Moody’s drops CGG loans, rates loan B1

Moody's Investors Service said it assigned a provisional B1 rating to CGG SA's envisaged issuance of up to $270 million of senior secured term loan due 2019 at CGG Holding (U.S.) Inc., a subsidiary of CGG.

Concurrently, the agency downgraded the ratings on the senior secured French revolving credit facility and the senior secured U.S. revolving credit facility issued by CGG and CGG Holding, respectively, to B1 from Ba3.

All ratings, including CGG's B3 corporate family rating, B3-PD probability of default rating and the Caa1 ratings on the senior notes, were placed under review for downgrade.

These actions were prompted by the exchange offer launched by CGG on Nov. 19 on all of the company's senior unsecured notes due 2017 and an aggregate amount of up to $135 million of senior unsecured notes due 2021 and/or senior unsecured notes due 2022 for a new senior secured term loan due 2019 (the new term loan) and cash.

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