White & Case advises Adler Group of companies on tender offer and consent solicitation

Global law firm White & Case LLP has advised Adler Group S.A. (Adler Group) and its subsidiary Adler Real Estate AG (Adler RE) on a tender offer and consent solicitation for Adler RE's €300 million outstanding senior secured notes due 2024 (Notes).

Adler Group received certain funds as part of the recent financing related to its larger restructuring, which were used to pay for the tender consideration as well as certain fees and financing charges. The tender offer included a so-called ‘exit consent’ that removed certain covenants and events of default from the indenture governing the Notes. At the ‘early bird deadline' Adler RE received tenders and consents from the holders of the Notes representing 93.36 percent of the aggregate principal amount of Notes outstanding.

The Adler group of companies is one of Germany's largest landlords, holding 26,202 units with an aggregated gross asset value of approximately €5.2 billion (at December 31, 2022).

The White & Case team in Frankfurt which advised on the transaction was led by partners Yannick Adler, Rebecca Emory and Gernot Wagner and included partners Karsten Wöckener and Andreas Lischka, local partner Peter Becker and associates Phoebos Lazaratos, Timo Lockemann and Angela Hildebrand. Lawyers from the White & Case offices in Houston and London also advised on the transaction.

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