Accor Completes Partial Refinancing of Hybrid Capital

Accor has announced the successful partial refinancing of its hybrid capital. The tender offer, launched on August 28th, 2024, resulted in €352.3 million worth of bonds being repurchased. This represents 70.46% of the initial aggregate principal amount of Accor’s EUR500 million Undated 5.5 Year Non-Call Deeply Subordinated Fixed to Reset Rate Bonds issued in 2019.

This achievement follows the successful issuance of a €500 million perpetual hybrid bond with a 4.875% coupon priced on the same day as the tender offer launch. The settlement and completion of the tender offer are expected by September 9th, 2024.

Completion of this transaction marks a significant step in the refinancing process for Accor, which operates a global hospitality network.