Linklaters advises CGG on its debt refinancing through the issuance of senior secured notes and the entry into a super senior revolving credit facility

Linklaters has advised CGG, a global tech leader specialising in geoscience, on the issue of high yield notes due 2027 to refinance its existing first and second lien notes and on the signature of a super senior revolving credit facility agreement of which the pricing is linked in part to greenhouse gas emission reduction targets.

The refinancing includes: (i) the issuance of US$500 million in aggregate principal amount of 8.75% senior secured notes and €585 million in aggregate principal amount of 7.75% senior secured notes; (ii) a US$100 million super senior revolving credit facility agreement secured by the same security package as the notes. This proceeds of issuance were used to finance the tender offer for any and all of the validly tendered existing first lien senior secured notes due 2023 issued by CGG Holding (U.S.) Inc, a subsidy of CGG S.A.; and to redeem all existing first lien notes not repurchased in the Tender Offer and of all the existing second lien notes issued by CGG S.A.

With over 3,700 employees throughout the world, CGG provides its clients with an array of data, products, services and solutions to responsibly and efficiently manage natural resources, the environment and infrastructures.

The Linklaters team was led on bond aspects by Luis Roth, and Colin Chang (London), partners, with David Adler, Hugo Hernandez-Mancha, Elise Alperte and Hamza El Mouahid, associates, and on banking aspects by Kathryn Merryfield, partner, Lauren Hanley, counsel, Elisabeth Ribeiro and Audrey Manera, managing associates and Phillippine Chinaud, Leo Colle and Emma Vernhes, associates.

The London, Amsterdam, Madrid and New-York offices were also involved.