Shearman & Sterling advised Oddo BHF, acting as global coordinator and joint bookrunner, in connection with CGG’s capital increase with preferential subscription rights by way of an issuance of shares of CGG (the “New Shares”), each with one warrant attached (the “Warrants #2”) of approximately €112.2 million (including share premium). The rights issue was oversubscribed with a total demand of approximately € 132.5 million, representing approximately 118% of the offer.
The rights issue with PSRs is part of CGG's global financial restructuring plan, which notably included the issue of (i) new shares resulting from the equitization of the convertible bonds; (ii) new shares resulting from the equitization of the high yield senior notes of CGG; (iii) warrants allocated to the shareholders of CGG; (iv) warrants allocated in favor of the subscribers of the second lien notes of CGG; (v) warrants allocated to the members of the ad hoc committee of holders of high yield senior notes of CGG; and (vi) warrants allocated to the members of the ad hoc committee of holders of high yield senior notes of CGG.
The settlement, delivery and admission to trading on Euronext Paris of the New Shares and Warrants #2 took place on February 21, 2018. Following completion of the transactions outlined in the financial restructuring plan, the CGG Group will benefit from a balance sheet with a level of gross financial debt reduced from approximately $2.95 billon to approximately $1.2 billion.
This release appears for informational purposes only and does not constitute an offer or solicitation of offers with respect to the securities described herein. Such securities have not been and will not be registered in the United States of America under the Securities Act of 1933 or the laws of any state or territory therein, and may only be offered or sold in the United States in transactions that are exempt from registration under the Securities Act of 1933 and such other laws.