CGG gives results of tender offer for 9%, 7 7/8% notes due 2023

By Rebecca Melvin

Concord, N.H., March 30 – CGG SA’s CGG Holding (U.S.) Inc. gave the results of its tender offer for any and all $300 million outstanding 9% senior secured notes due 2023 (ISINs: US12532MAA18 and USU15826AB34) and €280 million outstanding 7 7/8% senior secured notes due 2023 (ISINs: XS1713465844 and XS1713465760), according to an announcement.

As of the offer’s expiry at 5 p.m. ET on March 29, there were $40,784,000 of the dollar notes validly tendered and not withdrawn. The notes are being purchased at a price of $1,027.00 per $1,000 principal amount of notes plus accrued interest.

And there were €74,595,000 of the 7 7/8% senior secured notes validly tendered and not withdraw that are being purchased for €1,023.63 per €1,000 principal amount plus interest.

The settlement date is April 1. The notes that are not repurchased in the tender offer will be subsequently redeemed on May 1 at a redemption price of 102.25 plus accrued and unpaid interest for the dollar notes and 101.9688 plus interest for the euro notes.

The joint dealer managers for the offers were Goldman Sachs Bank Europe SE (+44 49 69 7532 1615, lisabilitymanagement.eu@gs.com) and Morgan Stanley & Co. LLC (800 624-1808, 212 761-1057, liabilitymanagementeurope@morganstanley.com).

The information and tender agent was Lucid Issuer Services Ltd. (+44 20 7704 0880, cgg@lucid-is.com, www.lucid-is.com/cgg).

CGG is a Paris-based maker of seismic equipment and provides geoscience services.

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