The French group repurchased 85.7% of its super subordinated shares issued in June 2014. The group was thus able to finalize the refinancing of its hybrid capital.

Accor successfully completed its offer to repurchase the super-subordinated bonds on October 30, 2019, which was initiated on October 23 with a €500 million repurchase with a coupon of 2.625%. 900 million were redeemable "for an indefinite period" and at a fixed rate from 2020, then at a variable rate "reset". Approximately 514.1 million euros were outstanding, and 385.6 million euros were purchased for this second leg of recapitalization.

This is the second year of "Liability Management" in Accor's hybrid capital in 2019, "enabling the company to further optimize its running-coupon payments, while remaining committed to hybrid capital as a permanent part of its capital structure".

As a result, Accor was able to repurchase 85.7% of its bond shares issued in June 2014. About this hybrid capital: "Citi & Crédit Agricole CIB acted as coordinator and bookrunner of the hybrid issue. Barclays, BNP Paribas, HSBC, MUFG, Natixis, NatWest Markets and Société Générale Corporate & Investment Banking acted as joint lead managers and bookrunners."