CGG
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LAUNCHES SENIOR SECURED NOTES OFFERING
* SENIOR SECURED NOTES DUE 2027 DENOMINATED IN BOTH U.S.
DOLLARS
AND EUROS IN AN AGGREGATE PRINCIPAL AMOUNT EQUIVALENT TO
APPROXIMATELY US$1,200,000,000
* HAS ALSO SIGNED COMMITMENTS FOR A US$100,000,000 REVOLVING
CREDIT FACILITY
* TO USE PROCEEDS TO REPURCHASE ANY AND ALL OF ITS FIRST
LIEN
SENIOR SECURED NOTES DUE 2023 ISSUED IN A PRINCIPAL AMOUNT OF
US$300,000,000 AND EUR 280,000,000
* TO USE PROCEEDS TO REDEEM EXISTING FIRST LIEN NOTES THAT
ARE NOT
REPURCHASED IN TENDER OFFER; REDEEM IN FULL SECOND LIEN SENIOR
SECURED NOTES DUE 2024
CGG announced today that CGG S.A., the parent company of the CGG group,
launched an offering (the “Offering”) of senior secured notes due 2027
denominated in both U.S. dollars and euros in an aggregate principal amount
equivalent to approximately US$1,200,000,000 (the “Notes”). The Notes will
be guaranteed on a senior secured basis by certain subsidiaries of CGG S.A.
CGG S.A. has also signed commitments for a US$100,000,000 revolving credit
facility (RCF) secured on the same collateral as the Notes on a super senior
basis with pricing linked in part to greenhouse gas emission reduction
targets.
CGG S.A. intends to use the net proceeds from the Offering, together with cash
on hand, to:
* repurchase, by way of a tender offer (the “Tender Offer”) by CGG Holding
(U.S.) Inc., any and all of its first lien senior secured notes due 2023
issued in a principal amount of US$300,000,000 and €280,000,000 (the
“Existing First Lien Notes”);
* satisfy and discharge and subsequently redeem the Existing First Lien Notes
that are not repurchased in the Tender Offer; and
* satisfy and discharge and subsequently redeem in full the second lien senior
secured notes due 2024 issued by CGG S.A. in a principal amount of
US$355,141,000 and €80,372,000 (the “Existing Second Lien Notes”).
The Tender Offer, which launched today, is conditional on completion of the
Offering and certain other conditions. CGG Holding (U.S.) Inc. and CGG S.A.
issued redemption notices today for the Existing First Lien Notes and the
Existing Second Lien Notes, respectively, conditional on completion of the
Offering.
