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Accor sets tender offer cap for hybrid bonds at €500 million
By Marisa Wong
Morgantown, W.Va., Jan. 25 – Accor has set the maximum acceptance amount at €500 million for its tender offer for its €900 million six-year non-callable deeply subordinated fixed-to-reset rate bonds issued on June 30, 2014, according to a company announcement.
The company launched the tender offer on Jan. 18 alongside an offering of new euro-denominated undated deeply subordinated fixed-to-reset rate bonds.
The tender offer is set to expire at 10 a.m. ET on Jan. 28.
Pricing of the tender offer will be set at 8 a.m. ET on Jan. 29.
Settlement is slated for Feb. 1.
The tender offer is conditioned on pricing of the new bonds and signing of a subscription agreement between the company and the joint lead managers for the purchase of the new bonds.
Accor is a Paris-based hospitality company.
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