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.