CGG to repurchase, redeem four series of notes

By Taylor Fox

New York, March 15 – CGG SA plans to repurchase any and all of its first-lien senior secured notes due 2023 issued in a principal amount of $300 million and €280 million using proceeds from its offering of senior notes due 2027 by way of a tender offer, according to a news release.

The proceeds will also redeem the existing notes not repurchased through the tender offer.

Any notes outstanding on May 1, after the tender offer, will be redeemed at 102.25 for the dollar notes (ISINs: US12532MAA18 and USU15826AB34) and 101.9688 for the euro notes (ISINs: XS1713465844 and XS1713465760).

The proceeds will also redeem in full the second-lien senior secured notes due 2024 issued by CGG in a principal amount of $355,141,000 and €80,372,000.

The second-lien notes (ISINs: XS1768717768, XS1768717412 and XS1768718063) will be redeemed at par on April 14. The issuer lists $457,072,898.67 as the nominal amount to be redeemed.

The euro notes will also be redeemed at par on April 14 (ISINs: XS1768719467 and XS1768718733). The issuer lists €103,440,225.36 as the nominal amount prior to redemption. The notes will be redeemed in full and there will be no notes remaining after the redemption.

CGG is a Paris-based manufacturer of seismic equipment and a provider of geoscience services.

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