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    EQS-News  137  0 Kommentare Bondholders clear the way for Adler Group’s comprehensive recapitalisation

    Für Sie zusammengefasst
    • Bondholders approve Adler Group's recapitalisation
    • Strong support for amendments to senior secured notes
    • Comprehensive recapitalisation to strengthen balance sheet

    EQS-News: Adler Group S.A. / Key word(s): Capital Reorganisation
    Bondholders clear the way for Adler Group’s comprehensive recapitalisation

    18.06.2024 / 14:00 CET/CEST
    The issuer is solely responsible for the content of this announcement.


    Bondholders clear the way for Adler Group’s comprehensive recapitalisation
    • AGPS BondCo PLC receives overwhelming support in consent solicitations
    • Major step towards stabilisation of the Group
    Luxembourg, 18 June 2024 – Bondholders of Adler Group S.A. (“Adler Group” and together with its subsidiaries, the “Group”) have cleared the way for the Group’s comprehensive recapitalisation following a binding agreement with a steering committee of bondholders announced on 24 May 2024. More than 90% of the present and voting bondholders of each series have approved the amendment of the terms and conditions of the senior secured notes issued by AGPS BondCo PLC (the “Company”), a 100% direct subsidiary of Adler Group S.A. (the “Notes”). The 75% (present and voting) bondholder approval needed to implement the Proposed Amendments was far surpassed in each series of Notes, which signifies the strong and unified support received to effect certain amendments to the Notes (the “Proposed Amendments”). The bondholders voted by way of votes without meeting which lasted from 14 June 2024, 00:00 CET to 17 June 2024, 24:00 CET.

    “We are grateful for the overwhelming support received from all our bondholders. We will continue working with them and our shareholders to achieve the desired result of stabilising the Adler Group, providing long-term benefits to all of our stakeholders,” says Thierry Beaudemoulin, member of the Board of Directors and CEO of Adler Group.

    The comprehensive recapitalisation is expected to be implemented through the conversion of certain of the existing Notes into subordinated perpetual notes which are to be classified as equity under IFRS, thereby strengthening Adler Group’s book equity by approximately €2.3bn and stabilising its balance sheet.  In connection therewith, certain of the Group’s existing debt maturities are expected to be extended to December 2028, December 2029, and January 2030. Furthermore, Adler Group will be provided with up to €100m of additional liquidity through an increase of the existing 1L new money facility and also the ability to hold back disposal proceeds of up to €250m realised from April 2024, which would otherwise be applied in mandatory repayment of the existing 1L new money facility.
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    EQS-News Bondholders clear the way for Adler Group’s comprehensive recapitalisation EQS-News: Adler Group S.A. / Key word(s): Capital Reorganisation Bondholders clear the way for Adler Group’s comprehensive recapitalisation 18.06.2024 / 14:00 CET/CEST The issuer is solely responsible for the content of this announcement. …