Accor announces a bond refinancing transaction

ACCOR SA (the "Company") today announces its intention to issue new 7-year Benchmark Senior euro-denominated bonds due November 2028 (the “New Bonds”). The New Bonds will be issued in the form of “Sustainability-Linked Bonds” pursuant to the “Sustainability-Linked Bond Framework” published by the Company on 15 November 2021.
At the same time, the Company also announces the launch of a tender offer by Crédit Agricole Corporate and Investment Bank on the following series of bonds of the Company:

• EUR 500 million 3.625% bonds due September 17, 2023 (ISIN: FR0012949949; of which EUR 500 million are currently outstanding)

And

• EUR 600 million 2.250% bonds due January 25, 2024 (ISIN: FR0013233384; of which EUR 600 million are currently outstanding).

(Together the “Targeted Bonds”, listed on Euronext Paris), for a maximum acceptance amount to be announced as soon as reasonably practicable following the pricing of the New Bonds.

The Company intends to exchange the Targeted Bonds acquired by Crédit Agricole Corporate and Investment Bank in the tender offer with the New Bonds, and the balance (if any) of the proceeds remaining from the issue of the New Bonds will be used for the Issuer’s general corporate purposes.

The New Bonds are scheduled to be admitted to trading on Euronext Paris. It is also expected that the rating agencies will assign the following ratings: a rating of BB+ / BB+ (S&P / Fitch).

The conditional results of the tender offer will be announced on November 23, 2021 (subject to any extension, withdrawal, termination or amendment of the tender offer) on the Targeted Bonds.