State aid helps CMA sail through pandemic refi

By Owen Sanderson
13 Oct 2020

For CMA CGM, a French shipping company, the pandemic came in the nick of time. The group was struggling with debt maturities and dwindling liquidity in late 2019, but abundant state aid funding has allowed it to shore up its balance sheet return to market this week to refinance its 2021s.

Without the guaranteed €1.05bn it obtained from the French state after the pandemic, CMA CGM was relying on a package of measures announced last autumn to see it through the hard times.

September 2019, a supportive backdrop for most issuers, saw the firm’s corporate rating down to Caa1 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial