Commentary & Deal Flow

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 05/22 (T+10).

EUR400m (from EUR300m-EUR450mm) sr sec fixed rate notes due 05/15/30 (5y). NC2 (05/15/27) (MWC B+50bp), then at 102.6875, 101.34375, 100. Equity claw: 2y 40% at 105.375. 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. Reg S ISIN: XS3049459749. 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. Priced: 5.375% at 100. +334bp vs OBL 2.40% 04/18/30.

EUR300m (from EUR300m-EUR450m) sr sec fixed rate notes due 05/15/32 (7y). NC3 (05/15/28) (MWC B+50bp), then at 102.8125, 101.40625, 100. Equity claw: 3y 40% at 105.625. 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. Reg S ISIN: XS3049460242. 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. Priced: 5.625% at 100. +342bp vs DBR 0% 02/15/32.

EUR550m (from EUR500m minimum) sr sec FRN due 05/15/32 (7y). NC1 (05/15/26) (MWC B+50bp), then at 100. 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. Reg S ISIN: XS3049460671. 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. Priced: 3mE+375bp at 100.

Did investor call at 10am UKT 05/06. Books close at 12:30pm (from 12pm) UKT 05/08. 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