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Accor wraps tenders for hybrid bonds after closing of new bonds
By Marisa Wong
Morgantown, W.Va., Jan. 30 – Accor announced that the conditions to its tender offer for its six-year non-callable deeply subordinated fixed-to-reset rate bonds issued on June 30, 2014 have now been satisfied.
As announced on Tuesday, the company conditionally accepted for purchase €385.9 million of tendered bonds. The offer expired at 10 a.m. ET on Jan. 28. Settlement will be on Feb. 1.
The company had launched the tender offer on Jan. 18 alongside an offering of new euro-denominated undated deeply subordinated fixed-to-reset rate bonds. On Jan. 25 the company set the tender cap at €500 million.
The tender offer was 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. The new bonds settled on Tuesday.
The tendered bonds will be purchased at 103.118 plus accrued interest. The purchase price, set at 8 a.m. ET on Jan. 29, is based on the June 2020 interpolated mid-swap rate.
Following settlement of the tender offer, €514.1 million principal amount of the existing bonds will remain outstanding.
Accor is a Paris-based hospitality company.
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