CMA CGM bond sale gains US$945 million - $145 million more than first sought

MARSEILLE shipping giant CMA CGM has raised US$945 million through a successful bond sale that took in $145 million more than expected, thus facilitating a further rescheduling of the company's debt for a second time within a year.


"The market's warm welcome to our issuance of notes reveals the relevance of our strategy and the strong position we hold in the shipping market. CMA CGM expects to enjoy a strengthened financial position on which the group will rely to continue its expansion," CMA CGM deputy general manager Rodolphe Saade.


"We now envisage the future calmly and believe we will be able to focus on our future development and challenges," he said, reported London's Internatinal Freighting Weekly, adding that CMA CGM restructuring started after Turkey's Yildirim Group paikd $500 million for 20 per cent of the company.
(Source:http://www.schednet.com)