CGG Holding withdraws $350 million term loan from primary market

By Sara Rosenberg

New York, July 21 – CGG Holding (U.S.) Inc. pulled its $350 million six-year senior secured term loan (Ba1/B+) from market due to unfavorable conditions, according to a source.

The loan had been talked at Libor plus 750 basis points with a 1% Libor floor, an original issue discount of 95 and 101 soft call protection for one year.

Prior to being pulled, pricing on the loan had been increased from Libor plus 650 bps, the discount widened from 98.5, a 4.5 times total net leverage test was added to the initially covenant-light deal and a springing maturity was added three months inside any bond maturing after the company’s 2017 notes.

Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp. and RBC Capital Markets were the leads on the deal.

Proceeds were going to be used to repay revolving credit facility borrowings and for general corporate purposes.

CGG is a Paris-based manufacturer of seismic equipment and a provider of geoscience services.

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