Geospace Technologies Corporation filed an 8-K on November 3, 2026, disclosing that on October 29, 2026, it entered into a new Revolving Loan and Security Agreement with Amerisource Funding, Inc. and simultaneously terminated its existing credit agreement with Woodforest National Bank.

Key Highlights

  • New revolving facility: The Amerisource agreement provides a maximum availability of $25 million, subject to a borrowing base, for a three-year term.
  • Refinancing of prior balance: The company had a $7.5 million outstanding loan balance under the Woodforest Credit Agreement that was refinanced with borrowings under the new agreement at closing.
  • Interest rate: Interest accrues on outstanding borrowings at the prime rate plus 3.5% per annum, with monthly interest payments required.
  • Fees and covenant: The agreement includes a 1.00% annual commitment fee, a 0.25% non-usage fee, early termination fees of up to 3.00% of the total credit facility, and a minimum tangible net worth covenant of $65.0 million.
  • Default rate: Upon an event of default, outstanding obligations bear interest at 18% per annum.
  • Woodforest agreement terminated: The company reported it did not incur any material early termination penalties in connection with terminating the Woodforest Credit Agreement, which had been scheduled to mature on August 29, 2028.

Geospace Technologies Enters Amerisource Credit Facility, Exits Woodforest Agreement

According to the filing, Geospace Technologies Corporation (NASDAQ:GEOS) and its subsidiary GTC, Inc. entered into a Revolving Loan and Security Agreement with Amerisource Funding, Inc. on October 29, 2026. The new facility carries a three-year term and provides a revolving credit facility with a maximum availability of $25 million, subject to a borrowing base. The agreement is secured by substantially all of the assets of the borrowers, except for certain excluded property, and is guaranteed by certain of the company's subsidiaries.

The company disclosed that proceeds from the new facility were used at closing to refinance a $7.5 million outstanding balance previously held under the First Amended and Restated Credit Agreement with Woodforest National Bank, dated August 29, 2025. In connection with entering into the Amerisource agreement, the company repaid all outstanding obligations under the Woodforest Credit Agreement and terminated it. The filing states that "the Company did not incur any material early termination penalties in connection with the termination." The Woodforest facility had been scheduled to mature on August 29, 2028, and had provided a $25 million revolving credit facility including a letter of credit sublimit.

The Amerisource agreement contains customary events of default, according to the filing, "including non-payment, covenant breaches, cross-defaults to other obligations owed to Amerisource, bankruptcy, a change in control and a material adverse change, upon which the obligations may be accelerated." The minimum tangible net worth covenant is set at $65.0 million. The complete text of the agreement was filed as Exhibit 10.1 to the 8-K.

What Was Disclosed

Geospace Technologies disclosed the entry into a new $25 million revolving credit facility with Amerisource Funding, Inc. on October 29, 2026, which refinanced a $7.5 million Woodforest balance and terminated the prior credit agreement without material early termination penalties.