CMA CGM debt agreement

CMA CGM seems to
have pulled its financial
irons out of the fire.
Last year it agreed
deals for a combined
equity injection of
US$250 million.
Then last month
CMA CGM, subject
to regulatory approval,
agreed to sell 49% of
its container terminals
subsidiary for EUR400m.
Finally, the week before
last, the line finalised
its debt restructuring
agreement with its banks.
This provided for a new
covenant package and a
partial refinancing of a
credit line maturing in
2013 into new secured
term loans of a maturity
of more than three years
for a total amount of
EUR280m.
Rodolphe Saadé,
CMA CGM’s executive
officer, said that all this
constituted key milestones
before contemplating an
initial public offering.