CGGVeritas Closes $600M Notes Offering

Compagnie Generale de Geophysique - Veritas (CGGVeritas) on Friday successfully closed its offering of $600 million principal amount of Senior Notes, consisting of:

--an additional $200 million of its existing dollar-denominated 71/2% Senior Notes due 2015 issued in April 2005 and February 2006. The additional Notes have the same terms and conditions as the existing Notes and were issued under the same indenture and at a price of 100% of their principal amount.
--a new offering of $400 million 73/4% Senior Notes due 2017. The Notes were issued at a price of 100% of their principal amount.

The total cash needs related to the acquisition of Veritas DGC Inc. on January 12th, 2007 were financed by a secured Bridge Loan and a $1.0 billion secured Term Loan B with a maturity of 2014.

CGGVeritas intends to use the net proceeds of the $600 million Senior Note offering to repay the bridge loan facility used to finance the merger between CGG and Veritas.


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