CGGVeritas to repay some bank debt with $300 million notes proceeds

By Sara Rosenberg

New York, June 1 - CGGVeritas plans to fund $83 million of scheduled 2009 payments under its U.S. senior credit facility using proceeds from a $300 million private placement of senior notes, according to a news release.

The company will also repay $50 million under its other credit facilities with the notes proceeds.

Remaining proceeds will be used for general corporate purposes, including the repayment of other indebtedness.

CGGVeritas is a Paris-based pure-play geophysical company.

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