Allen & Overy LLP has advised the bank consortium consisting of Citigroup Global Markets Limited, ODDO SEYDLER Bank AG, ODDO & Cie and Stifel Nicolaus Europe Limited as joint bookrunners and BHF-Bank AG as selling agent in connection with the issuance of a convertible bond by Adler Real Estate AG with a total volume of around EUR 138 million and a maturity of 5 years.
 
In total 10 million convertible notes have been placed in an accelerated bookbuilding procedure subject to claw back with respect to the exercise of subscription rights by the company’s shareholders and holders of the company’s outstanding convertible bonds.
 
Net of issue-related costs, the funds raised will be used to refinance existing loans and bonds with comparatively high interest rates, to finance future real estate acquisitions, to modernise the company’s existing real estate portfolio and for general corporate purposes.
 
The Allen & Overy team comprised partner Dr Knut Sauer, senior associate Simon Weiß and associate Nadine Kämper (all International Capital Markets, Frankfurt).
 
Inhouse advice was provided for Oddo & Cie by Nicolas Delage (Head of Legal Department) and for Stifel Nicolaus Europe Limited by Kieran Rayani (European Head of Legal).