By Rebecca Melvin
New York, Jan. 19 - Compagnie Generale de Geophysique - Veritas launched and priced Wednesday €315 million of five-year bonds convertible bonds in the Oceane structure at par to yield 1.75% with an initial conversion premium of 25%, according to a news release.
The Regulation S offering, for which there is a €45 million greenshoe, priced at the rich end of talk that was 1.75% to 2.25% for the coupon and 20% to 25% of the volume weighted average price of shares traded on the NYSE Euronext in Paris Wednesday.
The nominal and issue price was €27.80.
Bookrunners were BNP Paribas, Credit Suisse, Lazard-Natixis, and Societe Generale Corporate & Investment Banking.
Proceeds will be used to repay part of CGG Veritas' $530 million of 7.5% senior notes due May 2015.
The company will apply to list the bonds on Euronext Paris.
CGG Veritas is a Paris-based provider of geophysical equipment and services.
| Issuer: | Compagnie Generale de Geophysique - Veritas
|
| Issue: | Convertible bonds in Oceane structure
|
| Amount: | €315 million
|
| Greenshoe: | €45 million
|
| Maturity: | Jan. 27, 2016
|
| Bookrunners: | BNP Paribas, Credit Suisse, Lazard-Natixis, Societe Generale Corporate & Investment Banking
|
| Coupon: | 1.75%
|
| Price: | Par of €27.80
|
| Yield: | 1.75%
|
| Conversion premium: | 25%
|
| Price talk: | 1.75%-2.25%, up 20%-25%
|
| Pricing date: | Jan. 19
|
| Settlement date: | Jan. 27
|
| Distribution: | Regulation S
|
| Stock symbol: | France: GA; NYSE: CGV
|
| Stock price: | €21.78 at close Jan. 19
|
| Market capitalization: | €3.3 billion
|
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