CGG Launches First Lien Senior Secured Notes Offering
PARIS, France - April 6, 2018
As the terms of the existing first lien senior secured notes due 2023 issued as part of the restructuring plan provide a window to
refinance them at par, CGG S.A., the parent company of the CGG group, announces today that CGG Holding (U.S.) Inc., CGG's
wholly-owned indirect subsidiary, has commenced an offering of first lien senior secured notes due 2023 in an aggregate principal
amount of approximately $650 million in a USD-equivalent combination of dollars and euro. The notes will be guaranteed by CGG and
certain of its subsidiaries.
CGG Holding (U.S.) Inc. intends to use the net proceeds from this offering to redeem in full in accordance with
their terms the entire outstanding principal amount of the existing first lien senior secured notes due 2023, issued in a principal
amount of $663.6 million on February 21, 2018.
Following the successful completion of the financial restructuring, CGG's Chief Financial Officer, Stéphane-Paul
Frydman, has informed the company of his intention to step down. He will oversee the completion of the refinancing of the existing
first lien senior notes and the publication of our first quarter 2018 results. The company has already launched the search for a
new Chief Financial Officer.
About CGG:
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 5,300 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).
Contacts
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. There
will not be any sale of these securities in any such state or country in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any state or country.
The securities referred to herein have not been and will not be registered under the US Securities Act of 1933,
as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act. There will be no offering of securities to the public in France
or the United States.
This announcement is not being distributed by, nor has it been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 as amended (the "FSMA") by, a person authorized under the FSMA. This announcement is only
being distributed to and is only directed at persons who: (i) are outside the United Kingdom; (ii) have professional
experience in matters relating to investments (being investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")); (iii) fall within
Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order or
(iv) to the extent that doing so does not prejudice the lawful distribution of the announcement to the foregoing, are persons
to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection
with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons
together being referred to as "relevant persons"). This announcement must not be acted or relied upon by persons who are not
relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons
and will be engaged in only with relevant persons.
This press release may include projections and other "forward-looking" statements within the meaning of the
federal securities laws. Any such projections or statements reflect the current views of CGG about future events and financial
performance. No assurances can be given that such events or performance will occur as projected and actual results may differ
materially from these projections.
