Chicago, Sept. 29 – Adler Group SA placed €191 million of senior secured notes due 2025, according to a press release.
The 21% interest rate will be paid in kind. The notes are being issued at par.
The notes are secured on a 1.5-lien basis, ranking after the relevant asset level financings of the company’s financing obtained in connection with the restructuring under the company’s existing intercreditor agreement.
Proceeds will be used to repay the company’s €165 million convertible notes, subject of a tender offer but due Nov. 23, and certain promissory notes issued by ADO Lux Finance Sarl and guaranteed by the company.
The new notes will be listed in Frankfurt.
The real estate investment company is based in Berlin.
| Issuer: | Adler Group SA
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| Amount: | €191 million
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| Issue: | 1.5-lien senior secured notes
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| Maturity: | July 31, 2025
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| Coupon: | 21% PIK
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| Price: | Par
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| Announcement date: | Sept. 29
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| Settlement date: | Oct. 9
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| Distribution: | Rule 144A and Regulation S
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