Accor refinances credit facility with €1.5b syndicated line

EVRY, FRANCE As part of its financial optimization process, Accor SA announced has closed a €1.5 billion syndicated line of credit with a group of leading banks.

The new multi-currency facility replaces the €2 billion syndicated credit facility signed in June 2007, which was subsequently reduced to €1.7 billion last June and had been scheduled to expire in June 2012. This new five-year facility will lengthen the average maturity of Accor’s financing.

“The success of the operation reflects the market’s confidence in Accor and its sound financial situation,” the company says in a statement.

Some 17 banks are participating in the facility, which was oversubscribed. The facility is a revolving credit line, which means it can be borrowed again once it has been repaid.