Accor launches €380M convertible bonds 2032 to repurchase its 2027 OCEANEs

An OCEANEs issue maturing in 2032 reserved for qualified investors

Accor announced on September 2, 2026 the launch of an issue of senior unsecured convertible bonds convertible into new shares and/or exchangeable for existing shares (OCEANEs) maturing in 2032, for a nominal amount of €380 million. The issue is carried out through placement with qualified investors only, in accordance with article L. 411-2, 1° of the French Monetary and Financial Code.

According to the company, this transaction is part of its debt maturity profile management policy. The coupon is expected at a fixed rate between 1.125% and 1.625% per annum, with a conversion or exchange premium set between 35% and 40% above the reference price of the share on Euronext Paris.

The securities, with a unit nominal value of €100,000, are intended to be redeemed at their nominal value on March 9, 2032, unless converted, exchanged, redeemed or repurchased early. Settlement-delivery is scheduled for September 9, 2026.

Concurrent partial repurchase of 2027 OCEANEs

The net proceeds from the issue are intended to finance the concurrent partial repurchase of OCEANEs maturing in 2027 issued on December 7, 2020, for a maximum nominal amount of €330 million (corresponding to a repurchase value of approximately €380 million). This repurchase is conducted through a reverse book building process.

As of September 1, 2026, the nominal outstanding amount of 2027 OCEANEs was approximately €456 million. The repurchase price per security is set between €57.16 and €57.39 before adjustment related to the change in the share price.

The issue of the new bonds is conditional upon receipt, by the establishments in charge of the repurchase, of seller indications of interest representing at least 60% of the outstanding 2027 OCEANEs, a condition that the company may waive at any time. Settlement-delivery of the repurchase is expected on September 10, 2026.