(Boursier.com) — Accor SA announces its intention to issue new super subordinated bonds of indefinite duration denominated in Euros repayable from year 5.5, bearing interest at a fixed rate then at a variable “reset” rate, for an expected amount of 500 million euros, with a first redemption date at the option of the company in April 2029 (“New Hybrid Bonds”).
At the same time, Accor is launching an “any and all” buyback offer on its super subordinated bonds of indefinite duration repayable from January 2024, bearing interest at a fixed rate then at a variable “reset” rate, in the amount of €500 million. , issued on January 31, 2019 (ISIN: FR0013399177, the “Existing Hybrid Bonds”, of which 500 ME currently remain in circulation), admitted to trading on Euronext Paris.
The tender price offered on the Existing Hybrid Bonds will be 100% of the principal amount of the Existing Hybrid Bonds accepted for redemption.
The hotel group’s intention is to maintain the total outstanding amount of its hybrid bonds at the current level. The Company remains committed to maintaining hybrid capital as a permanent component of its capital structure.
The New Hybrid Bonds will be admitted to trading on Euronext Paris.
The rating agencies should grant a rating of ‘BB’https://www.boursier.com/’BB’ (S&P / Fitch) and a qualification by the agencies of an intermediate treatment of this instrument of 50% in equity .
The buyback offer will begin on October 2 and expire at 5:00 p.m. (Paris Time) on October 9. The operation is scheduled to conclude on October 12. The results of the Tender Offer will be announced on October 10 (subject to any extension, withdrawal, cancellation or amendment of the Tender Offer).
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