CMA CGM restructuring 'before contemplating an IPO'

Markets

Tuesday, February 12, 2013

CMA CGM said it has finalized a major financial restructuring launched last year. The French carrier said the restructuring includes several components: An agreement with its banks that provides for a new covenant package taking into account the industry’s volatility and a partial refinancing of a credit line maturing in 2013 into new secured term loans with a maturity of more than three years for a total of 280 million euros ($376 million). Signing of a binding agreement wit...

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