Commentary & Deal Flow

CMA CGM (CMACG) EUR200m (up from EUR150m and EUR100m) 144A/Reg S add-on to its 5.50% sr notes due 07/15/29 (5y). NC2 (07/15/26) (MWC B+50bp), then at 102.750, 101.375, 100. Equity claw: 2y 40% at 105.50. Expect Ba1/BB+ (stable/stable). Via BNP (B&D)/CA jt gloco and active books. No reg rights. List Lux. NY law. CoC at 101. Settles 10/08 (T+5). Immediately 144A fungible (Reg S after 40-days) with the EUR400m deal priced 06/27/24. IPT: 101.00 area (+/-0.25 points). Price talk: 101.25-101.50. EUR100m upsize for GCP. Final terms: EUR200m at 101.50.

Priced: 5.50% add-on at 101.50, 5.14% YTM. +328bp vs OBL 2.1% 04/12/29.

Did investor call at 10;30am UKT 10/01. Books closed at 2pm UKT 10/01. Reconfirms were due by 2:30pm UKT 10/01. UOP: GCP (EUR100m upsize for GCP). Biz: a leading provider of global container shipping and logistics services HQ: Marseille, France. Deal Roadshow: https://dealroadshow.finsight.com/e/CHYLLII24