Adler Group Secures €1.2bn Commitment for 1L Facility Refinancing

Adler Group S.A. has secured binding commitments amounting to approximately €1.2 billion to refinance its 1L Notes through ADLER Financing S.à r.l., a special purpose vehicle. The amended facility will have a payment-in-kind interest rate of 8.25% per annum, reduced from 12.5%, indicating an improved risk profile for Adler. The refinancing is expected to be completed by the end of January 2025, pending necessary consents.

Adler Group aims to save around €47 million in interest costs over the facility's remaining life. The maturity date and other terms remain unchanged. The group plans to repay the facility using proceeds from ongoing and future asset disposals. CEO Dr. Karl Reinitzhuber stated that the refinancing reflects increased market confidence in Adler, highlighting efforts to optimize the capital structure and reduce debt costs.