The €1,200 million undrawn bank credit line contained, at contract inception, an early repayment clause that can be triggered in the event of non-compliance with a financial leverage ratio (consolidated net debt reported to consolidated EBITDA before application of IFRS 16 Leases). In the context of the health crisis, Accor obtained a first covenant holiday until June 2021, which was extended on February 8, 2021, until June 2022. Since November 15, 2021, this covenant has been replaced by a minimum liquidity covenant, applicable for the years 2022 and 2023. From 2024, the initial “Leverage ratio” will apply again.
Accor has a short-term financing program in the form of commercial papers (NEU CP) capped at €500 million. As at December 31, 2022, this program is drawn for €109 million, representing a decrease of €193 million compared to December 31, 2021.
As of December 31, 2022, Accor has a strong financial position, with net cash and cash equivalent of 1,625 million euros, after the redemption of the two bonds of 60 million euros and 150 million CHF, issued in 2014, and maturing in February and June 2022 respectively.
As at December 31, 2022, 97% of bonds and bank borrowings were at fixed rate, with an average rate of 2.1%, and 3% were at a variable rate, with an average rate of 5%. The fixed rate debt is denominated primarily in euro.
Bond issues
As of end-August 2021, bond issues break down as follows:Senior Bonds
Issue Date
Maturity
Coupon
Principal
Outstanding
Currency
January 2017
January 2024
2.500%
600M
357M
EUR
February 2019
February 2026
3.000%
600M
600M
EUR
Perpetual Bonds
Issue Date
1st Call Date
Coupon
Principal
Outstanding
Currency
January 2019
April 2024
4.375%
500M
58M
EUR
October 2019
April 2025
2.625%
500M
500M
EUR
October 2023
April 2029
7.25%
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
Both scopes 1 & 2 and scope 3 emissions during 2021 are below the 2025 and 2030 emission reduction trajectory:
2019
Base Year
2020
2021
Scope 1 & 2 KPI - Trajectory tCO2e ('000)
3,471
3,325
3,180
Status KPI
-
On Track
On Track
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
Financial Operations
-
10/20/2023
Notice of early redemption
-
10/10/2023
Accor completes successfully the refinancing of its hybrid capital
-
10/4/2023
Accor announces the success of its new hybrid bond
-
10/2/2023
Accor announces a hybrid bond refinancing transaction
-
5/25/2023
Notice to holders of the OCEANEs due 2027 of Accor SA