May 13, 2020 / 6:33 AM / 16 days ago

France's CMA CGM gets 1.05 billion euro loan partly backed by government

PARIS (Reuters) - CMA CGM has arranged a 1.05 billion euro ($1.1 billion) syndicated loan to be 70% guaranteed by the French government, the shipping and logistics company announced on Wednesday.

It said the loan was arranged by a consortium of banks BNP Paribas (BNPP.PA), HSBC (HSBA.L) and Société Générale (SOGN.PA).

CMA CGM said it expects a 10% fall in market volumes in the first half of 2020 versus a year earlier.

Reporting by Sudip Kar-Gupta and Gus Trompiz; editing by Jason Neely

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