CGG: Option to Convert the Remaining Convertible Bonds
April 05 2006 - 7:02AM
PR Newswire (US)
PARIS, April 5 /PRNewswire-FirstCall/ -- A General Meeting of the
holders of the 7.75% USD 85 million convertible bonds due 2012
issued on November 4, 2004, was held on April 5, 2006 upon notice
of the Board of Directors of CGG. This General Meeting of
Bondholders approved the changes to the terms and conditions of
these Bonds as proposed by the Company. The proposed changes
consist of granting to the bondholders, an option to convert the
bonds with right to a cash payment of 819.45 USD per convertible
bond. It corresponds to 13.5% of the nominal value of a bond (6.070
USD). Such option would be exercisable on May 12, 2006 only. These
proposed changes will be subject to the approval of the general
meeting of CGG shareholders to be held on May 11, 2006. The maximum
cash payment for the conversion of the 2 525 remaining bonds
amounts to USD 2.069 million. In November 2005, 82% of the
Convertible Bond had been converted under similar conditions. The
Securities will not be registered under the Securities Act and may
not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of the
Securities Act. The information included herein contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934. These forward-looking statements reflect
numerous assumptions and involve a number of risks and
uncertainties as disclosed by CGG from time to time in its filings
with the Securities and Exchange Commission. Actual results may
vary materially from those disclosed in forward-looking statements.
Contact : Christophe BARNINI (+33)-1-64-47-38-10/38-11 Email :
Internet : http://www.cgg.com/ DATASOURCE: Compagnie Generale de
Geophysique (CGG) CONTACT: Contact : Christophe BARNINI
(+33)-1-64-47-38-10/38-11, Email:
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