French Convert (TT Dec02 p38-39)

The Treasurer December 2002

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On 25 April 2002, Accor, the French hotel and services group, launched a €570m bond convertible into ordinary shares of the company at a coupon of 1% – with a premium of 24% that is redeemable in three tranches, with the ultimate redemption due in 4.7 years.

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