Adler Group S.A. / LU1250154413
19.09.2024 - 17:09:45Adler Group S.A. announces the completion of the comprehensive recapitalisation
| Adler Group S.A. / Key word(s): Capital Reorganisation 19.09.2024 / 17:09 CET/CEST The issuer is solely responsible for the content of this announcement. Extension of maturities for orderly disposal of assets Equity stabilised through conversion of most of the 2L Notes into Perpetual Notes Additional liquidity provided in the form of new money and ability to retain disposal proceeds Luxembourg, 19 September 2024 – Adler Group S.A. ("Adler Group") announces the completion of the comprehensive recapitalisation that it had informed about on 24 May 2024. The recapitalisation was implemented through the conversion of certain of the existing 2L notes into subordinated perpetual notes which are 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 were extended to December 2028, December 2029, and January 2030. Furthermore, Adler Group was provided with additional liquidity in the amount of approximately €87m 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. “This recapitalisation provides Adler Group with financial stability allowing it to execute its strategy in the interest of all of its stakeholders. We as the Board would like to thank our Senior Management, its teams and advisers and everyone who has contributed to that great achievement”, comments Stefan Brendgen, Chairman of the Board of Directors of Adler Group. Thierry Beaudemoulin, member of the Board of Directors and CEO of Adler Group, comments as follows: “The completed recapitalisation follows our intensive business review considering the adverse market conditions that have persisted longer than anticipated and provides us with an extended path to execute our strategy.” Following the completion of the comprehensive recapitalisation, Adler Group expects to publish its audited annual reports for 2022 and 2023 on 30 September 2024. Contact Investor Relations: T +352 203 342 10 investorrelations@adler-group.com 19.09.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | Adler Group S.A. |
| 55 Allée Scheffer | |
| 2520 Luxembourg | |
| Luxemburg | |
| Phone: | +352 278 456 710 |
| Fax: | +352 203 015 00 |
| E-mail: | investorrelations@adler-group.com |
| Internet: | www.adler-group.com |
| ISIN: | LU1250154413 |
| WKN: | A14U78 |
| Indices: | FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange |
| EQS News ID: | 1991599 |
| End of News | EQS News Service |
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