Accor successfully placed its first bond issue indexed to the Group’s sustainable development goals (Sustainability-Linked Bond) for an amount of €700 million, with a coupon of 2.375%, due November 2028. The proceeds of this issue will be essentially used to refinance part of the existing debt.
The transaction, which was oversubscribed three and a half times, demonstrates investors’ commitment to sustainable finance and recognizes Accor’s sustainable development ambition. With this issue, Accor is optimizing its debt profile and further aligning its financing strategy with its CSR ambitions. This transaction illustrates the Group’s ambition to accelerate its transition to sustainable growth as well as stepping up its commitment to reducing greenhouse gas emissions and asserting its environmental and social values by involving the entire value chain.
Issued pursuant to the Sustainability-Linked Bond Framework, these bonds are indexed to the Group’s greenhouse gas emission reduction targets – 25.2% for Scopes 1 and 2 and 15.0% for Scope 3 – by 2025 versus 2019.
The framework defined for this issue is designed to enable future bond issues in a sustainability-linked format. Sustainalytics also provided the framework with the best possible evaluation with Key Performance Indicators rated “very strong” and Sustainability Performance Targets considered “highly ambitious.”
CA-CIB and HSBC acted as Global Coordinators and bookrunners for the issue. Commerzbank, MUFG, Santander, Société Générale and UniCredit acted as Joint Lead Managers and bookrunners.