New Issue: Global Geophysical's $200 million 10½% seven-year notes yield 11 1/8%

By Paul A. Harris

St. Louis, April 22 - Global Geophysical Services, Inc. priced a $200 million issue of 10½% seven-year senior notes (B3/B/) at 97.009 to yield 11 1/8% on Thursday, according to an informed source.

The yield printed in the middle of the 11% to 11¼% price talk.

Barclays Capital Inc., Bank of America Merrill Lynch and Credit Suisse were the joint bookrunners.

Proceeds will be used to refinance the Missouri City, Texas-based seismic data services provider's credit facility and for general corporate purposes.

Issuer:	Global Geophysical Services, Inc.
Face amount:	$200 million
Proceeds:	$194,018,000
Maturity:	May 1, 2017
Securities:	Senior notes
Bookrunners:	Barclays Capital Inc., Bank of America Merrill Lynch, Credit Suisse Securities
Coupon:	10½%
Price:	97.009
Yield:	11 1/8%
Spread:	796 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 1, 2014, then callable at 105.25, 102.625, par on and after May 1, 2016
Equity clawback:	35% at 110.50 until May 1, 2015
Change-of-control put:	101%
Trade date:	April 22
Settlement date:	April 27
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A/Regulation S with registration rights
Price talk:	11% to 11¼%

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