The French seismic giantsays the senior notes will carry a coupon of 6.875% and are due to be issuedlater on Thursday.
CGGintends to use the net proceeds from this offering to redeem all of the $225moutstanding principal amount of its 9.5% senior notes due 2016.
Anyremaining proceeds will go towards redeeming a portion of the $400m outstandingprincipal amount of its 7.75% senior notes due 2017.
Just last week CGG successfully priced an offering of EUR400m ($550m) of senior notes due 2020 with a coupon of 5.875%.
CGG intends to use the net proceeds from this offering torepurchase its OCEANE convertible bonds due 2016 of EUR 360m.
The Paris-based offshore vessel shipowner said theremaining net proceeds will be used to repay other existing indebtedness.
CGG was recently reported to be seeking ice-classseismic-support vessels (SSV) in preparation for growing exploration activityin Arctic waters.
The company has a fleet of 18 high-end seismic-surveyvessels, but is looking to reduce its fleet to 13 ships by the end of 2016.
CGG’s gross debt was$2.75bn at the end of December 2013. Available cash was $530m and net debt was$2.2bn. Net debt to equity ratio was 58%.
