CGG to redeem all €6.66 million of convertibles and/or exchangeables

By Tali Rackner

Norfolk, Va., May 20 - CGG SA exercised its option to redeem all €6.66 million of its outstanding bonds convertible and/or exchangeable for new or existing CGG shares (Oceanes) due Jan. 1, 2016, according to a notice.

The convertibles will be redeemed at €27.80 per Oceane plus accrued interest of €0.225256, for a total amount of €28.025256 per Oceane, on June 19.

The Oceanes will be convertible into one CGG share each until June 10.

As of May 5, there were 239,659 Oceanes outstanding.

CGG is a Paris-based company providing geological, geophysical and reservoir capabilities to customers primarily from the global oil and gas industry.

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