Related Issuers
by Stephen Carter
May 08, 2025 6:11 AM ET
AccorInvest Group SA (ACCINV) EUR1.25bn 144A/Reg S sr sec notes 3-part. B2/B+/BB (stable/stable/stable). Via BNP+. No reg rights. List Lux. NY law. Settles T+10.
EUR400m (from EUR300m-EUR450mm) sr sec fixed rate notes due 2030 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. Via BNP (B&D)/CA jt physical books/Natixis/Commerz/MUFG jt gloco/BofA/CIC/ICBC/ NatWest jt books, Goodbody as co-manager. CoC at 101. 30/360. IPT: low 6s. Price talk: 5.75%-6.00%. Revised price talk: 5.625% area (+/-12.5bp). Final price talk: 5.375%-5.50% WPIR.
EUR300m (from EUR300m-EUR450m) sr sec fixed rate notes due 2032 (7y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Special call: 10% per year the first 3 years at 103. Via BNP (B&D)/CA jt physical books/Natixis/Commerz/MUFG jt glocos/BofA/CIC/ICBC/ NatWest jt books, Goodbody as co-manager. CoC at 101. 30/360. IPT: mid 6s. Price talk: 6.00%-6.25%. Revised price talk: 5.875% area (+/-12.5bp). Final price talk: 5.625%-5.75% WPIR.
EUR550m (from EUR500m minimum) sr sec FRN due 2032 (7y). NC1 (MWC B+50bp), then at par. Via BNP (B&D)/Natixis jt physical books/CA/Commerz/MUFG jt glocos/BofA/CIC/ICBC/ NatWest jt books, Goodbody as co-manager. CoC at 101. Act/365. IPT: E+low 400s at 99.50. Price talk: 3mE+400bp at 99.50-100.00. Revised price talk: 3mE+375-400bp at par. Final price talk: 3mE+375bp at par.
Did investor call at 10am UKT 05/06. Books close at 12:30pm (from 12pm) UKT 05/08. Pricing 05/08 UK afternoon. UOP: along with a new EUR200m term loan B1, EUR 350m term loan B2, EUR100m draw on a new revolver, and EUR65m cash on hand, to repay in full its existing EUR94m term loan A, EUR1.186bn term loan B, EUR250m drawn on its revolver, and EUR405m PGE facility. Biz: now operating under the Essendi brand name, a leading European hotel owner and operator with a focus on the economy and midscale segment. All are managed by Accor SA, which owns 30.6% of AccorInvest. Other shareholders include Euro Booster Private Ltd (GIC Realty) (14.2%), BOFR Investment Co (Public Investment Fund) (14.2%), and EarlyBird SCA (21%). HQ: Luxembourg.
Netroadshow link: https://www.netroadshow.com/nrs/home/#!/?show=6f3518ed