Debt & Rating
A Clear View of Our Debt and Credit Profile
Our Financing Policy
An internationally recognized signature allows Accor to raise various forms of financing, including through bond issues, private placements and bank loans. From time to time, the Group also takes advantage of market opportunities to raise financing in a given currency and at a given rate of interest and then use a swap to convert the facility into the currency and interest rate required to finance business needs. Generally, the Group’s policy is to finance its assets and operating requirements in the currency of the country concerned in order to create a natural hedge and avoid any currency risk. By using its subsidiaries’ surplus cash as well as the financial instruments described above, the Group is able to optimize the cost of its resources while reducing currency risks.
Accor began linking funding to its sustainability ambitions in July 2018, with a Sustainability-Linked Credit Facility indexing the margin to the Group’s emblematic Corporate Social Responsibility (CSR) commitments.
In October 2018, the Group took a step further by developing a Green Loan to finance the acquisition of its headquarters in Paris. This transaction was a forerunner as a framework was set and the building was HQE “Excellent”-certified, and Sustainalytics provided a positive Second Party Opinion (SPO).
In 2021, with the development of a Sustainability-Linked Bond Framework, Accor aimed at further align its business and funding strategy with its environmental and social commitments and values. The KPIs determined has been qualified as “very strong” and the Sustainability Performance Targets (SPTs) “highly ambitious” by Sustainalytics as the SPO.
On November the 18th 2021, Accor issued its inaugural Sustainability-Linked Bond (SLB) based on this framework. These bonds are indexed to the Group's greenhouse gas emission reduction targets of 25.2% for Scope 1 and 2 and 15.0% for Scope 3 by 2025 compared to 2019.
An internationally recognized signature allows Accor to raise various forms of financing, including through bond issues, private placements and bank loans.
From time to time, the Group also takes advantage of market opportunities to raise financing in a given currency and at a given rate of interest and then use a swap to convert the facility into the currency and interest rate required to finance business needs.
Generally, the Group’s policy is to finance its assets and operating requirements in the currency of the country concerned in order to create a natural hedge and avoid any currency risk.
By using its subsidiaries’ surplus cash as well as the financial instruments described above, the Group is able to optimize the cost of its resources while reducing currency risks.
Bond Issues
As of March 4, 2025, bond issues break down as follows:
Senior Bonds
Issue Date | Maturity | Coupon | Principal | Outstanding | Currency |
---|---|---|---|---|---|
February 2019 | February 2026 | 3.000% | 600M | 600M | EUR |
March 2024 | March 2031 | 3.875% | 600M | 600M | EUR |
March 2025 | March 2033 | 3.500% | 600M | 600M | EUR |
Perpetual Bonds
Issue Date | Maturity | Coupon | Principal | Outstanding | Currency |
---|---|---|---|---|---|
October 2023 | April 2029 | 7.25% | 500M | 500M | EUR |
September 2024 | September 2030 | 4.875% | 500M | 500M | EUR |
Convertible Bond
Issue Date | Maturity | Coupon | Principal | Outstanding | Currency |
---|---|---|---|---|---|
November 2020 | December 2027 | 0.700% | 500M | 500M | EUR |
SLB Bond
Issue Date | Maturity | Coupon | Principal | Outstanding | Currency |
---|---|---|---|---|---|
November 2021 | November 2028 | 2.375% | 700M | 700M | EUR |
Accor experienced a significant return of business during 2021 following the relaxation of health-related restrictions. This change of business activity is reflected as an increase in emissions between 2020 and 2021. As business activity returns to 2019 levels, further emission increases are anticipated in 2022. Accor is investing heavily in new capabilities in the form of tools and resources to enable hotels to reduce emissions. The benefits of these capabilities will progressively reduce emissions over the coming years and enable the Group to achieve the published KPIs and targets.
Both scopes 1 & 2 and scope 3 emissions during 2021 are below the 2025 and 2030 emission reduction trajectory:
Scopes 1 & 2 | 2019 Base Year | 2020 | 2021 |
---|---|---|---|
Scope 1 & 2 KPI - Trajectory tCO2e ('000) | 3,471 | 3,325 | 3,180 |
Status KPI | - | On Track | On Track |
Scope 3 | 2019 Base Year | 2020 | 2021 |
---|---|---|---|
Scope 3 KPI - Trajectory tCO2e ('000) | 3,255 | 3,170 | 3,087 |
Scope 3 KPI - Actual tCO2e ('000) | 3,255 | 1,940 | 2,306 |
Status KPI | - | On Track | On Track |
Accor's Credit Rating
Credit rating assess the credit worthiness of the Group and its ability to pay its debt. Accor is followed by the credit rating agencies Standard & Poor’s and Fitch Rating which assign to Accor the following rating:
Long Term Rating | Outlook | Last Review | |
---|---|---|---|
Standard & Poor's | BBB- | Stable | September 12, 2023 |
Fitch Rating | BBB- | Positive | March 28, 2024 |
Financial Operations
- 25.02.2025
Accor annonce le succès de sa nouvelle émission obligataire
- 25.02.2025
Accor announces the success of its new senior bond issuance
- 17.01.2025
Notice of early redemption
- 05.09.2024
Accor completes the partial refinancing of its hybrid capital
- 05.09.2024
Accor annonce la finalisation du refinancement partiel de son capital hybride
- 28.08.2024
Accor annonce une opération de refinancement de sa dette hybride
- 28.08.2024
Accor announces a hybrid bond refinancing transaction
- 28.08.2024
Accor annonce le succès de sa nouvelle émission d'obligations hybrides
- 28.08.2024
Accor announces the success of its new hybrid bond
- 07.06.2024
Avis aux porteurs des obligations OCEANEs à échéance 2027 émises par Accor
- 07.06.2024
Notice to holders of the OCEANEs due 2027 of Accor SA
- 20.12.2023
Accor signe une nouvelle ligne de crédit bancaire de 1 milliard d'euros
- 20.12.2023
Accor signs new €1bn revolving banking credit facility
- 20.10.2023
Notice of early redemption
- 10.10.2023
Accor annonce la finalisation du refinancement de son capital hybride avec succès
- 10.10.2023
Accor completes successfully the refinancing of its hybrid capital
- 04.10.2023
Accor annonce le succès de sa nouvelle émission d'obligations hybrides
- 04.10.2023
Accor announces the success of its new hybrid bond
- 02.10.2023
Accor annonce une opération de refinancement de sa dette hybride
- 02.10.2023
Accor announces a hybrid bond refinancing transaction
- 25.05.2023
Avis aux porteurs des obligations OCEANEs à échéance 2027 émises par Accor
- 25.05.2023
Notice to holders of the OCEANEs due 2027 of Accor SA
- 10.11.2022
Mise à jour dans le cadre de la réduction des émissions de CO2 du Groupe
- 10.11.2022
Group Emission Reduction Update
- 23.11.2021
Accor optimise sa structure financière avec le succès de son opération de « Liability Management »
- 23.11.2021
Accor optimizes its financial structure through a successful Liability Management
- 18.11.2021
Accor annonce le succès de son émission d'obligations inaugurale « Sustainability-Linked Bond » indexée sur les objectifs de développement durable du Groupe
- 18.11.2021
Accor announces the success of its inaugural “Sustainability-Linked Bond” indexed to the Group's sustainable development goals
- 15.11.2021
Sustainability-linked bond framework
- 15.11.2021
Accor annonce une opération de refinancement obligataire
- 15.11.2021
Accor announces a bond refinancing transaction
- 15.11.2021
Sustainability-Linked Bond Framework - Second-Party Opinion
- 30.11.2020
Accor optimizes its capital structure with the successful placement of an OCEANE issue
- 30.11.2020
Accor optimise sa structure financière avec le placement réussi d'une émission d'OCEANE
- 18.05.2020
Accor announces additional €560m banking credit facility
- 16.12.2020
Accor further optimizes its debt structure
- 16.12.2020
Accor poursuit l'optimisation de la structure de sa dette
- 16.12.2020
AccorHotels optimizes its financial structure through the refinancing of more than EUR1bn of its debt
- 16.12.2020
AccorHotels optimise sa structure financière avec le refinancement de plus d'un milliard d'euros de sa dette
- 30.10.2019
Accor annonce la finalisation du refinancement de son capital hybride
- 25.02.2019
Accor further optimizes its debt structure
- 25.02.2019
Accor poursuit l’optimisation de la structure de sa dette
- 25.02.2019
Accor further optimizes its debt structure
- 25.02.2019
Accor poursuit l'optimisation de la structure de sa dette
- 31.01.2019
AccorHotels optimizes its financial structure through the refinancing of more than EUR1bn of its debt
- 31.01.2019
AccorHotels optimise sa structure financière avec le refinancement de plus d'un milliard d'euros de sa dette
- 24.01.2019
Bond investors acknowledge AccorHotels’ new business model with two vastly oversubscribed bond issues for EUR1.1bn
- 25.10.2018
AccorHotels réalise l’acquisition de son siège social
- 25.10.2018
AccorHotels completes the acquisition of its Paris head office building
- 09.07.2018
AccorHotels signs new €1.2bn banking credit facility
- 15.12.2020
Consent solicitation of bondholders on proposed partial asset contribution for Booster project
- 15.12.2020
Demande de consentement des porteurs obligataires pour approbation du projet d'apport partiel d'actifs dans le cadre du projet Booster
- 18.01.2017
Successful launch of a bond offering EUR 600 million, 7 year maturity, annual coupon of 1.25%
- 18.01.2017
Succès du lancement d'une émission obligataire de 600 millions d'euros à 7 ans, coupon annuel de 1,25%
- 11.09.2015
Large success for the tender offer on two bonds for €598m
- 11.09.2015
Large succès de l'offre de rachat sur deux obligations pour 598 millions d'euros
- 03.09.2015
20150903_accorhotels_bonds_september
- 03.09.2015
Large success for the launch of a bond offering
Documentation related to Bond Issues
- 03.03.2025
Accor €600m Senior Bond Issue March 2025 Final Terms Execution
- 21.02.2025
European Medium Term Programme
- 05.09.2024
Prospectus - €500m bond issue
- 10.10.2023
Prospectus - €500m bond issue
- 02.12.2021
Prospectus - €700m SLB issue
- 28.10.2019
Prospectus - €500m bond issue
- 30.01.2019
Prospectus - €600m bond issue
- 30.01.2019
Prospectus - €600m bond issue
- 29.01.2019
Prospectus - €500m bond issue
- 29.01.2019
Prospectus - €500m bond issue
- 23.02.2017
Prospectus - Emission obligataire de 600 millions d'euros (en anglais)
- 23.02.2017
Prospectus - €600 million bond issue
- 16.09.2015
accor___final_prospectus__with_amf_visa____11_september_2015_182218_4_12
- 16.09.2015
accor___final_prospectus__with_amf_visa____11_september_2015_182218_4_12