Mitcham Industries announced 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 million of the amended facility may be used to secure letters of credit. Under the amended facility, the company may incur up to $10 million of additional debt without the prior consent of the Bank, including guaranties of subsidiary debt of up to $5 million.

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.

Huntsville, TX-based Mitcham Industries, a geophysical equipment supplier, offers for lease or sale, new and “experienced” seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities.