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News Jun 14, 2015

Shearman & Sterling Advises on €550 Million High Yield Bond Issuance and Concurrent Tender Offer by CMA CGM

Shearman & Sterling represented BNP Paribas, Morgan Stanley & Co. International plc, Crédit Agricole Corporate and Investment Bank, HSBC Bank plc, ING Bank N.V., London Branch, Société Générale and UniCredit Bank AG, as initial purchasers, on CMA CGM’s €550,000,000 7.75% Senior Notes due 2021.

The net proceeds of the offering, which closed on June 8, 2015, together with available cash, will be used to refinance all of CMA CGM’s outstanding $475,000,000 8.500% Senior Notes due 2017 and €325,000,000 8.875% Senior Notes due 2019 issued on April 21, 2015 (together, the “Existing Notes”) pursuant to a concurrent tender offer and to pay fees and expenses in connection with the offering.

Shearman & Sterling also represented BNP Paribas and Morgan Stanley & Co. International plc in their capacity as dealer managers in connection with CMA CGM’s concurrent tender offer for any and all of its outstanding Existing Notes, which settled on June 8, 2015.

The Shearman & Sterling team included lawyers from the firm’s London, Paris and Washington, DC offices and included associates Dora Athanasiadou (London-Capital Markets) and Arthur Ravignon (London-Capital Markets). Partner Hervé Letréguilly (Paris-Capital Markets) and counsel Séverine de La Courtie (Paris-Capital Markets) advised on the French aspects of the transaction. Partner Kristen Garry (Washington, DC- Tax) and associate Mary Jo Lang (Washington, DC- Tax) advised on the US tax aspects of the transaction, and counsel Anne-Sophie Maes (Paris-Tax) and associate Charles Filleux-Pommerol (Paris-Tax) advised on the French tax aspects of the transaction.