Accor: bond issue largely oversubscribed to
(CercleFinance.com) - Accor announces that it has successfully placed a E500m hybrid perpetual bond with a coupon of 4.
875%, with an oversubscription close to five times which reflects renewed investor confidence.
The net proceeds of this issue will be dedicated to the hotel chain's general corporate purposes, including the refinancing of E500m of undated fixed- and floating-rate bonds through a tender offer.
The new bonds have a first redemption option in June 2030, and will carry a coupon of 4.875% until that date. They will be subordinated to all senior debt and, in accordance with IFRS, will be accounted for as equity.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
875%, with an oversubscription close to five times which reflects renewed investor confidence.
The net proceeds of this issue will be dedicated to the hotel chain's general corporate purposes, including the refinancing of E500m of undated fixed- and floating-rate bonds through a tender offer.
The new bonds have a first redemption option in June 2030, and will carry a coupon of 4.875% until that date. They will be subordinated to all senior debt and, in accordance with IFRS, will be accounted for as equity.
Copyright (c) 2024 CercleFinance.com. All rights reserved.