CGG : announces a successful offering of its $300 million and €280 million First Lien Senior Secured Notes
13 Avril 2018 - 6:23PM
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 Barnini
Tel: + 33 1 64 47 38 11
E-Mail: : invrelparis@cgg.com
|
Investor Relations
Catherine Leveau
Tel: +33 1 64 47 34 89
E-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
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: CGG via Globenewswire
CGG (EU:CGG)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
CGG (EU:CGG)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024