Published on 11/7/2017 in the Prospect News High Yield Daily.
New Issue: CMA CGM prices upsized €250 million tap of 5¼% notes due 2025 at 101.75 to yield 4.954%
By Paul A. Harris
Portland, Ore., Nov. 7 – CMA CGM SA priced a €250 million add-on to its 5¼% senior notes due Jan. 15, 2025 at 101.75 to yield 4.954% on Monday, according to a market source.
The add-on was upsized from €150 million.
Joint bookrunner BNP Paribas will bill and deliver. HSBC was also a joint bookrunner.
The Marseille, France, container ship company plans to use the proceeds to redeem its 5.9% bonds due 2019 originally issued by Neptune Orient Lines Ltd. and for general corporate purposes.
| Issuer: | CMA CGM SA
|
| Amount: | €250 million, increased from €150 million
|
| Maturity: | Jan. 15, 2025
|
| Security description: | Add-on to 5¼% senior notes due Jan. 15, 2025
|
| Bookrunners: | BNP Paribas (bill and deliver), HSBC
|
| Coupon: | 5¼%
|
| Price: | 101.75
|
| Yield: | 4.954%
|
| Spread: | 507 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until Oct. 15 2020, then callable at 102.625
|
| Equity clawback: | 40% at 105.25 until October 2020
|
| Trade date: | Nov. 6
|
| Settlement date: | Nov. 9 with accrued interest
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
| Original issue: | €500 million priced at par on Oct. 15, 2017
|
| Total issue size: | €750 million
|
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