S&P gives B to CGG notes

S&P said it assigned its B issue rating to CGG's proposed $650 million first-lien senior secured notes due in 2023. The recovery rating is 2, indicating an expectation of about 85% recovery in the event of a default.

“We understand that the issuance proceeds, along with a small amount of cash on the balance sheet, will be used to repay the outstanding $664 million bond due 2023,” S&P said in a news release.

The notes will be issued by CGG Holding (U.S.) Inc., CGG's wholly owned subsidiary, and guaranteed by CGG and certain of its subsidiaries.

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