AccorHotels announced that it has signed an agreement with a consortium of 15 banks for a new Revolving Credit Facility, which margin will be notably dependent on the Group’s performance with respect to Environment, Social and Governance concerns.
The new five-year facility replaces the undrawn €1.8bn facility signed in June 2014, which had been reduced to €1.2bn following the completion of the AccorInvest disposal. It has two one-year extension options (exercisable in 2019 and 2020).
This facility will reinforce AccorHotels liquidity and increase the average maturity of its financial resources.
This means that an investment loan allows the financing of heavy investments linked to the creation of a new activity or the development of the company.
Thus, this facility falls within the scope of AccorHotels’ Planet 21 – Acting Here! program launched in 2016 which aims to achieve the best possible ethical, social and environmental performance.
Jean-Jacques Morin, Chief Financial Officer of AccorHotels, said: "I am pleased that AccorHotels is the first global Hospitality leader to link the interest rate structure of our new RCF to our sustainability performance. Our Group is fully committed to ESG issues, and we take pride in being a member of most key sustainability indices."
The RCF includes the following 15 banks:
- BNP Paribas as Coordinator, documentation and sustainability Agent,
- Société Générale as Coordinator and facility Agent,
- MUFG and Unicredit as coordinators
- Banco Santander, Bank of America Merill Lynch, Barclays, Citibank, Crédit Agricole CIB, Commerzbank, CM-CIC, HSBC, ING, Natixis and NatWest as Mandated Lead Arrangers
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