Accor today announces the successful completion of its tender offer launched on October 23rd, 2019, enabling the partial repurchase of its EUR900m Undated 6 Year Non-Call Deeply Subordinated Fixed to Reset Rate Bonds issued on June 30th, 2014 of which EUR514.1m were outstanding (the “Existing Bonds”) for a total amount of EUR385.6m.
This transaction completes the second leg of the refinancing of the Existing Bonds after the successful placement of a EUR500m perpetual hybrid bond with a 2.625% coupon on October 23rd, 2019.
This is Accor’s second hybrid Liability Management exercise this year, enabling the company to further optimize its running-coupon payments, while remaining committed to hybrid capital as a permanent part of its capital structure.
Accor managed to redeem a total of 85.7% of the initial amount issued in June 2014.
Accor’s long-term senior debt is rated BBB- stable by Standard & Poor’s and BBB- stable by Fitch Ratings.