Key Developments: Mitcham Industries Inc (MIND.O)
15.69USD
17 May 2013
$0.57 (+3.77%)
$15.12
$15.10
$15.71
$15.10
48,594
64,312
$19.83
$11.51
Latest Key Developments (Source: Significant Developments)
Mitcham Industries Inc Announces Expansion Of Credit Facility
Mitcham Industries Inc announced that it has entered into an amended revolving credit agreement with First Victoria National Bank. The amended revolving credit facility provides for total borrowings of up to $50 million on a revolving basis through August 31, 2015, an increase from the $35 million previously available. Borrowings under the Amended Facility bear interest, payable monthly, at the prime rate, subject to a floor of 3.25%. Up to $10.0 million of the Amended Facility may be used to secure letters of credit. Under the Amended Facility, the Company may incur up to $10.0 million of additional debt without the prior consent of the Bank, including guaranties of subsidiary debt of up to $5.0 million. Other material terms of the Amended Facility are essentially unchanged from the previous $35.0 million facility. Borrowings under the Amended Facility are secured by substantially all of the Company's domestic assets and are subject to a borrowing base computed based upon the Company's domestic lease pool and certain accounts receivable. At any time prior to maturity, the Company may convert any outstanding balances under the Amended Facility into a series of term notes with monthly amortization over 48 months. Full Article
Mitcham Industries Inc Establishes New Facility in Budapest-China Weekly News
China Weekly News reported that Mitcham Industries Inc has opened a new warehouse, logistics and repair facility in Budapest, Hungary. The new facility will be similar to the ones the Company has in Russia, Peru and Colombia. Further details were not disclosed. Full Article
Mitcham Industries, Inc. Prices Public Offering Of Common Stock
Mitcham Industries, Inc. announced that it has priced an underwritten public offering of 2,000,000 shares of its common stock at a price to the public of $14.50 per share, for gross proceeds of approximately $29.0 million. The net proceeds to Mitcham from this offering are expected to be approximately $27.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Mitcham has granted the underwriters a 30-day option to purchase up to 300,000 shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about June 22, 2011, subject to customary closing conditions. Mitcham intends to use the net proceeds from this offering to repay borrowings under its revolving credit facility, to purchase seismic lease pool equipment and for general corporate purposes. Global Hunter Securities, LLC is acting as sole book-running manager. Full Article
Mitcham Industries, Inc. Prices Public Offering Of Common Stock
Mitcham Industries, Inc. announced that it has priced an underwritten public offering of 2,000,000 shares of its common stock at a price to the public of $14.50 per share, for gross proceeds of approximately $29.0 million. The net proceeds to Mitcham from this offering are expected to be approximately $27.1 million, after deducting underwriting discounts and commissions and other estimated offering expenses. Mitcham has granted the underwriters a 30-day option to purchase up to 300,000 shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about June 22, 2011, subject to customary closing conditions. Mitcham intends to use the net proceeds from this offering to repay borrowings under its revolving credit facility, to purchase seismic lease pool equipment and for general corporate purposes. Global Hunter Securities, LLC is acting as sole book-running manager, and Ladenburg Thalmann & Co. Inc. is acting as the co-manager in this offering. Full Article
Mitcham Industries, Inc. Announces Public Offering of Common Stock
Mitcham Industries, Inc. announced that it is offering to sell shares of its common stock in an underwritten public offering. Mitcham also expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Mitcham intends to use the net proceeds from this offering to repay borrowings under its revolving credit facility, to purchase seismic lease pool equipment and for general corporate purposes. Global Hunter Securities, LLC is acting as sole book-running manager, and Ladenburg Thalman & Co, Inc. is acting as the co-manager in this offering. Full Article
BRIEF-Mitcham Industries shares down 20.2 pct after the bell FOLLOWING RESULTS
NEW YORK, Dec 4 - Mitcham Industries Inc : * Shares were down 20.2 percent after the bell following the release of its results.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
