CGG agrees to buy back 81.4% of Oceanes using note proceeds

By Jennifer Chiou

New York, April 16 - CGG announced that it has agreed to repurchase 81.4% of its Oceanes due Jan. 1, 2016 with proceeds from a roughly €400 million offering of senior notes.

According to a company press release, the company will buy back 10,538,764 of the convertible bonds at €28.60 each, including accrued interest.

As reported, Societe Generale Corporate and Investment Banking, as global coordinator and dealer manager, and dealer managers HSBC, Credit Agricole CIB and Natixis conducted a reverse bookbuilding process to collect indications of interest from holders to sell their Oceanes.

Settlement is anticipated for April 24.

The company will now launch a repurchase offer in France via Societe Generale for five trading days running from April 25 to May 2.

CGG is a Paris-based company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry.

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