CGGVeritas Announces the Launch of $300 Million Notes Offering
Paris, 1 June 2009
CGG (ISIN: 0000120164 – NYSE: CGV) announced today that it intends to pursue an offering of senior notes due 2016 in an aggregate principal amount of approximately $300 million in a private placement in the international capital markets. The notes will rank pari passu with the existing senior notes of CGG due 2015 and 2017.
The net proceeds of this offering will replace cash used to repay $100 million of our senior facilities on May 21, 2009 in connection with the amendment thereof, fund a further $83 million of scheduled repayments in 2009 under the same senior facilities and repay $50 million under our other credit facilities. The remaining proceeds will be used for general corporate purposes, including the repayment of other indebtedness.
CGG (www.cggveritas.com) is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.
CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
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The press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. There will not be any sale of these securities in any such state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or country.
The securities referred to herein have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") and may not be offered and sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. There will be no offering of senior notes to the public in France.
This news release may include projections and other “forward-looking” statements within the meaning of the federal securities laws. Any such projections or statements reflect the current views of CGG about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.