Mitcham Industries Inc. has repaid all its outstanding obligations under an amended revolving credit facility with HSBC Bank USA NA and canceled the credit agreement.

The agreement was originally for a $50.0 million, three-year revolving credit facility that matured Aug. 2, 2016. This facility was amended three times to reduce the amount to a $10.0 million revolving credit facility scheduled to mature Aug. 17, 2017.

No material early termination penalties were incurred related to the termination of the agreement.