Adler Group Secures €1.2bn for 1L Facility Refinancing

Adler Group S.A. has announced it has secured binding commitments worth approximately €1.2 billion for the refinancing of its 1L Notes. The refinancing involves an amendment to the 1L Facility agreement between Adler Group and ADLER Financing S.à r.l., the special purpose vehicle involved. This amendment will introduce a payment-in-kind interest rate of 8.25% per annum, lowered from the previous 12.5%, a change reflecting Adler's improved risk profile and favorable market conditions.

The refinancing depends on the consent of noteholders holding €555.6 million and €116.7 million in 1.5L PIK notes. Upon securing necessary approvals, Adler anticipates completing the refinancing process by January 2025. The company projects savings of approximately €47 million in interest over the facility's lifespan, with the plan of continuous repayment through strategic asset disposals.