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Accor SA - Tender Offer - Results

Accor completes successfully the refinancing of its hybrid capital SUCCESS OF THE TENDER OFFER WITH €442 MILLION OF BONDS TENDERED (88.4%) - FR0013399177

10 OCTOBER 2023


Full announcement including disclaimers and offer restrictions available via Accor SA


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"Accor today announces the successful completion of its tender offer launched on October 2 nd , 2023, enabling the partial repurchase of its EUR500m Undated 5.25 Year Non-Call Deeply Subordinated Fixed to Reset Rate Bonds issued on January 31st , 2019 (the “Existing Bonds”) for a total amount of €442 million.


This transaction completes the final leg of the refinancing of the Existing Bonds after the successful placement of a €500 million perpetual hybrid bond with a 7.25% coupon on October 4 th , 2023.


Following the completion and settlement of the Tender Offer expected to take place on October 12th , 2023, more than 75% of the initial aggregate principal amount of the Existing Bonds will have been purchased by Accor.


Pursuant to the terms and conditions of the Existing Bonds, the Company announces its intention to redeem all of the remaining outstanding Existing Bonds for €58 million at their principal amount, as soon as practicable after the settlement of the Tender Offer and subject to the required notice period."


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Accor announces a hybrid bond refinancing transaction - FR0013399177

02 OCTOBER 2023


Full announcement including disclaimers and offer restrictions available via Accor SA


"ACCOR SA (the “Company”) today announces its intention to issue new Eurodenominated undated non-call 5.5 year deeply subordinated fixed to reset rate bonds for an expected amount of EUR 500,000,000 with a first call date at the option of the Company in April 2029 (the “New Hybrid Bonds”).


At the same time, the Company also announces the launch of an any and all tender offer on its EUR 500,000,000 Undated Deeply Subordinated Fixed to Reset Rate NC 5.25 Bonds issued on 31 January 2019 (ISIN: FR0013399177, the “Existing Bonds”, of which €500,000,000 are currently outstanding), admitted to trading on Euronext Paris.


The tender offer price in respect of the Existing Bonds will be 100% of the principal amount of the Existing Bonds accepted for purchase.


It is the Company’s intention to maintain the aggregate amount of its outstanding hybrid bonds at the current level and the Company remains committed to hybrid capital as a permanent part of its capital structure."


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