CGG Holding readies launch of $350 million term loan for Wednesday

By Sara Rosenberg

New York, June 22 – CGG Holding (U.S.) Inc. is set to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $350 million six-year senior secured term loan, according to a market source.

Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp. and RBC Capital Markets are the leads on the deal.

The term loan is talked with a 1% Libor floor and 101 soft call protection for one year, the source said.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.

Commitments are due on July 10, the source added.

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

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