Shearman And Sterling

News July 13, 2017

Shearman & Sterling Advises on CMA CGM’s €650 Million High Yield Bond

Shearman & Sterling represented BNP Paribas, HSBC Bank plc, Crédit Agricole Corporate and Investment Bank, Société Générale, UniCredit Bank AG, Crédit Industriel et Commercial S.A. and ODDO BHF SCA, as initial purchasers on CMA CGM’s €650 million 6.500% senior notes due 2022.

The net proceeds of the offering, which closed on July 13, 2017, will be used to redeem all of CMA CGM’s outstanding €300 million 8.750% senior notes due 2018 and other outstanding indebtedness. 

CMA CGM is one of the leading and most profitable, based on Core EBIT, providers of global container shipping services. In terms of capacity, CMA CGM is the third largest provider of container shipping services in the world, offering their services through a global network of 273 main lines and 97 short sea and feeder lines, calling at 370 ports in 161 countries as of March 31, 2017, with the support of 208 shipping agencies operating through more than 600 offices worldwide.

The Shearman & Sterling team included lawyers from the firm’s London, Paris and Washington, D.C. offices and was led by partner Trevor Ingram and associates Arthur Ravignon and Oscar Lopez (all London – Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were partners Hervé Letréguilly (Paris – Corporate) and Kristen Garry (Washington, D.C. – Tax), counsels Séverine de La Courtie (Paris – Capital Markets), Philippe Wolanksi (Paris – Finance), Anne-Sophie Maes (Paris – Tax) and Mehran Massih (London – Environmental), and associates Benjamin Marché (Paris – Finance), Kammy Lai (Washington, D.C. – Tax) and Charles Filleux Pommerol (Paris – Tax).