By Paul A. Harris
Portland, Ore., April 4 – Adler Real Estate AG priced a €400 million issue of three-year senior notes (BB+) at par to yield 1½% on Wednesday, according to a company press release.
Active bookrunner J.P. Morgan Securities LLC was the sole global coordinator.
The deal was more than four times oversubscribed, the press release stated.
The Berlin-based property management company plans to use the proceeds to refinance its 4¾% notes due 2020, callable at par in April 2019, and to refinance other debt.
| Issuer: | Adler Real Estate AG
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| Amount: | €400 million
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| Maturity: | April 2022
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| Securities: | Senior notes
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| Global coordinator: | J.P. Morgan Securities LLC
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| Active bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
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| Passive bookrunner: | UniCredit Capital Markets LLC
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| Coupon: | 1½%
|
| Price: | Par
|
| Yield: | 1½%
|
| Trade date: | April 3
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| Rating: | S&P: BB+
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