Accor's €380 Million Convertible Bond Offering and Partial Repurchase

On September 2, 2026, Accor announced the launch of an offering of €380 million in convertible bonds, due in 2032. These bonds allow conversion into new shares or exchange for existing ones. This strategy is part of Accor's approach to managing its debt maturity profile.

The proceeds will partly fund the repurchase of bonds due in 2027, up to €330 million in nominal value. This repurchase will use a reverse bookbuilding process. Remaining funds will cover general corporate expenses. The bonds are aimed solely at qualified investors and will be issued with a fixed coupon rate between 1.125% and 1.625% annually.

Crédit Agricole CIB, along with Natixis and Société Générale, leads this financial maneuver. The process ensures the bonds' admission to Euronext Access in Paris within 30 days from issuance. This financial move helps mitigate potential dilution of shares.