Accor finalizes the refinancing of its hybrid capital
Monday, 4th November 2019
Source : Accor

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.

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