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News Oct 25, 2017

Shearman & Sterling Advises on CMA CGM’s €500 Million High Yield Bond Offering

Shearman & Sterling represented BNP Paribas, HSBC, Crédit Agricole, ING, Société Générale and UniCredit as initial purchasers on CMA CGM’s €500 million offering of senior notes. The notes pay interest at a rate of 5.250% due 2025

The net proceeds of the offering, which closed on October 24, 2017, will be used to reimburse $500 million of CMA CGM’s group’s secured indebtedness.

CMA CGM is one of the leading and most profitable 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 its services through a global network of 292 lines, composed of 188 main lines and 104 short sea and feeder lines, calling at 382 ports in 161 countries.

The Shearman & Sterling team included lawyers from the firm’s London, Paris and Washington, DC offices and was led by partner Trevor Ingram and associates Arthur Ravignon, Oscar Lopez and Bouchra Haji (all London – Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were partners Hervé Letréguilly (Paris – Corporate) and Kristen Garry (Washington, DC – Tax); counsel Séverine de La Courtie (Paris – Capital Markets) and Anne-Sophie Maes (Paris – Tax); and associates Benjamin Marché (Paris – Finance), Charles Filleux Pommerol (Paris – Tax), Adam Sternberg and Daniel Kachmar (both New York – Tax).