Compagnie Generale de Geophysique converts rest of 7.75% bonds due 2012

By Jennifer Chiou

New York, May 15 - Compagnie Generale de Geophysique announced the conversion of the remaining $85 million of its 7.75% convertible bonds due 2012.

It issued 274,914 shares in exchange for the 2,525 bonds.

The early conversion period was open on May 12.

At a May 11 meeting, shareholders approved an offer to encourage conversion of the company's bonds. On April 5, bondholders had approved the offer.

Noteholders had the option to convert their securities 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 had said it would 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.

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