We are due to update our long-running Adler analysis as the company’s path to the next refinancing or sale becomes clearer and the numbers
Read MoreThis 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 ca
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The Berlin portfolio - the yielding assets to which Adler has been reduced - has seen its first value write-up in H224. This is a significant turnaround for Adler. The company ha
Read MoreAdler are iteratively refinancing first their 1L and now their 1.5L bonds - the latter with a new 10% PIK at 0.75% OID. The 1.5L is de-risking from the refinancing of the
Read MoreDetails of the refinancing are emerging. As management had previously indicated, the NRW portfolio has now been sold to OneIM and Orange Capital Partners, expected to be effective in stages from 31st of January. The transaction value is significantly below our
Read MoreAdler have secured commitments for the refinancing of the 1L PIK loan via a new €1.2bn 8.25% (1% OID) loan, a transaction that is to save the company nearly
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Adler, now under Karl Reinitzhuber, are out this morning with a presentation that largely only documents the restructuring we all have already
Read MoreVarious asset sales: LEG, who already hold the minority share, today announced the acquisition of most of Adler's stake in Back. The price accurately reflects our
Read MorePerhaps Adler has a better chance of refinancing more of that First Lien debt now that S&P are raising their rating. We are holding on to our
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Even though we felt comfortable with Adler’s financial statements throughout the entire episode - never mind some of the (legal) abuse of standards) - we are
Read MoreWe are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page.
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No questions this morning on the Adler call as the meaty issues are not suitable for public discussion on a call. Notably, the yielding portfolio received a
Read MoreTopCo bondholders voted each bond issue vastly in favour of the restructuring, paving the way for a relatively inexpensive and straightforward implementation
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We are disappointed this morning that the 2LNs are unable to take out the vast 1L and 1.5L financing ahead of them. The transaction also leaves €2.3bn
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Following last year’s restructuring and the squeeze-out at ARE, as well as the eventual contracting of an auditor, the SteerCo - prompted by
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