11/18/2021 Accor SA (ACFP) EUR700m (up from EUR500m) Reg S bearer fixed rate sr unsec sustainability-linked notes due 11/29/28 (7y). NCL (MWC B+45bp) (3mo par call) (75% clean-up call). NR/BB+/BB+ (neg/stable). Via CA (B&D)/HSBC jt glocos/Commerz/MUFG/Santander/SocGen/UniCredit jt active books. CA and Santander as ESG Structuring Advisors. French law. List Euronext Paris. Annual pay (Act/Act). SPTs - KPI 1: reduce the Group's absolute scope 1 and 2 GHG emissions by 25.2% by 12/31/25 (the target observation date) from a 2019 base year (3,471 ktCO2eq); KPI 2: reduce the group's absolute scope 3 GHG emissions by 15% by 12/31/25 from a 2019 base year (3,761 ktCO2eq). Coupon step-up: 12.5bp for each unmet SPT, applicable to all interest periods commencing on or after the target observation date. Settles 11/29 (T+7). ISIN: FR0014006ND8. IPT: 2.625%-2.75%. Guidance: yield set at 2.50%. Final terms: EUR700m at 2.50% yield. Priced: 2.375% at 99.206, yield 2.50%. MS+248.4bp. +295bp vs DBR 0.00% 11/28. Book at guidance EUR2.3bn (pre rec). 11/17 update: The roadshow ended 11/16 with over 100 investors engaged. Accor said it was focused on a EUR500m 7y SLB. The balance of investor feedback was in the context of mid/high 2s. Virtual roadshow 11/15-16 (investor call at10am UKT 11/15). Books went subject at 12:10pm UKT 11/18. HSBC coordinated roadshow logistics. UOP: GCP, including but not limited to the refinancing (tender offer) of its EUR500m 3.625% sr notes due Sept 2023 (FR0012949949) (purchase yield of -0.10%) and its EUR600m 2.50% sr notes due Jan 2024 (FR0013233384) (purchase spread of 60bp vs the interpolated mid-swap rate). CA and MUFG are acting as Structuring Advisors and BNPP, CIC, Natixis and Santander as Dealer Managers. Biz: a world leader in hospitality. HQ: Issy-les-Moullineaux, France. The Sustainability-Linked Bond (SLB) offering will be issued in accordance with Accor’s Sustainability-Linked Bond Framework. A second Party Opinion (SPO) has been delivered by Sustainalytics.