CMA CGM in €320.7 Million Offering of Bonds Exchangeable Into Existing Shares of Air France-KLM

Cleary Gottlieb represented CMA CGM in connection with its €320.7 million offering of bonds exchangeable into existing shares of Air France-KLM held by CMA-CGM.

The transaction, which closed on December 16, 2025, consisted of an offering of €320.7 million aggregate principal amount of 0.5% exchangeable bonds due December 16, 2028. The bonds will be admitted to trading on the open market (Freiverkehr) of Frankfurt Stock Exchange.

The net proceeds of the offering will be used by CMA CGM for general corporate purposes.

CMA CGM is the third-largest global container shipping company and more broadly a leading global player in sea, land, air, and logistics solutions.

The Cleary team included partners Marie-Laurence Tibi and Valérie Lemaitre, counsel Laura Birène, and associate Megi Jashari. Partner Chrishan Raja advised on U.S. law matters. Partner Anne-Sophie Coustel and associate Agathe Hanrot advised on French tax law.