AccorHotels today successfully set the terms of an 8 year bond issue for an amount of EUR500 million with an annual coupon of 2.375%.
The order book totaled EUR3.3bn; i.e. close to 7 times the initial targeted amount. The transaction could therefore be completed within a short time, and at a very favorable price.
This operation reflects the high quality of the AccorHotels signature, and the investors' confidence. It will notably enable the Group to repurchase part of two bonds maturing in 2017 (coupon of 2.875%) and in 2019 (coupon of 2.50%), and to lengthen the average maturity of its debt while decreasing its average cost of funding.
AccorHotels' long-term senior debt is rated BBB- by Standard & Poor's and Fitch Ratings. BNP Paribas acted as Global Coordinator for this bond issue. Barclays, BNP Paribas, Commerzbank, Mitsubishi UFJ, Santander GBM and Société Générale CIB acted as joint lead managers and bookrunners.
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