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by Stephen Carter
Sep 30, 2025 1:34 PM ET
CMA CGM SA (CMACG) EUR700m (up from EUR600m) 144A/Reg S sr notes due 01/15/32 (6.3y). NC2 (10/15/27) (MWC B+50bp), then at 102.4375 10/15/27, 101.21875 10/15/28, 100 10/15/29. Equity claw: 2y 40% at 104.875. Ba1/BB+ (stable/stable). Via BNP (B&D)/CA jt gloco and physical books/HSBC/ING/SocGen jt books, BRED, CIC, Citi, Natixis, Santander as jt lead managers. No reg rights. List Lux. NY law. CoC at 101. Pays April 15 and Oct 15, starting 04/15/26 (30/360). Denoms: 100x1. Settles 10/07 (T+5). ISINs: XS3193815977 REGS / XS3193817759 144A. IPT: 5.25% area. Price talk: 5.00% area (+/- 1/8th). EUR 100m upsize also for GCP. Final terms: EUR700m at 4.875%.
Priced: 4.875% at 100. +249bp vs DBR 0.00% 02/15/32.
Roadshow (1-on-1s) 09/30 (investor call at 10:30am UKT 09/30). Books closed at 3pm UKT 09/30. Reconfirms were due by 4:15pm UKT 09/30. UOP: GCP. Biz: a leading provider of global container shipping and logistics services HQ: Marseille, France.
Deal Roadshow link: https://dealroadshow.com/e/TETHYSII25. Access code: TETHYSII25.