Adler Group S.A. announces agreement with noteholders regarding implementation of amendments to its Notes
January 12, 2023 at 12:03 pm IST
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EQS-News: Adler Group S.A.
/ Key word(s): Capital Reorganisation
Adler Group S.A. announces agreement with noteholders regarding implementation of amendments to its Notes
12.01.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Adler Group S.A. announces agreement with noteholders regarding implementation of amendments to its Notes
Luxembourg, 12January2023 - Adler Group S.A. (“Adler”) announces today that it has agreed with a sufficient majority of its noteholders the implementation route for completion of the amendments of the terms and conditions of certain of its senior unsecured fixed rate notes (the “Notes”) first announced on 25 November 2022.
On 2 December 2022, Adler initiated a consent solicitation process in respect of each series of its Notes in order to implement certain amendments to the terms and conditions of the Notes (the “Proposed Changes”). On 20 December 2022, Adler announced the voting results of the consent solicitation in which the required threshold in one of its outstanding series of Notes was not accomplished. Due to the inter-conditionality of the consent solicitation, the Proposed Changes have not become effective for any series.
After having obtained the support of noteholders representing more than 78% of the nominal amount outstanding and more than 82% based on the total number of votes cast in the consent solicitation (for the avoidance of doubt, abstentions do not count as votes cast), Adler will now proceed to implement the Proposed Changes to the Notes via an alternative route. Adler has agreed with the majority of its locked-up noteholders that an English restructuring plan is an appropriate alternative implementation method. In order to proceed with the English restructuring plan, Adler has (i) substituted a wholly-owned English subsidiary, AGPS BondCo PLC (the “New Issuer”) as principal debtor in respect of all obligations under the Notes; and (ii) issued an irrevocable and unconditional guarantee in favour of the noteholders as required under the terms and conditions of the Notes. The New Issuer will launch English restructuring plan proceedings in order to implement the Proposed Changes to the Notes with the support of the requisite majority of its noteholders.
“Following our constructive talks with the noteholders, we look forward to completion of the transaction,” says Thierry Beaudemoulin, Member of the Board of Directors and CEO of Adler. Furthermore, Adler targets that the changes to the terms and conditions of the Notes will become effective in the course of April 2023.
Contact
Investor Relations:
T +352 278 456 710
F +352 203 015 00
E investorrelations@adler-group.com
12.01.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Language:
English
Company:
Adler Group S.A.
55 Allée Scheffer
2520 Luxembourg
Luxemburg
Phone:
+352 278 456 710
Fax:
+352 203 015 00
E-mail:
investorrelations@adler-group.com
Internet:
www.adler-group.com
ISIN:
LU1250154413
WKN:
A14U78
Indices:
, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX
Adler Group SA, formerly known as ADO Properties, is a Luxembourg-based real estate company. The Company operates in Germany, in the residential real estate field with approximately 70,000 residential units, and a development pipeline of approximately 10,000 new flats in Germany. The Company focuses on asset and portfolio management, property and facility management and developing residential properties throughout Germany. The Company operates through two business segments: Residential property management and development. Residential property management offers renting and managing residential properties, the management of tenancy agreements and marketing of residential units with the focus on optimization of rental income. The development side of the business splits into build-to-sell projects and build-to-hold projects.