CGG sells €400m high yield bond to repay convertible

By Stefanie Linhardt
16 Apr 2014

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].”

...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial