CGG sells €400m high yield bond to repay convertible
CGG sold its first high yield bond in euros on Wednesday. The French geosciences business, formerly CGGVeritas, increased its deal from €360m to €400m and priced it inside guidance with a 5.875% coupon.
The Ba3/BB+ rated senior unsecured six year notes are callable at three years at a premium of 50% of the coupon.
“It’s gone very well,” said a banker close to the deal. “It was a great way for CGG to diversify the investor base [away from dollars and convertibles].”...