CGG lifts Nordea facility to $250 million, extends due date to 2019

By Marisa Wong

Madison, Wis., Jan. 8 – CGG completed its 2014 debt refinancing program on Dec. 23 with the amendment and extension of its Nordic credit facility led by Nordea, according to a 6-K filing with the Securities and Exchange Commission.

The credit amount was increased to $250 million from $175 million, and the maturity was extended to December 2019 from May 2018.

As disclosed in previous announcements, CGG renegotiated its debt, including its convertible bonds, high-yield bonds and revolving credit facilities, throughout 2014. The company amended its financial covenants of net debt over EBITDA to 3.75 times from 3.0 times and extended substantially its overall maturity to 5.3 years early 2015 from 4.3 years early 2014, with no major debt installment due before 2019.

CGG is a Paris-based company providing geological, geophysical and reservoir capabilities to customers primarily from the global oil and gas industry.

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