EQS-News

Adler Group reaches a binding agreement with bondholders for a comprehensive recapitalisation

EQS-News: Adler Group S.A. / Key word(s): Capital Reorganisation Adler Group reaches a binding agreement with bondholders for a comprehensive recapitalisation 24.05.2024 / 21:37 CET/CEST The issuer is solely responsible for the content of this announcement.

Adler Group reaches a binding agreement with bondholders for a comprehensive recapitalisation

• Reprofiling of maturities extends runway for orderly disposal of assets
• Equity to be stabilized through conversion of most of the 2L Notes into Perpetual Notes with terms consistent with equity classification under IFRS
• Additional liquidity of up to €350m provided in the form of new money and ability to retain disposal proceeds
• Bondholders to hold 75% of total voting rights
• Consent solicitation and extraordinary General Meeting to approve and implement the agreement

Luxembourg, 24 May 2024 – Adler Group S.A. (“Adler Group” and together with its subsidiaries, the “Group”) announces that it has entered into a binding agreement (the “Lock-Up Agreement”) with a steering committee of bondholders (the “Steerco”) supporting a comprehensive recapitalisation of the Group. The Lock-Up Agreement has been signed by bondholders representing more than 60% of the 2L Senior Secured Notes (“2L Notes”) issued by Adler Group`s subsidiary AGPS BondCo plc. Other bondholders that intend to support the recapitalisation of the Group can accede to the Lock-Up Agreement.

“I’m pleased that we have accomplished an agreement with the majority of our bondholders which provides us with an extended runway to execute our strategy and avoid unnecessary asset disposals far below their fair values”, comments Thierry Beaudemoulin, CEO of Adler Group. “The agreement follows our intensive business review considering the adverse market conditions that have persisted longer than anticipated. I’m particularly thankful to our teams that have delivered strong performances in transactions, operations, and financial planning during challenging times.”