Accor talks €500 million seven-year Oceanes at 0.7%-1.2%, up 60%-65%

By Abigail W. Adams

Portland, Me., Nov. 30 – Accor SA plans to price €500 million of seven-year convertible bonds in the Oceanes structure on Monday with price talk for a yield of 0.7% to 1.2% and an initial conversion premium of 60% to 65%, according to a market source.

BNP Paribas, Credit Agricole CIB, Natixis and Societe Generale are joint global coordinators and bookrunners for the Regulation S offering.

Barclays Bank Ireland plc, BofA Securities and CIC are also joint bookrunners.

The bonds are non-callable until Dec. 28, 2025 and then subject to a 140% hurdle. They are also subject to a clean-up call if 80% or more of the principal amount has been converted, exchanged, redeemed or cancelled.

The bonds are putable upon a change-of-control or delisting event. There is dividend protection.

Proceeds will be used for general corporate purposes, which may include the refinancing of the €550 million outstanding of the company’s senior bond due 2021.

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