White & Case Advises Consus Real Estate on Increase of €400 Million High Yield Bond and Amendment of €200 Million Corporate Bond

Global law firm White & Case LLP has advised Consus Real Estate AG (Consus), the leading property developer in the top nine cities in Germany, on the increase of its secured €400 million high yield bond and amendment of its €200 million corporate bond.

Consus has issued additional senior secured notes (tap) with an aggregate principal amount of €50 million to institutional investors. The additional senior secured notes with an annual coupon of 9.625% due 2024 are governed by New York law (144A/Reg S) and will be listed at the Official List of The International Stock Exchange. The net proceeds from the offering will be primarily used for the refinancing of mezzanine project debt. 

J.P. Morgan and Morgan Stanley acted as joint bookrunners. 

Consus has also amended the conversion process of its €200 million corporate bond. The holders of the corporate bond unanimously approved the adoption of the proposed amendments to the terms and conditions of the bond. Going forward, conditional capital will serve as underlying of the corporate bond.

White & Case regularly advises Consus on corporate finance and mergers and acquisitions, including in November 2017 on the issuance of the corporate bond, in July 2018 on its rights offering, in November 2018 on the acquisition of SSN Group and in May 2019 on the issuance of its secured high yield bond.

The White & Case team in Frankfurt which advised on the high yield bond included partners Gernot Wagner, Rebecca Emory, Vanessa Schürmann, Holger Wolf and Bodo Bender, counsel Alexander Born, local partners Thilo Diehl and Sébastien Seele, associates Robert Nachama, Charlotte Thacker and Sandra D'Ascenzo, senior transaction lawyer Alexander Hansen Díaz and portfolio lawyer Juliana Leao. Lawyers in the White & Case offices in Brussels, London, New York and Washington, DC also advised on the transactions. The Frankfurt team which advised on the corporate bond included partner Alexander Kiefner, local partner Thilo Diehl, partner Karsten Wöckener and associates Peter Becker and Philip Frerks.

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