ACCOR (EPA:AC) - AccorHotels announces refinancing operations

Transparency directive : regulatory news

18/01/2019 10:12

Press Release
Paris, January 18th, 2019

                AccorHotels announces refinancing operations

ACCOR SA (the "Company") today announces its intention to issue:

* new Euro-denominated undated non-call 5.25 year deeply subordinated fixed to
  reset rate bonds for an expected amount of EUR 500,000,000 with a first call
  date at the option of the Company in April 2024 (the "New Hybrid Bonds").
* new Euro-denominated senior [6-7] year bonds for a benchmark size with
  maturity in February [2025-26] (the "New Senior Bonds" and, together with the
  New Hybrid Bonds, the "New Bonds").

At the same time, the Company also announces the launch of two following tender
offers:

* A tender offer by the Company on its EUR 900,000,000 Undated 6 Year Non- Call
  Deeply Subordinated Fixed to Reset Rate Bonds issued on 30 June 2014 (ISIN:
  FR0012005924, the "Targeted Hybrid Bonds"), listed on the Luxembourg Stock
  Exchange (of which EUR900,000,000 are currently outstanding) for a maximum
  acceptance amount equal to the aggregate principal amount of the New Hybrid
  Bonds.
* A tender offer by Crédit Agricole Corporate and Investment Bank on the
  Company's EUR 900,000,000 2.625% Bonds due 5 February 2021 (ISIN:
  FR0011731876, the "Targeted Senior Bonds"), listed on the Luxembourg Stock
  Exchange (of which EUR900,000,000 are currently outstanding), for a maximum
  acceptance amount to be announced as soon as reasonably practicable
  following the pricing of the New Senior Bonds.

It is the Company's intention to maintain the aggregate amount of its
outstanding hybrid bonds at the current level and the Company remains committed
to hybrid capital as a permanent part of its capital structure.

The Company intends to exchange the Targeted Senior Bonds acquired by Crédit
Agricole Corporate and Investment Bank in the tender offer with the New Senior
Bonds, and any balance (if any) of the proceeds remaining from the issue of the
New Senior Bonds will be used for general corporate purposes and the
refinancing of the outstanding amount of the EUR 600,000,000 2.500 per cent
bonds due March 2019 for EUR 335.1 million remain outstanding.

The New Bonds are scheduled to be admitted to trading on Euronext Paris. It is
also expected that the rating agencies will assign the following ratings:

* New Hybrid Bonds: a rating of BB/BB (S&P/ Fitch) and an intermediate equity
  content of 50%.
* New Senior Bonds: a rating of BBB-/BBB- (S&P/ Fitch).

The conditional results of the tender offers will be announced on:

* January 29th, 2019 (subject to any extension, withdrawal, termination or
  amendment of the tender offer) on the Targeted Hybrid Bonds.
* January 29th, 2019 (subject to any extension, withdrawal, termination or
  amendment of the tender offer) on the Targeted Senior Bonds.

ABOUT ACCORHOTELS

AccorHotels is a world-leading travel & lifestyle group and digital innovator
offering unique experiences in more than 4,600 hotels, resorts and residences
across 100 different countries.
With an unrivaled portfolio of internationally renowned hotel brands
encompassing the entire range from luxury to economy, from upscale to lifestyle
and midscale brands, AccorHotels has been providing savoir-faire and expertise
for more than 50 years.
In addition to its core hospitality business, AccorHotels has successfully
expanded its range of services, becoming the world leader in luxury private
residence rental with more than 10,000 stunning properties around the world.
The Group is also active in the fields of concierge services, co-working,
dining, events management and digital solutions. Relying on its global team of
more than 250,000 dedicated staff, AccorHotels is committed to fulfilling its
primary mission: to make every guest Feel Welcome. Guests have access to one of
the world's most attractive hotel loyalty programs - Le Club AccorHotels.
AccorHotels plays an active role in its local communities and is committed to
promoting sustainable development and solidarity through PLANET 21 Acting Here,
a comprehensive program that brings together employees, guests and partners to
drive sustainable growth.
From 2008, the AccorHotels Solidarity Endowment Fund has acted as a natural
extension of the Group's activities and values, helping to combat the social
and financial exclusion experienced by the most disadvantaged members of
society.
Accor SA is publicly listed on the Euronext Paris Stock Exchange (ISIN code:
FR0000120404) and on the OTC Market (Ticker: ACRFY) in the United States.
For more information or to make a reservation, please visit accorhotels.group
or accorhotels.com. Or join and follow us on Twitter and Facebook.

Media relations contacts

Carina Alfonso Martin
Directrice des Relations Media Monde
Tel: +33 (0)1 45 38 84 84
Email : carina.alfonsomartin@accor.com

Line Crieloue
Relations Media Corporate
Tel: +33 (1) 45 38 18 11
Email: line.crieloue@accor.com

Investor and Analyst Relations

Sébastien Valentin
Directeur Communication Groupe
Tel: +33 (0)1 45 38 86 25
Email: sebastien.valentin@accor.com

Pierre-Loup Etienne
Relations Investisseurs Tel: +33 (1) 45 38 47 76
Email: pierre-loup.etienne@accor.com

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