ADLER Real Estate’s €800 Million Notes Offering

White & Case LLP has advised J.P. Morgan, Deutsche Bank, Goldman Sachs and Morgan Stanley, as joint bookrunners, on a €800 million dual tranche bond issue and an up to €200 million tender offer by ADLER Real Estate Aktiengesellschaft.

The first tranche of the notes with an aggregate principal amount of €500 million has a term of five years and a fixed coupon of 1.875%, the second tranche of the notes with an aggregate principal amount of €300 million has a term of 8 years and a fixed coupon of 3.00%. The notes will be admitted to trading on the Main Securities Market of the Irish Stock Exchange.

The proceeds from the issue of the notes are inter alia used to repurchase for cash up to €200 million of ADLER Real Estate Aktiengesellschaft’s outstanding €500 million 4.75% bonds due 2020. The terms of the tender offer were announced on April 19, 2018 and the offer ended on April 27, 2018.

The White & Case team in Frankfurt which advised on the transactions was led by partner Karsten Wöckener (Picture) and included local partner Dr. Cristina Freudenberger, partners Rebecca Emory, Gernot Wagner, Dr. Bodo Bender (all Frankfurt) and Ray Simon (New York) as well as associates Florian Fraunhofer, Dr. Peter Becker and Philipp Kronenbitter (all Frankfurt).

Involved fees earner: Karsten Wöckener – White & Case; Cristina Freudenberger – White & Case; Rebecca Emory – White & Case; Gernot Wagner – White & Case; Bodo Bender – White & Case; Florian Fraunhofer – White & Case; Peter Becker – White & Case; Philipp Kronenbitter – White & Case; Raymond Simon – White & Case;

Law Firms: White & Case;

Clients: Deutsche Bank; Goldman, Sachs & Co.; JP Morgan; Morgan Stanley;