White & Case advises Adler Group on tender offer, refinancing and consent solicitation of €300 million notes

Global law firm White & Case LLP has advised Adler Group on its tender offer (the offer), refinancing and consent solicitation of its €300 million outstanding senior secured notes, issued by its wholly-owned subsidiary ADLER Real Estate GmbH.

Noteholders representing approximately 95% of the outstanding notes have tendered their notes in the offer. The settlement is expected to be completed by 27 June 2025.

The refinancing will be provided by ADLER Financing S.à r.l., a special purpose vehicle not affiliated with Adler Group, by way of a tap issuance of its €1.2 billion 1L notes, with maturity in 2028. All of the present and voting noteholders also approved an amendment of the terms and conditions of the notes, which includes, inter alia, the removement of the Consolidated Coverage Ratio.

The White & Case team in Frankfurt which advised on the transaction was led by partners Yannick Adler and Gernot Wagner as well as local partner Timo Lockemann and included partners Andreas Lischka and Karsten Wöckener, local partners Markus Fischer and Peter Becker, associates Elias Schäfer, Phoebos Lazaratos, Angela Fleck and Lina Fiedler and international attorney Zgjim Mikullovci.

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