GEOS: Geospace Technologies Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
Refinanced $7.5M Woodforest loan with $25M three-year revolver from Amerisource at prime+3.5%, with $65M tangible net worth covenant.
What this filing says
Geospace signed a three-year revolving credit facility with Amerisource Funding of up to $25 million, subject to a borrowing base, and used it to refinance the $7.5 million then owed under its Woodforest credit agreement. For a shareholder, the key points are the higher borrowing capacity alongside tighter terms, including a $65.0 million minimum tangible net worth covenant, a change-in-control default and a default interest rate of 18%.
Key figures
- Revolving facility maximum
- $25 million
- Refinanced Woodforest balance
- $7.5 million
- Minimum tangible net worth covenant
- $65.0 million
- Interest rate spread
- prime rate plus 3.5% per annum
- Default interest rate
- 18% per annum
- Early termination fee
- up to 3.00% of the total credit facility
Positive for shareholders
- The facility's maximum availability of $25 million gives the company more borrowing capacity than the $7.5 million it refinanced.
Negative for shareholders
- Borrowings are secured by substantially all assets of the borrowers, excluding certain excluded property.
- Interest accrues at prime plus 3.5%, and a default rate of 18% applies if an event of default occurs.
- The agreement requires a minimum tangible net worth of $65.0 million and includes a material adverse change default and a change-in-control default.
- Fees include a 1.00% annual commitment fee, a 0.25% non-usage fee and early termination fees of up to 3.00%.
Written by Quantisnow AI from this filing. Not financial advice.
Key terms
- Revolving credit facility:
- A loan arrangement where the borrower can repeatedly draw, repay and redraw funds up to a set maximum.
- Borrowing base:
- A limit on how much a company can borrow, tied to the value of assets pledged as collateral.
- Tangible net worth:
- A company's equity minus intangible assets such as goodwill, used as a lender's measure of financial strength.
- Cross-default:
- A clause that makes a default on one loan trigger a default on other loans with the same lender.
FAQ
How much can Geospace Technologies borrow under the new Amerisource agreement?
The revolving credit facility provides a maximum availability of $25 million, subject to a borrowing base.
What loan was refinanced by the Amerisource agreement?
The Company had a $7.5 million outstanding balance under its Woodforest credit agreement, which was refinanced with borrowings under the Amerisource agreement at closing.
Historical context for GEOS
Across the 10 sessions after earlier GEOS headlines, the stock closed higher 1 times and lower 9 times, with a median move of 6.8% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | GEOS | SPY |
|---|---|---|---|
| Aug 19, 2026 | Geospace Supports Faraday’s Rapid Seismic Fleet Expansion With 4,000-Node Pioneer Order | -7.1% | +0.2% |
| Aug 7, 2026 | Geospace Technologies Reports Third Quarter and Nine-Months 2026 Results | -14.2% | +0.6% |
| Jul 31, 2026 | Geospace Technologies Subsidiary Quantum Lands $10.8 Million Sole Source Federal Contract | +1.5% | +0.7% |
| Jul 24, 2026 | Geospace Technologies Schedules Third Quarter 2026 Earnings Call | -0.6% | +0.1% |
| May 8, 2026 | Geospace Technologies Reports Second Quarter and Six-Months 2026 Results | -1.2% | +0.8% |
| Apr 29, 2026 | Geospace Technologies Schedules Second Quarter 2026 Earnings Call | -5.3% | -0.0% |
- Market cap
- 30-day
- Sector
- Industrials
- Industry
- Industrial Machinery/Components
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