CGGVeritas 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 CGGVeritas 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.
Most Popular Articles