CGGVeritas hits high yield CB sweetspot

CGGVeritas, the French seismic surveying firm, hit a sweet spot in the equity-linked market on Tuesday, raising €315m with a €45m greenshoe in a deal that was priced with one of the highest implied volatilities of 2012. The issuer’s double-B ratings, well-received use of funds and French base helped it to a multiple times oversubscribed book.

  • 16 Nov 2012
CGG was selling the CBs to take out part of a €700m bridge loan that it put in place in September to fund an acquisition. The joint bookrunners — also its advisors and its lending banks which waived their lock-up from a €414m M&A rights issue for the ...

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All International Bonds

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5 SG Corporate & Investment Banking 11,443.33 58 4.67%

Bookrunners of all EMEA ECM Issuance

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4 UBS 4,134.32 20 6.92%
5 Citi 4,039.74 28 6.76%