White & Case Advises ADLER Group on First Issuance Under New EMTN Programme

Global law firm White & Case LLP has advised ADLER Group S.A. on the placement of €500 million fixed rate senior unsecured notes with a six-year maturity and a 2.25% fixed coupon under its newly established EMTN programme.

The notes were placed with institutional investors across Europe, have a denomination of €100,000 each and will be listed on the Euro MTF of the Luxembourg Stock Exchange. Barclays, Deutsche Bank and J.P. Morgan acted as Joint Bookrunners. The proceeds will be used to call and repay a high yield bond issued by Consus Real Estate AG. The refinancing will also realise annualised financial synergies.

White & Case has been advising various ADLER Group companies on corporate finance and M&A transactions, including the acquisition of ADLER Real Estate AG by ADO in April 2020 and the acquisition of Consus Real Estate AG in July 2020, as well as on a €450 million rights issue, two €400 million bond issues and a €1.5 billion bond issue in August and November 2020 and January 2021. The Firm also advised on the €100 million financing of a residential portfolio by Commerzbank Aktiengesellschaft in March 2021, and on two residential portfolio financings of €106 million and €400 million in April 2021.

The White & Case team in Frankfurt which advised on the transaction was led by Gernot Wagner and included partners Karsten Wöckener, Rebecca Emory, Thilo Diehl and Bodo Bender, local partner Cristina Freudenberger and associates Robert Nachama, Florian Fraunhofer and Julia Szinovatz.

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