CGG - Improving 4Q17, financial restructuring completed with supportive guidance for FY18
CGG completed its financial restructuring on 21 February 2018. As a result, its net debt decreased by c. $2.0bn to $0.63bn pro forma as of 31 December 2017, with a reported net leverage of 1.7x (vs. 7.2x before restructuring) and cash interest expenses limited to around $85m a year. We calculate a net adjusted leverage of c. 4x pro forma fo YE17 (vs. 9-10x). Existing senior secured debt ($0.8bn) got a $150m cash pay-down and exchanged for new senior secured notes maturing in 2023. Former holders of the $2.1bn in bonds received collectively 87% of CGG’s capital.
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