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Mitcham Industries repays credit facility

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.