White & Case Advises CGG on Public Exchange Offer over Convertible Bonds | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises CGG on Public Exchange Offer over Convertible Bonds

White & Case Advises CGG on Public Exchange Offer over Convertible Bonds

Global law firm White & Case LLP has advised CGG, a leading geoscience company, on its public exchange offer for all its convertible bonds maturing in 2019 for a total amount of €360 million.

CGG offers to exchange 2019 convertible bonds for convertible bonds maturing in 2020. The terms of the offer are two 2019 convertible bonds for five of 2020 convertible bonds being issued. The offer has been approved by the French Financial Markets Authority (Autorité des marchés financiers) on May 28, 2015 and runs from June 1 to June 19, 2015.

The purpose of the offer is to extend the average maturity of the group’s debt at optimal cost. The 2020 convertible bonds offer a more favorable conversion rate than the 2019 convertible bonds, and an increased coupon in return for a one year extension of the maturity date.

In order to ensure sufficient liquidity for future 2020 convertible bonds holders, CGG has reserved the right not to proceed with the offer if the tendered 2019 convertible bonds do not represent at least 50 percent of the corresponding line. In addition, CGG will not proceed with the offer if the tendered 2019 convertible bonds represent less than 40 percent of the corresponding line.

CGG is listed on the regulated market of Euronext Paris and on the New York Stock Exchange.

The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Thomas Le Vert with support from associate Isabelle Touré-Farah. Counsel Max Turner advised on matters of US law and partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, advised on tax aspects.

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