White & Case advises Adler Group on €191 million bonds issuance and tender offer

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Global law firm White & Case LLP has advised Adler Group on a €191 million senior secured bond issuance and tender offer for its €165 million outstanding senior secured convertible notes.

The bond, which matures in 2025 and will accrue an annual PIK-amount, has been listed on the open market segment (Freiverkehr) of the Frankfurt Stock Exchange. The net proceeds will be used to repay Adler Group's outstanding convertible notes and certain promissory notes (Schuldscheine) issued by ADO Lux Finance S.à r.l. and guaranteed by Adler Group.

Adler Group has also extended a tender offer to repurchase its convertible notes and received tenders from the holders of its convertible notes representing 42.12 percent of the aggregate principal amount of the convertible notes outstanding.

The White & Case team in Frankfurt which advised on the transaction was led by partners Yannick Adler and Rebecca Emory and included partners Gernot Wagner, Karsten Wöckener and Andreas Lischka, local partners Peter Becker and Markus Fischer and associates Timo Lockemann, Yulia Chembulatova, Phoebos Lazaratos, Jan-Christopher Wilhelms, Angela Hildebrand and Lina Fiedler. Lawyers from the White & Case offices in Houston and Luxembourg also advised on the transaction.

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