Commentary & Deal Flow

AccorInvest Group SA (ACCINV) EUR500m 144A/Reg S sr sec notes due 2031 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. B2/B+/BB (stable/stable/stable). Via BNP (B&D) physical books/BofA/CA/Natixis/SocGen jt glocos/Commerz/MUFG jt books, Bank of China, CIC Mkt Solutions, NatWest as co-managers. No reg rights. List Lux. NY law. CoC at 101. Settles (T+10). Reg S ISIN: XS2926264529. IPT: high 5s.

Price talk: 5.75% area (+/- 12.5bp).

Did investor call at 11am UKT 10/21. Pricing 10/22 (originally pricing 10/23). UOP: repay a portion of its term loans A (EUR247m of EUR757m) and B (EUR247m of EUR1.507bn). Biz: leading European hotel owner and operator with a focus on the economy and midscale segment. All are managed by Accor SA, which owns 30% of AccorInvest. HQ: Luxembourg.

Investor call link: https://evercall.co/oacc/11916

DealRoadshow link: https://dealroadshow.com/e/ACCORINVESTOCT24