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Accor Gets EUR 560 Mln Credit Facility; Sees Initial Signs Of Recovery

French hotel group Accor (ACRFY.PK,ACRFF.PK) said that it has signed an agreement with a consortium of five banks for a new 560 million euros Revolving Credit Facility to strengthen its liquidity.

Accor, which hit by the impact of the coronavirus, said that the credit facility brings the company's liquidity position above 4 billion euros.

The new fully committed facility has a 12 months tenor, with two six-months extension options in the hands of Accor.

The new credit facility has been underwritten by the BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, Natixis and Société Générale.

Meanwhile, Accor sees initial signs of business improvement, but operations are still challenging.

In France, the lockdown relaxation and the measures announced by the government to support tourism in the country are favourable elements. RevPAR shows some recovery in China while the number of opened hotels in the world increases every day, in Asia and in Europe, notably in Germany, Accor said.

Accor noted that it has re-opened 250 hotels since end-April. To date, 42% of the Accor network is operating.

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