Commentary & Deal Flow

Viridien SA (fka CGG SA) (VIRIFP) US$950m equivalent (US$/EUR) 144A/Reg S sr sec notes 2-part. B2/ B/BB- (stable/positive/stable). Via JPM (US$ B&D)/MS (EUR B&D) jt glocos and physical books/Danske (Nordic books)/DNB (Nordic books) jt books, Arctic, Clarksons as co-managers. No reg rights. List Lux. NY law.

- US$475m due 2030 (5.5y). NC2 (MWC T+50bp). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: 10.25%-10.50%. Price talk: 10.25% area.

- EUR (US$475m equivalent) due 2030 (5.5y). NC2 (MWC B+50bp). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. IPT: 8.75%-9.00%. Price talk: 8.75% area.

Roadshow (small group calls) 03/10-11 (investor call at 12pm NYT / 4pm UKT 03/10). Books close at 11am NYT / 3pm UKT 03/11. Pricing 03/11 afternoon. UOP: along with US$154m cash on hand, to redeem its US$447.4m 8.75% sr notes due 04/01/27 on 04/01/25 at 102.188 and EUR578.6m 7.75% sr sec notes due 04/01/27 on 04/01/25 at 101.938. Biz: Leading global geoscience technology provider of imaging solutions, earth data, and seismic equipment. HQ: Massy, France.

Netroadshow: https://www.netroadshow.com/events/login?show=004bc6eb&confId=79106 (entry codeCygnus9375) (available now).