As part of the process of refinancing its existing debt, Accor has announced that it has closed a 2 billion-euro syndicated line of credit with a group of leading banks. The new facility replaces the 2 billion-euro syndicated credit facility signed in October 2004 and scheduled to expire in 2009. The five-year facility, which is renewable for two one-year periods, was arranged on significantly improved financial terms and conditions, without any acceleration clause linked to financial ratios. The transaction will lengthen the average maturity of Accor’s financing and thereby enhance its financial flexibility. The participating banks are as follows: Mandated Lead Arrangers Banc of America Securities Limited (Bookrunner), BNP Paribas (Bookrunner), Calyon, Citibank, CM-CIC, Deutsche Bank, HSBC-CCF, HVB, Natixis, RBS (Bookrunner), Société Générale (Bookrunner and Credit Agent). Arrangers Bayern LB, BOTM, ING, Santander. Co-Arrangers Banca Intesa, BBVA, Barclays, Fortis, Morgan Stanley, RZB.