Adler Group Secures Refinancing with €300 Million Notes Tender Offer
Deal News | Jun 26, 2025 | White & Case LLP
White & Case LLP has advised the Adler Group on a comprehensive financial maneuver involving a tender offer, refinancing, and consent solicitation for €300 million senior secured notes, issued by its subsidiary, ADLER Real Estate GmbH. Of the noteholders, 95% have agreed to tender their notes, with settlement expected by June 2025. The refinancing is arranged through ADLER Financing S. r.l., a special purpose vehicle, via a tap issuance of €1.2 billion 1L notes maturing in 2028. The transaction involved a notable team from White & Case's Frankfurt office.
Sectors
- Corporate Finance
- Real Estate
Geography
- Germany – The activities and transactions are centered in Germany, as indicated by the involvement of Adler Group and White & Case's Frankfurt office.
- Europe – The refinancing notes issuance is reported in Euros, suggesting significance in the broader European financial markets.
Industry
- Corporate Finance – This industry involves managing the capital structure of corporations, including funding and investment activities. The article focuses on Adler Group's strategic financial maneuvers involving refinancing and tender offers.
- Real Estate – Adler Group and its subsidiary, ADLER Real Estate GmbH, operate in the real estate industry, as highlighted in the note issuance and refinancing activities.
Financials
- €300 million – The total value of the senior secured notes for which a tender offer and refinancing plan have been executed.
- €1.2 billion – The amount issued by ADLER Financing S.r.l. to provide refinancing with maturity in 2028.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adler Group | Target Company | Company | A major player in the real estate sector is executing a refinancing strategy with its subsidiary. |
| White & Case LLP | Legal Advisor | Company | A leading global law firm advising Adler Group on this financial transaction. |
| ADLER Real Estate GmbH | Issuer | Company | A wholly-owned subsidiary of Adler Group and the issuer of the senior secured notes. |
| ADLER Financing S. r.l. | Refinancing Provider | Company | A special purpose vehicle established to manage the refinancing by issuing new notes. |