CGG : announces a successful offering of its $300 million and €280 million First Lien Senior Secured Notes
13 Avril 2018 - 6:24PM
CGG announces a successful offering of its
$300 million and €280 million First Lien Senior Secured
Notes
Paris, France - April 13, 2018
CGG S.A. announces today that CGG Holding (U.S.)
Inc., a wholly-owned indirect subsidiary of CGG S.A., has
successfully priced an offering of $300 million in aggregate
principal amount of 9.000% first lien senior secured notes due 2023
and €280 million in aggregate principal amount of 7.875% first lien
senior secured notes due 2023. The notes will be issued at par. The
notes are expected to be issued on April 24, 2018.
CGG Holding (U.S.) Inc. intends to use the net
proceeds from this offering, together with cash on hand, to redeem
in full in accordance with their terms the entire outstanding
principal amount of the existing first lien senior secured notes
due 2023, issued in a principal amount of $663.6 million on
February 21, 2018 (the "Existing First Lien Notes").
These new first lien senior secured notes
represent a total principal amount of $645m (using yesterday's €/$
ECB reference rate of $1.2323 per €1) at a weighted average coupon
of 8.40%. The refinancing of the Existing First Lien Notes by May
21, 2018 allows the CGG group to save the 3% rollover fee
(representing approximately $20 million), reduces the group's
interest cost compared to the Existing First Lien Notes (which bear
cash interest at a rate equal to three-month LIBOR plus 6.50% per
annum and interest paid-in-kind at 2.05% per annum) and provides a
shorter non call period (April 2020 under the new first lien notes
versus February 2021 under the Existing First Lien Notes).
The Existing First Lien Notes are expected to
have a redemption date of May 6, 2018, conditional on the issuance
of the new first lien senior secured notes. Because the redemption
date is not a Business Day (as such term is defined in the
indenture governing the Existing First Lien Notes), the redemption
price of, and accrued interest on, the Existing First Lien Notes
are expected to be paid to the holders thereof on May 9, 2018, the
next succeeding Business Day following the redemption date.
About CGG
CGG (www.cgg.com) is a fully integrated
Geoscience company providing leading geological, geophysical and
reservoir capabilities to its broad base of customers primarily
from the global oil and gas industry. Through its three
complementary businesses of Equipment, Acquisition and Geology,
Geophysics & Reservoir (GGR), CGG brings value across all
aspects of natural resource exploration and exploitation. CGG
employs more than 5,300 people around the world, all with a Passion
for Geoscience and working together to deliver the best solutions
to its customers.
CGG is listed on the Euronext Paris SA (ISIN:
0013181864) and the New York Stock Exchange (in the form of
American Depositary Shares. NYSE: CGG).
Contacts
Group
Communications Christophe BarniniTel: + 33 1 64 47 38
11E-Mail: : invrelparis@cgg.com |
Investor RelationsCatherine LeveauTel: +33 1 64 47 34
89E-mail: : invrelparis@cgg.com |
This press release does not constitute an offer
to sell or the solicitation of an offer to buy securities. There
will not be any sale of these securities in any such state or
country in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any state or country.
The securities referred to herein have not been
and will not be registered under the US Securities Act of 1933, as
amended (the "Securities Act") and may not be offered or sold in
the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act. There
will be no offering of securities to the public in France or the
United States.
This announcement is not being distributed by,
nor has it been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 as amended (the "FSMA") by,
a person authorized under the FSMA. This announcement is only being
distributed to and is only directed at persons who: (i) are outside
the United Kingdom; (ii) have professional experience in matters
relating to investments (being investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Financial
Promotion Order")); (iii) fall within Article 49(2)(a) to (d)
("high net worth companies, unincorporated associations, etc.") of
the Financial Promotion Order or (iv) to the extent that doing so
does not prejudice the lawful distribution of the announcement to
the foregoing, are persons to whom an invitation or inducement to
engage in investment activity (within the meaning of section 21 of
the FSMA) in connection with the issue or sale of any securities
may otherwise lawfully be communicated or caused to be communicated
(all such persons together being referred to as "relevant
persons"). This announcement must not be acted or relied upon by
persons who are not relevant persons. Any investment or investment
activity to which this announcement relates is available only to
relevant persons and will be engaged in only with relevant
persons.
This press release may include projections and
other "forward-looking" statements within the meaning of the
federal securities laws. Any such projections or statements reflect
the current views of CGG about future events and financial
performance. No assurances can be given that such events or
performance will occur as projected and actual results may differ
materially from these projections.
- Press release pdf version.pdf
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