AccorInvest Group, owning and leasing a portfolio of 700 hotels across 24 countries in Europe, has successfully issued a 750 million euro bond with a five-year maturity. This bond is intended for the repayment of part of the group's debt.
The real estate company faces a debt estimated at around 4 billion euros maturing in 2025, which it aims to diversify in terms of sources, reduce in cost, and extend in maturity. On one hand, AccorInvest has initiated a program to divest its non-strategic assets, targeting proceeds of 1.7 billion euros, but is also looking to refinance in the market under better conditions. The launch of a bond loan meets this goal with a five-year maturity and a fixed coupon of 6.375%.
“The success of AccorInvest's first bond issuance demonstrates investors’ confidence in the Group’s clear positioning in the hospitality value chain, as owner and operator”, says Gilles Clavié, CEO of AccorInvest. “The Group's ability to increase its profitability, execute its clear strategic roadmap and accelerate its ESG trajectory, has allowed it to improve its credit profile and successfully complete its first bond issuance".
AccorInvest was advised by Rothschild & Cie as financial advisor and Latham & Watkins as legal advisor. BNP Paribas acted as sole physical bookrunner, joint global coordinator and joint bookrunner, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Natixis and Société Générale as joint global coordinators and joint bookrunners, Commerzbank Aktiengesellschaft and MUFG Securities (Europe) N.V. as joint bookrunners and Bank of China (Europe) S.A., Crédit Industriel et Commercial S.A and NatWest Markets N.V. as co-managers. They were advised by Weil, Gotshal & Manges as legal advisor.
