The €1,200 million undrawn facility 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 [1] to consolidated EBITDA). In the context of the pandemic, Accor obtained a covenant holiday 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 Since November 15, 2021, this covenant has been replaced by a minimum liquidity covenant, applicable for the years 2022 and 2023.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.
On November 18, 2021, the Group issued a bond indexed to the Group’s sustainable development objectives (Sustainability-Linked Bond) for €700 million, with a 2.375% coupon, maturing in November 2028.
This new financing enabled a partial repayment of €206 million and €243 million on the bonds maturing in 2023, issued in September 2015, and maturing in 2024, issued in January 2017 respectively.
Accor has a short-term financing program in the form of commercial papers (NEU CP) capped at €500 million. As at December 31, 2021, this program is drawn for €302 million.
As at December 31, 2021, 78% of bonds and bank borrowings were at fixed rate, with an average rate of 2.0%, and 22% were at a variable rate, with an average rate of 2.2%. The fixed rate debt is denominated primarily in Euro (89%).
[1] Restated for lease liabilities (IFRS 16)
Bond issues
As of end-August 2021, bond issues break down as follows:Senior Bonds
Issue Date
Maturity
Coupon
Principal
Outstanding
Currency
September 2015
September 2023
3.625%
500M
294M
EUR
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
500M
EUR
October 2019
April 2025
2.625%
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
-
5/25/2023
Notice to holders of the OCEANEs due 2027 of Accor SA