AccorHotels signs new €1.2bn banking credit facility
First Hospitality Group to couple RCF margin with sustainability |
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AccorHotels signs new €1.2bn banking credit facility
First Hospitality Group to couple RCF margin with sustainability |
Category: Worldwide - Exclusive experiences
- What's new?
This is a press release selected by our editorial committee and published online for free on 2018-07-03
AccorHotels today announced that it has signed an agreement with a consortium of 15 banks for a new €1.2bn Revolving Credit Facility, which margin will be notably dependent on the Group’s performance in terms of Environment, Social and Governance (ESG).
The new facility has a five-year tenor with two one-year extension options to be exercised in 2019 and 2020. It replaces the undrawn €1.8bn facility signed in June 2014, that had been reduced to €1.2bn following the completion of the AccorInvest disposal.
This facility will reinforce AccorHotels liquidity and increase the average maturity of its financial resources.
AccorHotels’ current sustainability performance has been assessed by Sustainalytics, one of the leading providers of ESG research and ratings to investors globally. The resulting score will be used as the benchmark against which performance improvements will be assessed.
This facility falls within the scope of AccorHotels’ Planet 21 – Acting here! program launched in 2016 which aims to see achieve the best possible ethical, social and environmental performance based on six strategic priorities: work with its employees, involve its customers, offer guests healthy and sustainable food, innovate with its partners, favor carbon neutral buildings and work with local communities.
Jean-Jacques Morin, Chief Financial Officer of AccorHotels, said: “I am pleased that we AccorHotels are the first global Hospitality leader to link the interest rate structure of our new RCF to our sustainability performance. Our Group is fully committed to ESG issues, and we take pride in being a member of most key sustainability indices”.
The RCF includes the following 15 banks: BNP Paribas as Coordinator, documentation and sustainability Agent, Société Générale as Coordinator and facility Agent, MUFG and Unicredit as coordinators as well as Banco Santander, Bank of America Merill Lynch, Barclays, Citibank, Crédit Agricole CIB, Commerzbank, CM-CIC, HSBC, ING, Natixis and NatWest as Mandated Lead Arrangers.ABOUT ACCORHOTELSAccorHotels is a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,300 hotels, resorts and residences across 100 different countries.
With an unrivaled portfolio of internationally renowned hotel brands encompassing the entire range from luxury to economy, from upscale to lifestyle and midscale brands, AccorHotels has been providing savoir-faire and expertise for more than 50 years.
In addition to its core hospitality business, AccorHotels has successfully expanded its range of services, becoming the world leader in luxury private residence rental with more than 10,000 stunning properties around the world. The Group is also active in the fields of concierge services, co-working, dining, events management and digital solutions.
Relying on its global team of more than 250,000 dedicated staff, AccorHotels is committed to fulfilling its primary mission: to make every guest Feel Welcome. Guests have access to one of the world’s most attractive hotel loyalty programs - Le Club AccorHotels.
AccorHotels plays an active role in its local communities and is committed to promoting sustainable development and solidarity through PLANET 21 Acting Here, a comprehensive program that brings together employees, guests and partners to drive sustainable growth.
From 2008, the AccorHotels Solidarity Endowment Fund has acted as a natural extension of the Group’s activities and values, helping to combat the social and financial exclusion experienced by the most disadvantaged members of society.
Accor SA is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACRFY) in the United States.
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