Accor today set the terms of a 5 year bond issue for an amount of EUR 600 million with an annual coupon of 2.875%.
Accor took advantage of favorable conditions on the credit market: the order book totaled close to EUR1.3bn. The transaction could therefore be completed within a short time, at a favorable price, and with a higher issuance amount than initially planned. This bond issue enables Accor to both lengthen the average maturity of its debt and optimize its average cost of funding.
Accor’s long-term senior debt is rated BBB- by Standard & Poor’s and Fitch Ratings.
Société Générale Corporate & Investment Banking acted as Global Coordinator and bookrunner for this bond issue; Crédit Agricole CIB, HSBC, Natixis and UBS Investment Bank acted as joint lead managers and bookrunners.