Adler Real Estate mandates banks in benchmark euro-denominated two-part notes offering

By Paul A. Harris

Portland, Ore., Jan. 6 – Adler Real Estate AG mandated JPMorgan as sole global coordinator and joint bookrunner to arrange investor calls ahead of an anticipated offering of five-year senior notes and eight-year senior notes in benchmark tranches (expected BB+), subject to market conditions, according to sources.

Telephone calls with fixed income investors began Wednesday, a source said.

The Regulation S deal is also being shopped by means of a virtual roadshow.

Barclays and Deutsche Bank are also joint bookrunners.

The issuing entity will be Adler Group SA.

The Hamburg, Germany-based real estate group plans to use proceeds to refinance debt, including funding its any-and-all tender offer for the existing €500 million 1½% notes due December 2021. The tender offer expires on Jan. 12.

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