Compagnie Generale de Geophysique converts about 82% of 7.75% bonds due 2012

By Jennifer Chiou

New York, Nov. 21 - Compagnie Generale de Geophysique said it converted 11,475 or nearly 82% of its $84.98 million of 7.75% convertible bonds due 2012 and, as a result, issued 1,147,500 new shares.

The early conversion period was Nov. 17 to 18.

On Nov. 2, the company's bondholders approved an amendment to the terms of the convertibles. Its shareholders approved the amendment Nov. 16.

The company, which issued $84.98 million of the securities on Sept. 2, 2004 with a conversion price of €50.25 or $60.70, noted 2,525 convertible bonds remain outstanding, or $15.33 million.

Paris-based Compagnie Generale de Geophysique provides geophysical services to the petroleum industry. The company's stock closed up $0.25 at $17.52 on Nov. 17.

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