New Issue: Accor sells €560 million convertible at 1.75% yield, up 21.21%

By Ronda Fears

Nashville, Oct. 16 - Accor sold €560 million of 4.25-year convertible bonds at par to yield 1.75% with a 21.21% initial conversion premium, via joint bookrunners BNP Paribas and SG Corporate & Investment Banking.

The deal sold toward the aggressive end of price talk of 1.625% to 2.125%, up 20% to 25%.

The company said proceeds would be used to refinance debt.

Terms of the deal are:

Issuer: Accor

Issue:	Convertible unsubordinated bonds
Lead managers:	BNP Paribas and SG Corporate & Investment Banking
Amount	€560 million
Greenshoe:	€56 million
Maturity:	Jan. 1, 2008
Coupon:	1.75%
Price:	Par
Redemption price:	Par
Yield:	1.75%
Conversion premium:	21.21%
Conversion price:	€40.25
Conversion ratio:	1.00
Call:	Non-callable for 2 years, then with 110% hurdle
Price talk:	1.625-2.125%, up 20-25%
Ratings:	S&P: BBB
	Fitch: BBB+
Pricing date:	Oct. 16
Settlement date:	Oct. 24
Distribution:	Regulation S

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.