CMA CGM jumps on upgrade to refi at coupon below 6%
French shipping group CMA CGM will launch a sub-benchmark sized bond on Tuesday, a week after S&P Global upgraded the rating of its unsecured note issuance from CCC+ to B-, bringing it into line with Moody's B3 rating.
The container liner plans to sell at least €300m of seven year non-call three senior unsecured notes, to refinance portions of its secured credit facilities.
As CMA CGM began the bond roadshow on Monday in Paris, initial price talk was 5.5% to 5.75%, some 100bp tighter
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