Capital/Financing Update • Oct 4, 2023
Capital/Financing Update
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Regulated information OCTOBER 4 TH, 2023
Following the rating upgrade to Investment Grade by Fitch and Standard & Poors, Accor, today, successfully placed a EUR500m perpetual hybrid bond issue with a 7.25% coupon.
The oversubscription of the transaction at about 4 times reflects the renewed investors' confidence in the Group's solid creditworthiness and growth potential.
The proceeds of this issue will be dedicated to the reimbursement of its existing hybrid bond with a first call date in January 2024, for which a tender offer was launched and will remain open until Monday October 9th, 2023.
The new perpetual hybrid bonds have a first call date in April 2029, with a 7.25% coupon until that date. The securities will rank junior to all senior debt and they will be recognized as equity, in accordance with IFRS standards. They will be assigned "intermediate" equity content by Standard & Poors and Fitch, i.e. with 50% of the securities being accounted as equity.
Citi, HSBC and SG acted as Global Coordinators for the issue, and Commerzbank, Mizuho, MUFG, Natixis and Santander acted as Active bookrunners.
Accor is a world leading hospitality group offering experiences across more than 110 countries in 5 400 properties, 10 000 food & beverage venues, wellness facilities or flexible workspaces. The Group has one of the industry's most diverse hospitality ecosystems, encompassing more than 40 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. Accor is committed to taking positive action in terms of business ethics & integrity, responsible tourism, sustainable development, community outreach, and diversity & inclusion. Founded in 1967, Accor SA is headquartered in France and publicly listed on Euronext Paris (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit www.group.accor.com or follow us on Twitter, Facebook, LinkedIn, Instagram and TikTok.
Charlotte Thouvard SVP Group Communications [email protected] Line Crieloue VP Group External Communications [email protected]
SVP Investor Relations and Financial Communications [email protected]
Investor Relations and Financial Communications Executive Director [email protected]
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