Adler Real Estate mandates banks, sets roadshow for euro-denominated two-part notes offering

By Paul A. Harris

Portland, Ore., Nov. 20 – Berlin-based property management firm Adler Real Estate AG plans to commence marketing of a euro-denominated dual-tranche offering of senior notes (BB+) on Thursday, according to a London-based sellside source.

The company mandated Goldman Sachs International as the global coordinator and joint bookrunner for the Regulation S deal that is expected to follow, pending market conditions. Deutsche Bank, JPMorgan and Morgan Stanley are also joint bookrunners.

The announcement of the notes offering follows the company's strategy to improve its key financial ratios such as cost of debt and funds from operation in conjunction with its target to seek an investment-grade credit rating in the short to medium term, Adler stated in a press release.

Adler also announced a consent solicitation in respect to its €500 million of 4¾% notes due 2020. The deadline for the consent instructions is Nov. 28, 2017. Morgan Stanley, Deutsche Bank, Goldman Sachs and JPMorgan are the solicitation agents.

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