONTACT: 3-D Geophysical Inc., Littleton Ronald L. Koons, 303/645-0549 |
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