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Adler Real Estate adjusts terms of €130M bond issuance

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Adler Real Estate adjusts terms of €130M bond issuance

Adler RealEstate AG adjusted the terms of a plan to issue its 2016/2021convertible notes.

With the approval of the supervisory board, Adler plansto launch the accelerated book­building process for the issuance July 11.

Adler intends to issue up to 10 million notes correspondingto the same amount of underlying shares, which currently equates to a placingvolume of approximately €130 million.

The company will issue the bonds at an issue price of 95% ofthe nominal amount with a fixed coupon rate of 2.5%.It also adjusted the conversion premium to 15% above the reference price, whichwill be fixed as the volume weighted average price of the company's share pricebetween launch and pricing of the accelerated book-­building process.

In addition, the company said that certain investorsaffiliated with Adler's key shareholders have indicated their support for thecurrent issuance. They agreed to subscribe for bonds worth up to €50 million innominal value.

Adler still expects the subscription periodto end July 15and the issuance date to occur on July 19.