Global law firm White & Case LLP has advised ADO Properties S.A. (ADO), a Luxembourg based real estate company, on its capital increase with subscription rights.
ADO anticipates issuing 30.8 million newly issued shares at a subscription ratio of five new shares to 12 existing shares, with a subscription price of €14.60 per new share. The newly issued shares will have full dividend rights from January 1, 2019. The Underwriters have fully underwritten the capital increase (firm underwriting). The gross proceeds from the capital increase will amount to €450 million and ADO intends to use the entire net proceeds from the capital increase for the repayment of debt.
The White & Case team in Frankfurt which advised on the transaction was led by partners Rebecca Emory and Thilo Diehl, and included partners Gernot Wagner, Roger Kiem, Andreas Lischka, Holger Wolf and Bodo Bender, counsel Alexander Born and associates Robert Nachama, Jeffrey Miller, Patrick Schoelles and Sandra D'Ascenzo.
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