PARIS, April 29, 2014 (GLOBE NEWSWIRE) -- CGG (ISIN: 0000120164 - NYSE: CGG) announces today that it has successfully priced an offering of $500 million in aggregate principal amount of 6.875% Senior Notes due 2022. The Notes will be issued at par, resulting in a yield of 6.875%. The Notes are expected to be issued on May 1, 2014.
The Company intends to use the net proceeds from this offering to redeem all of the $225 million outstanding principal amount of its 9.5% Senior Notes due 2016 and will use the remaining net proceeds to redeem a portion of the $400 million outstanding principal amount of its 7.75% Senior Notes due 2017.
About CGG:CGG ( www.cgg.com ) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs over 9,800 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers. CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).
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