ACCOR Announces Hybrid Bond Refinancing Transaction

On August 28, 2024, Accor SA announced its plan to issue new Euro-denominated undated non-call 6-year deeply subordinated fixed-to-reset rate bonds. The expected amount is EUR 500,000,000 with the first call date set for June 2030.

In parallel, Accor will launch a tender offer on its EUR 500,000,000 Undated Deeply Subordinated Fixed to Reset Rate NC 5.5 Bonds issued on October 30, 2019, currently admitted to trading on Euronext Paris. The tender offer price is set at 99.55% of the principal amount of the bonds.

The company aims to maintain the aggregate hybrid bonds at their current level and remains committed to hybrid capital as a part of its capital structure. The new bonds will also be admitted to trading on Euronext Paris, with expected ratings of BB/BB and an equity content of 50%.

The tender offer will run from August 28 to September 4, 2024, with settlement expected by September 9, 2024. The results will be announced on September 5, 2024.