CMA CGM Completes Financial Restructuring

press release
Tuesday, February 12, 2013

CMA CGM has now finalized its major financial restructuring launched less than a year ago:

 

  • Agreement closed with its Banks
  • Binding agreement signed with the French Fonds Stratégique d’Investissement
  • Additional investment by Yildirim Group


Closing of the agreement with its Banks regarding its debt restructuring. This agreement provides for a new covenant package taking into account the industry’s volatility and a partial refinancing of a credit line maturing in 2013 into new secured term loans of a maturity of more than 3 years for a total amount of EUR 280 million .

 

Signing of a binding agreement with the French Fonds Stratégique d’Investissement who at closing, expected within 3 months, will subscribe to bonds redeemable in shares for an amount of US$150 million giving right to a 6% stake in CMA CGM upon conversion.

 

Closing of the subscription, under the terms of the existing agreement, by the Yildirim Group of bonds redeemable in shares for an amount of US$100 million giving right to a 4% stake in CMA CGM upon conversion. 

 

A few weeks after the signing of the sale of 49% of Terminal Link to China Merchants Holdings International for EUR 400m, CMA CGM’s agreement with its banks together with new equity injection will result in a significantly more resilient and flexible financial structure.

 

Rodolphe Saadé, CMA CGM’s Executive Officer, said: “The finalization of the debt restructuring combined with new equity injection from FSI and Yildirim Group and the sale of 49% of Terminal Link will allow CMA CGM to operate with the required financial flexibility and constitutes key milestones before contemplating an IPO.”

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