France’s CGG issues $12.1 million 6˝% notes due 2021 in lieu of cash

By Susanna Moon

Chicago, March 14 – CGG SA said it issued $12.1 million principal amount of its 6˝% senior notes due 2021 to a charter counterparty to settle an agreement on a non-cash basis.

CGG and its Norwegian subsidiary Exploration Investment Resources II entered into an agreement to slash the cash burden of the charter agreement for the Oceanic Champion, an active seismic vessel, in exchange for the agreed settlement amount, according to a company announcement.

The agreement reflects “CGG's commitment to focus on strict cost and cash management and in line with the agreements announced on Jan. 23 regarding three vessels (involving the issuance of $58.6 million of senior notes),” the release noted.

CGG is a Paris-based manufacturer of seismic equipment and a provider of geoscience services.

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