Accor taps bookrunners ahead of offers including junk-rated hybrid

By Paul A. Harris

Portland, Ore., Jan. 18 – Accor SA (BBB-/BBB-) mandated BNP Paribas and Citigroup as global coordinators and structuring advisors to arrange meetings with European fixed income investors beginning on Monday, according to a market source.

The Paris-based hospitality company intends to place €500 million of perpetual 5¼-year hybrid securities (expected ratings BB/BB), which are non-callable.

BNP Paribas, BofA Merrill Lynch, Citigroup, MUFG, NatWest Markets and Santander will be the joint active bookrunners.

Accor also mandated BNP Paribas and Credit Agricole CIB as global coordinators for a euro-denominated offering of senior notes with a six- or seven-year maturity.

BNP Paribas, BofA Merrill Lynch, Credit Agricole, Natixis and UniCredit will be the joint active bookrunners for the senior notes.

Both tranches are coming with Regulation S formats.

Accor also announced a tender offer for €900 million of its outstanding 4 1/8% hybrid notes.

BNP Paribas and Citigroup are acting as structuring advisors, and BofA Merrill Lynch, MUFG, NatWest Markets and Santander are dealer managers.

There is also a tender offer, via Credit Agricole, for Accor's €900 million of outstanding 2 5/8% senior notes due February 2021. BNP Paribas and Credit Agricole are acting structuring advisors for the tender for the 2 5/8% notes, BofA Merrill Lynch, Natixis and UniCredit are the dealer managers.

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