Germany’s Adler Real Estate launches two-part senior notes offering

By Paul A. Harris

Portland, Ore., April 19 – Adler Real Estate AG launched a two-part offering of senior notes (BB+) on an investor conference call on Thursday, according to a market source.

The deal, which is coming in an investment-grade style execution, will feature five-year notes and eight-year notes.

J.P. Morgan Securities plc is acting as global coordinator for the Regulation S offering. Deutsche Bank AG London Branch, Goldman Sachs International, JPMorgan and Morgan Stanley & Co. International plc are the joint bookrunners.

The proceeds will be used primarily to refinance a bridge loan structured in connection with the acquisition of Brack Capital Properties NV, to fund a tender offer of up to €200 million of its €500 million 4¾% notes and for general corporate purposes.

The tender offer was also announced on Thursday.

The prospective issuer is a Berlin-based property management company.

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