PARIS, May 20, 2014 (GLOBE NEWSWIRE) -- CGG has decided to exercise its early redemption option of all the currently outstanding bonds convertible and/or exchangeable for new or existing CGG shares (OCEANEs) due 1 January 2016 (ISIN code FR0010998005) (the " OCEANEs"), in accordance with the provisions of paragraph 220.127.116.11.3 (2) of the prospectus approved by the Autorité des marchés financiers on 19 January 2011 under visa no. 11-017 (the « Terms and Conditions »). As of 5 May 2014, 239,659 OCEANEs were outstanding.
The early redemption will occur on 19 June 2014 at a price of €27.80 per OCEANE plus accrued interest as from 1 st January 2014 equal to €0.225256, i.e., a total amount of €28.025256 per OCEANE.
Interest will cease to accrue from 19 June 2014.Until the seventh calendar day included preceding the early redemption date, i.e., 10 June 2014, holders of OCEANEs will have the ability to exercise their option to receive ONE CGG share (ISIN code FR0000120164) for EACH OCEANE . The requests for the exercise of the conversion/exercise right shall be received by BNP Paribas Securities Services, in its capacity as centralizing agent, at the latest on 10 June 2014. OCEANEs which are not presented for conversion on 10 June 2014 will be redeemed for cash on 19 June 2014.
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