By Paul A. Harris
Portland, Ore., March 18 – Paris-based geoscience services provider CGG SA priced $1.2 billion equivalent of six-year senior secured notes (B3/CCC+/B) in two tranches on Thursday, according to market sources.
A $500 million tranche priced at par to yield 8¾%. Initial guidance was in the 9% area.
A €585 million tranche priced at par to yield 7¾%. Initial guidance was in the 8% area.
The physical bookrunners were Goldman Sachs Bank Europe SE and Morgan Stanley. Passive bookrunners were Barclays and JPMorgan.
CGG plans to use the proceeds to refinance existing first-lien and second-lien notes.
| Issuer: | CGG SA
|
| Amount: | $1.2 billion equivalent
|
| Tenor: | Six years
|
| Call protection: | Three years
|
| Securities: | Senior secured notes
|
| Physical bookrunners: | Goldman Sachs Bank Europe SE and Morgan Stanley
|
| Passive bookrunners: | Barclays and JPMorgan
|
| Trade date: | March 18
|
| Ratings: | Moody's: B3
|
| S&P: CCC+
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Dollar notes
|
| Amount: | $500 million
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Bill and deliver: | Morgan Stanley
|
| Guidance: | 9% area
|
|
|
| Euro notes
|
| Amount: | €585 million
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Bill and deliver: | Goldman Sachs
|
| Guidance: | 8% area
|
|
|
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