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CGG Holding talks $350 million term loan at Libor plus 650 bps
By Sara Rosenberg
New York, June 23 – CGG Holding (U.S.) Inc. came out with price on its $350 million six-year senior secured term loan ahead of its bank meeting that will take place at 10 a.m. ET in New York on Wednesday, according to a market source.
The term loan is talked at Libor plus 650 basis points with a 1% Libor floor and an original issue discount of 98.5, the source said.
Also, the loan has 101 soft call protection for one year.
Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp. and RBC Capital Markets are the leads on the deal.
Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.
Commitments are due on July 10.
CGG is a Paris-based manufacturer of seismic equipment and a provider of geoscience services.
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