CGG: Trading halt for the three Convertible Bonds and Senior Notes from 1 Feb 18
The safeguard plan approved by the Commercial Court of Paris on December 1, 2017 provides that the claims of Convertible Bondholders registered (inscription en compte) on the last day of subscription period of the share capital increase with preferential subscription rights (the “Reference Date”), i.e., according to the current tentative schedule, February 2, 2018, will be equitized into CGG’s shares (except for an aggregate amount of approximately €4.46 million which will be paid in cash to such holders pro rata to the amount of their respective claims). Such equitization will be carried out by way of a share capital increase in favor of the abovementioned Convertible Bondholders at a subscription price of €10.26 per new share.
Similarly, the claims of Senior Noteholders registered (inscription en compte) on the Reference Date will be equitized into CGG’s shares (except for an amount of $86 million which will be paid in new second lien secured senior notes on a pro rata basis or in cash over a ten-year period). Such equitization will be carried out (i) through a share capital increase in favor of the Senior Noteholders mentioned above, at a subscription price of €3.12 per new share and (ii) as the case may be, through the backstop of the share capital increase with preferential subscription rights by the Senior Noteholders, by way of set-off of claims.
In addition, the safeguard plan provides that the Convertible Bonds and the Senior Notes may not be sold or transferred from the Reference Date until the date of settlement and delivery of the shares resulting from the equitization of the respective claims under the Convertible Bonds and the Senior Notes.