Compagnie Generale de Geophysique holders OK conversion incentive for 7.75% bonds due 2012

By Jennifer Chiou

New York, April 5 - Compagnie Generale de Geophysique announced that bondholders approved an offer to encourage conversion of its remaining 7.75% convertible bonds due 2012.

Noteholders have the option to convert their securities on May 12 and also receive a cash payment of $819.45, which corresponds to 13.5% of the nominal value of each bond.

Compagnie Generale de Geophysique said it will pay a maximum incentive of $2.069 million for the remaining 2,525 or $15.33 million of bonds.

On Nov. 21, the company converted 11,475 or nearly 82% of its $84.98 million of 7.75% convertibles and, as a result, issued 1,147,500 new shares.

The company issued $84.98 million of the securities on Sept. 2, 2004 with a conversion price of €50.25 or $60.70.

Paris-based Compagnie Generale de Geophysique provides geophysical services to the petroleum industry. The company's stock closed at $28.79 on Tuesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.