W&C advises Adler Pelzer on €75m notes issue

White & Case has advised Germany´s Adler Pelzer Holding on the launch of an offering of €75 million of new senior secured notes on Euronext Dublin

Adler Pelzer Group, a Germany-based worldwide leader in the design, engineering and manufacturing of acoustic and thermal components & systems for the automotive sector, has announced the offering of additional notes for €75 million to be added to the outstanding €350 million 4.125% senior secured notes due 2024 issued under the indenture dated April 6, 2017.

The notes will be offered only to qualified institutional buyers as defined under Rule 144A under the U.S. Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the U.S. Securities Act. Application has been made to list the notes on the Global Exchange Market of Euronext Dublin.

Adler Pelzer Group will determine and publish the final terms and conditions of the New Notes at pricing, upon completion of the bookbuilding process. J.P. Morgan AG is acting as sole global coordinator and joint bookrunner and BNP Paribas is acting as joint bookrunner in connection with the offering of the notes.

The net proceeds from the offering of the Notes will be available for general corporate purposes to fund ongoing working capital needs of Adler Pelzer Group, including, where necessary, financing a portion of the purchase price for the pending acquisitions of the acoustics and soft trims business of Faurecia SE and of STS Group AG.

The notes will be listed on the Euronext Dublin Global Exchange Market.

The White & Case deal team that led the transaction comprised partners Michael Immordino (London & Milan), Tommaso Tosi (Milan), James Greene (London) and Iacopo Canino (Milan).

White & Case also advised on the transaction’s guarantor and security package with a team comprising partners from Frankfurt, Prague, Brussels, Mexico City and Madrid, and teams from Houston and New York advising on US Tax and US Corporate matters.

The Madrid team was formed by Corporate partner Yoko Takagi (pictured left) and Corporate Legal trainee Diego Hernandez-Sampelayo Lara (pictured right).

W&C advises Adler Pelzer on €75m notes issue

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