Accor reported that its €500m convertible bond was 6.5 times oversubscribed.
The bonds bear interest at an annual nominal rate of 0.70%, maturing on 7 December 2027.
The company said: “This successful placement reflects the confidence of the investors in the group’s fundamentals and its capacity to execute its strategy while the hotel industry is navigating through unprecedented times.”
Accor will report negative Ebitda in 2020, with net profit showing a loss of more than €1bn. It said: “The green shoots of recovery are visible in Asia and the Pacific, reinforced by first Covid vaccines announcements. Therefore, Accor aims to return to positive Ebitda in 2021, assuming no third wave of the pandemic and borders reopening by end of the first quarter of 2021.”