New Issue: CMA CGM downsizes 10-year notes to €100 million, yield 9.995%

By Paul A. Harris

St. Louis, May 7 - CMA CGM SA priced a downsized offering of €100 million of 9 7/8% senior notes dues May 15, 2013 (B1/BB-) at 99.25 on Wednesday to yield 9.995%, according to a syndicate source.

Price talk was for a yield in the 9¾% area. The deal was planned at €150 million.

Citigroup was the bookrunner. BNP Paribas and Natexis BP were co-lead managers.

The French container shipping firm will use proceeds from the Rule 144A/Regulation S deal to repay debt and acquire vessels.

Issuer:	CMA CGM SA
Amount:	€100 million (decreased from €150 million)
Maturity:	May 15, 2013
Security description:	Senior notes
Managers:	Citigroup (books), BNP Paribas, Natexis BP (co-lead)
Coupon:	9 7/8%
Price:	99.25
Yield:	9.995%
Call:	Non-callable for four years
Settlement date:	May 15, 2003
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A/Regulation S
Price talk:	9¾% area

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