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Accor: Signs New ESG Credit Agreement

Worth Watching: 02 Jul 2018, 10:02 PM ET - Accor (NR/BBB-) signed a new revolving credit facility which makes available €1.2bn of borrowing capacity. The loan has a five year tenor and has two 1-year extension options available in 2019 and 2020. The new facility replaces a €1.2bn facilit ..

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Accor: Rumored Interest in Airline

Worth Watching: 04 Jun 2018, 12:07 AM ET - Accor (NR/BBB-) released a statement in response to an article in Les Echos, which vaguely acknowledged Les Echos' contention that Accor is in talks to acquire the French position in Air France-KLM.  At present market values, this 14% stake would ..

Accor: Reports 9.5% LfL 1Q18 Growth

Worth Watching: 18 Apr 2018, 11:25 PM ET - Accor (Sr Unsec: NR/BBB-) reported 1Q18 revenue, showing a 9.5% like-for-like YoY improvement in revenue. On a reported basis, which incorporates an estimated 10pp drag from FX, the company's revenue improved 0.6%. Accor incorporated new account ..

Accor: Finds Buyers for AccorInvest

Worth Watching: 27 Feb 2018, 9:11 PM ET - Accor  (Sr Unsec: BBB-) finally made good on its commitment to find majority interest buyers for its AccorInvest, after initially announcing the planned transaction in late 2016. The close is anticipated for 2Q18. AC estimates that it will rece ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

Accor: Reaches Deal for Mantra

Worth Watching: 11 Oct 2017, 9:25 PM ET - Accor (NR/BBB-) reached an agreement to acquire Australian hospitality operator, Mantra (MTR), on the terms released earlier this week in MTR's market release (see Accor: Makes AUD$1.3bn Bid for Mantra).  Given the pending effort to sell a stake i ..

Accor: Makes AUD$1.3bn Bid for Mantra

Worth Watching: 08 Oct 2017, 9:53 PM ET - Accor (NR/BBB-) made a non-binding bid for Australian accommodations operator, Mantra Group (ASX: MTR), valuing the target at AUD$1.3bn (€840mn). This enterprise value represents a 12.5x multiple of EBITDA. The negotiations are still underway, ..

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   

July 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Aug 2017, 10:59 AM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of July.

Accor 1H17: Booster Sale Ongoing, Moving to M/P

Earnings Note: 30 Jul 2017, 10:21 PM ET - Accor delivered a solid quarter as they executed on the integration of FRHI. We are moving to a Market perform as spreads have tightened substantially since the French Presidential election. 

Accor: Seeks Consents for Hotel Invest Sale

Worth Watching: 24 May 2017, 7:58 PM ET - Accor (NR/BBB-) is out with consent solicitations for holders of the unsecureds and the hybrids to gain approval for the impending sale of a majority stake in the Hotel Invest unit.   Accor is offering holders a 15bp consent fee, pending their ..

Accor: Rumored HotelInvest Sale

Worth Watching: 04 May 2017, 10:12 PM ET - Accor (NR/BBB-) is in talks to sell a majority stake in its HotelInvest business according to an article from Bloomberg. The Estates Gazette (EG), a UK based commercial property publication, originally broke the news but did not cite a source. ..

March 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 02 Apr 2017, 4:22 PM ET - Our monthly report provides executive summaries for the seventeen company recommendation changes made on European companies during the month of March.

Accor: Moving to Outperform

Worth Watching: 13 Mar 2017, 11:19 PM ET - Accor: We are moving to an Outperform on the senior bonds and the hybrids (see  Fear and Uncertainty: Navigating French Elections).  We have not been positive on the name for some time, but spreads have always held in pretty well.   Our concern h ..

Fear and Uncertainty: Navigating French Elections

Strategy Analysis: 13 Mar 2017, 9:59 PM ET - We look at the impact of French election uncertainty on investment grade and high yield credit markets.

Accor 4Q16: ‘Booster’ Cash to Drive Credit Profile

Earnings Note: 23 Feb 2017, 4:32 AM ET - Accor's aggressive investments make it more of an equity story, and while management has committed to IG ratings, creditors must weather changing strategies and an uncertain financial profile.

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

IG Note: Accor Prices 2024 Notes

IG Note: 18 Jan 2017, 11:59 AM ET - Accor was in the market for GCP and for the refinancing of the 2017 notes.  The ongoing spin-out of the hotel assets is expected to leave the remaining company well positioned in investment grade. 

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

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