Adler - comment

This had been on the cards and was well-flagged by management. The company has launched a tender offer to buy back its ARE 26s for which it can tap its 1L bonds. The result should be a significant simplification of reporting structure and more flexibility in shifting cash around the group. As such, Adler combine the buy-back with a solicitation to reduce reporting and administrative requirements under these bonds - not quite IG tactics yet, but perfectly sensible. ARE is playing less of a role going forward as the company reduces its exposure to its ADO Berlin assets.