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CGG Launches Senior Secured Notes Offering

Paris, France | Mar 15, 2021

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.

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