Accor: Eurobond Issue Of EUR 800 Million

14th Jun 2001

Accor has offered a 5 year bond issue of
EUR 800 million. This operation fits into the company`s existing refinancing
scheme without increasing its level of indebtedness. It also allows the
diversification of sources of financing and an extension of the average duration
of the debt.
For this first issue on the euro market, this operation is a great success. It was
over-subscribed more than three and a half times over the amount initially
planned; 49% of the bond issue was placed with French investors while the
remaining portion was placed with international investors.
Joint lead managers and book runners for this operation are CDC IXIS Capital
Markets, Natexis Banques Populaires and JP Morgan Securities Ltd. The co-lead
managers are Crédit Mutuel CIC, Crédit Agricole Indosuez, Goldman Sachs,
HSBC and Lehman Brothers.



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