On 19 November 2010, AccorHotels had announced the launch of a tender offer to repurchase parts of bonds maturing in 2013 (6.5%) and 2014 (7.5%), subject to a maximum aggregate principal amount of Euro 400,000,000 in line with its de-leveraging strategy. With this transaction, AccorHotels reduces its gross debt and optimizes its debt structure.
During the Tender Offer Period, an aggregate principal amount of Euro 283 million was validly tendered by Bond holders and accepted by AccorHotels for repurchase. The amount is split as follows:
- Euro 151m of the Euro 600m 6.5% Notes due May 2013
- Euro 132m of the Euro 600m 7.5% Notes due February 2014
All bonds purchased by AccorHotels have been immediately cancelled and will not be re-issued. The settlement of the Tender Offer was on Wednesday 1 December, 2010.
In 2011, AccorHotels pursued the partial repurchase of its bonds:
- Euro 56m of the Euro 600m 6.5% Notes due May 2013
- Euro 65m of the Euro 600m 7.5% Notes due February 2014
In 2012 and 2013, AccorHotels successfully launched two new bonds, taking advantage of favorable conditions on the credit market. These operations enable AccorHotels to both lengthen the average maturity of its debt and optimize its average cost of funding.
- Euro 700m, 2.875% Notes due June 2017
- Euro 600m, 2.5% Notes due March 2019
In 2014, AccorHotels successfully launched three new bonds, taking advantage of favorable conditions on the credit market. Those issues strengthen AccorHotels' flexibility in deploying its strategy.
- Euro 750m, 2.625% Notes due february 2021
- Euro 900m, 4,125% Notes due june 2020 with the rate reset every 5 years thereafter
- Euro 150m, 1,728%, Notes due february 2021