Commentary & Deal Flow

AccorInvest Group SA (ACCINV) EUR650m (up from EUR500m) 144A/Reg S sr sec notes due 11/15/31 (7y). NC3 (11/15/27) (MWC B+50bp), then at 102.75, 101.375, 100.00. Equity claw: 3y 40% at 105.50. 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. Semi pay starts 05/15/25. CoC at 101. Settles 11/06 (T+11). Reg S ISIN: XS2926264529. IPT: high 5s. Price talk: 5.75% area (+/- 12.5bp). Revised price talk: 5.50%-5.625% WPIR. EUR150m upsize to repay a portion of its term loans. Final terms: EUR650m at 5.50%.

Priced: 5.50% at 100. +340bp vs DBR 08/15/31.

Did investor call at 11am UKT 10/21. Books closed at 2:30pm UKT 10/22. Reconfirms were due by 5:30pm UKT 10/22. (Originally pricing 10/23). UOP: repay a portion of its term loans A (EUR247m of EUR757m) and B (EUR247m of EUR1.507bn) (EUR150m upsize to repay term loans). 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