A&O Shearman advises Accor on its EUR380 million convertible bond offering and partial OCEANEs repurchase

The new OCEANEs offering, which was offered only to qualified investors, was successfully completed on September 2, 2026. The bonds have a maturity of five and a half years and carry an annual coupon of 1.375%. Settlement of the offering took place on September 9, 2026.

In parallel, Accor repurchased a portion of its outstanding OCEANEs due 2027. The repurchase price was determined through a reverse bookbuilding process and set at EUR57.6526 per bond, representing an aggregate consideration of approximately EUR380m. Settlement of the repurchase took place on September 10, 2026.

The transaction forms part of group Accor S.A.’s active debt management strategy and is intended to optimize the maturity profile of its financing arrangements.

The A&O Shearman team was led in Paris by M&A partner Olivier Thébault, assisted by senior associate Jade Billère-Mellet on the ECM/M&A aspects. The team also included partner Mathieu Vignon and senior associate Virginie Chatté on tax matters, as well as partner Diana Billik and senior associate Maggie Casteel on U.S. securities law aspects.