In the context of this transaction, Accor has repurchased €442,000,000 undated deeply subordinated fixed to reset rate NC 5.25 hybrid bonds issued on 31 January 2019 redeemable from January 2024, representing a success rate of 88.4%.
Furthermore, having repurchased more than 75% of such hybrid bonds, Accor has announced its intention to redeem the outstanding €58,000,000 as soon as practicable after the settlement of the tender offer and in accordance with the terms and conditions of the hybrid bonds.
Simultaneously, Accor has issued €500,000,000 undated deeply subordinated fixed to reset rate NC 5.5 bonds with an initial coupon of 7.25%.
Clifford Chance advised Accor, with its team consisting of Cédric Burford (partner), Auriane Bijon (counsel) and Baya Hariche (associate).
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