Adler Real Estate seeks consents to amend five series of notes

By Marisa Wong

Los Angeles, Jan. 8 – Adler Real Estate AG began two separate consent solicitations relating to five series of its notes to facilitate a transaction related to a business combination between Adler and ADO Properties SA, according to a notice.

Adler is seeking consents to amend the following:

• €400 million 1½% notes due 2022 (ISIN: XS1843441491);

• €500 million 1 7/8% notes due 2023 (ISIN: XS1713464441);

• €300 million 3% notes due 2026 (ISIN: XS1713464524);

• €500 million 1½% notes due 2021 (ISIN: XS1731858392); and

• €300 million 2 1/8% notes due 2024 (ISIN: XS1731858715).

Adler is seeking to amend the first three series, the German law notes, under one consent solicitation and the other two series, the New York law notes, under the second consent solicitation.

Each of the German law notes are a separate series, and the amendment of one series does not depend on the amendment of any other series. In addition, the outcome of the German law notes solicitation does not depend on the outcome of the New York law notes consent solicitation.

German law notes

Holders of the German law notes may vote on the proposed amendments during the voting period from 6 p.m. ET on Jan. 26 until 5:59 p.m. ET on Jan. 29.

Without the amendments, Adler may be required to redeem or purchase in whole or in part the German law notes at 101.

The issuer is offering a one-time resolution fee of €150 per €100,000 principal amount, payable in cash.

Results will be announced on Jan. 30.

New York law notes

The consent solicitation for the New York law notes expires at 5 p.m. ET on Jan. 16.

Without the amendments, Adler may be required to redeem or purchase in whole or in part the New York law notes at 101.

The issuer is offering a consent fee of €150 per €100,000 principal amount, payable in cash.

J.P. Morgan Securities plc (+44 20 7134 2468, liability_management_EMEA@jpmorgan.com, attn.: liability management) is the solicitation agent for the consent solicitations.

Lucid Issuer Services Ltd. (+44 207 704 0880, adler@lucid-is.com, attn.: Paul Kamminga) is the tabulation agent.

The property management company is based in Berlin.

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