By Rebecca Melvin
New York, Nov. 13 - CGGVeritas priced about €315 million of six-year bonds convertible into and/or exchangeable for new or existing shares on Tuesday to yield 1.25% with an initial conversion premium of 40%, according to a news release.
The Regulation S bonds in the Oceanes structure priced at the rich end of talk, which was for a 1.25% to 1.75% yield and 32% to 40% premium.
The Oceanes have a €45 million greenshoe and are expected to settle Nov. 20.
The bookrunners are BNP Paribas, Bank of America Merrill Lynch, Credit Suisse and Societe Generale.
Proceeds will be used to finance a portion of the €1.2 billion acquisition of Fugro's Geoscience Division under a Sept. 24 sale and purchase agreement.
Application is being made to list the bonds on NYSE Euronext Paris.
Paris-based CGGVeritas is a geophysical services company.
| Issuer: | CGGVeritas
|
| Issue: | Exchangeable bonds
|
| Amount: | €315 million
|
| Greenshoe: | €45 million
|
| Maturity: | Jan. 19, 2019
|
| Bookrunners: | BNP Paribas, Bank of America Merrill Lynch, Credit Suisse, Societe Generale
|
| Coupon: | 1.25%
|
| Price: | Par, €32.14
|
| Yield: | 1.25%
|
| Conversion premium: | 40%
|
| Conversion price: | €32.14
|
| Price talk: | 1.25%-1.75%, up 32%-40%
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 20
|
| Distribution: | Regulation S
|
| Stock listing: | NYSE: ADS: CGV
|
| Stock price: | €30.20 at close Nov. 12
|
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