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Compagnie G?n?rale de G?ophysique 'BB-' Ratings Still On Watch Neg; $1.1 Bil Loans Rated 'BB-' Dec 06 Product Image

Compagnie G?n?rale de G?ophysique 'BB-' Ratings Still On Watch Neg; $1.1 Bil Loans Rated 'BB-' Dec 06

  • Published: December 2006
  • Standard & Poors

Abstract
PARIS (Standard & Poor's) Dec. 11, 2006--Standard & Poor's Ratings Services said today that it assigned its 'BB-' long-term debt rating and '2' recovery rating to France-based Compagnie G-n-rale de G-ophysique's (CGG) proposed $1,100 million senior secured facilities, of which $900 million is issued by subsidiary Volnay Acquisition Co. I. The 'BB-' rating is the same as the corporate credit rating on the group. The '2' recovery rating indicates our expectation of substantial (80%-100%) recovery of principal for senior secured lenders in the event of a payment default. Of the new debt, the $800 million Term Loan B will be used to refinance CGG's existing bridge facility, and $300 million will fund working capital needs. Furthermore, Standard & Poor's said...

Companies mentioned in this report are: Compagnie Generale de Geophysique - Veritas,Veritas DGC Inc.,CGG Veritas Services Holding (U.S.) Inc.
Action: CreditWatch Update
Action: New Rating
Action: On CreditWatch:Negative

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Compagnie Generale de Geophysique - Veritas,Veritas DGC Inc.,CGG Veritas Services Holding (U.S.) Inc.

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