CGG announces overwhelming acceptance by creditors entitled to vote on the chapter 11 plan
Paris, France - October 2, 2017
CGG SA announces that all creditor classes entitled to vote on the chapter 11 plan proposed in the chapter 11 cases commenced on 14 June 2017 in the US Bankruptcy Court for the Southern District of New York by CGG SA's 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group's funded financial indebtedness, have accepted the plan overwhelmingly.
Specifically, all holders who have cast ballots in respect of the Secured Loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the Senior Notes, voted in favour of the plan.
"Senior Notes" means CGG SA's (i) 6.500% Senior Notes due 2021 (CUSIP: 204384AB7 / ISIN: US204384AB76; CUSIP: F1704UAD6 / ISIN: USF1704UAD66), (ii) 5.875% Senior Notes due 2020 (Reg. S ISIN: XS1061175607 / Reg. S Common Code: 106117560; Rule 144A ISIN: XS1061175862 / Rule 144A Common Code: 106117586), and (iii) 6.875% Senior Notes due 2022 (Reg. S CUSIP: F1704UAC8 / Reg. S ISIN: USF1704UAC83; Registered CUSIP: 12531TAB5 / Registered ISIN: US12531TAB52).
"Secured Loans" means (i) the revolving credit agreement entitled "Multicurrency Revolving Facility Agreement", entered into by CGG SA on July 31, 2013 for an initial amount in principal of USD 325,000,000 , reduced to approximately USD 300,000,000, which amount is currently outstanding, (ii) the revolving credit facility agreement entitled "Credit Agreement" dated 15 July 2013 entered into by CGG Holding (U.S.) Inc. for an initial amount of USD 165,000,000, currently drawn in full, and (iii) the bullet loan agreement entitled "Term Loan Credit Agreement" dated 19 November 2015 entered into by CGG Holding (U.S.) Inc. for an initial amount of USD 342,122,500, the outstanding amount of which is approximately USD 337,846,000.
CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,500 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).
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