By Paul A. Harris
Portland, Ore., Nov. 29 – Berlin-based property management firm Adler Real Estate AG priced €800 million of senior notes (BB+) in two tranches on Wednesday, according to a London-based sellside source.
The deal included €500 million of 1½% notes due 2021, which priced at 99.52 to yield 1 5/8%, and €300 million of 2 1/8% notes due 2024, which priced at 99.283 to yield 2¼%.
Goldman Sachs International was the global coordinator and joint bookrunner. Deutsche Bank, JPMorgan and Morgan Stanley were also joint bookrunners.
| Issuer: | Adler Real Estate AG
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| Amount: | €800 million
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| Securities: | Senior notes
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| Global coordinator: | Goldman Sachs International
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| Joint bookrunners: | Goldman Sachs, Deutsche Bank, JPMorgan and Morgan Stanley
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| Trade date: | Nov. 29
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| Expected rating: | S&P: BB+
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| Distribution: | Regulation S
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|
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| Notes due 2021
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| Amount: | €500 million
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| Maturity: | 2021
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| Coupon: | 1½%
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| Price: | 99.52
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| Yield: | 1 5/8%
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|
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| Notes due 2024
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| Amount: | €300 million
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| Maturity: | 2024
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| Coupon: | 2 1/8%
|
| Price: | 99.283
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| Yield: | 2¼%
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