Adler Group
12/31/2021 |
EBITDA Multiple |
|||||||
---|---|---|---|---|---|---|---|---|
(EUR in Millions) |
Amount |
Price |
Mkt. Val. |
Maturity |
Rate |
Yield |
Book |
Market |
|
||||||||
Adler RE Secured Bank Debt Excl BCP 1 |
739.3 |
|
739.3 |
|
|
|
||
Consus Secured Loans 2 |
434.2 |
|
434.2 |
|
|
|
||
BCP Bank Liabilities as assets held for sale 3 |
602.3 |
|
602.3 |
|
|
|
||
Total OpCo Secured Debt |
1,775.8 |
1,775.8 |
8.5x |
8.5x |
||||
Adler RE BCP - Israeli Shekel-Denom. Amort. Debenture Tranche B due 2024 4 |
32.0 |
|
32.0 |
Dec-01-2024 |
3.290% |
|
||
Adler RE BCP - Israeli Shekel-Denom. Amort. Debenture Tranche C due 2026 4 |
41.0 |
|
41.0 |
Jul-01-2026 |
3.300% |
|
||
Adler RE- €500M SUNs due 2023 |
500.0 |
92.6 |
463.1 |
Apr-27-2023 |
1.875% |
7.630% |
||
Adler RE - €300M SUNs due 2024 |
300.0 |
91.4 |
274.1 |
Feb-06-2024 |
2.125% |
6.500% |
||
Adler RE - €300M SUNs due 2026 |
300.0 |
91.5 |
274.4 |
Apr-27-2026 |
3.000% |
5.220% |
||
Consus - €200M Senior Unsecured Convertible Bond due 2022 |
120.0 |
90.5 |
108.6 |
Nov-29-2022 |
4.000% |
15.170% |
||
Total OpCo Unsecured Debt |
1,293.0 |
1,193.1 |
14.7x |
14.3x |
||||
Adler RE - Leases |
6.2 |
|
6.2 |
|
|
|
||
Total OpCo Leases |
6.2 |
6.2 |
14.8x |
14.3x |
||||
Adler Group - Bank Debt and Other Loans 5 |
1,041.2 |
|
1,041.2 |
|
|
|
||
Total Adler Group - Secured Debt |
1,041.2 |
1,041.2 |
19.8x |
19.3x |
||||
Adler Group - €400M Senior Unsecured Notes due 2024 |
400.0 |
88.2 |
353.0 |
Jul-26-2024 |
1.500% |
6.470% |
||
Adler Group - €400M Senior Unsecured Notes due 2025 |
400.0 |
88.7 |
355.0 |
Aug-05-2025 |
3.250% |
6.810% |
||
Adler Group - €700M Unsecured Notes due 2026 |
700.0 |
85.4 |
597.4 |
Jan-14-2026 |
1.875% |
5.990% |
||
Adler Group- €400M Senior Unsecured Notes due 2026 |
400.0 |
86.5 |
346.0 |
Nov-13-2026 |
2.750% |
6.050% |
||
Adler Group - New €500M Senior Unsecured Notes due 2027 |
500.0 |
84.5 |
422.5 |
Apr-27-2027 |
2.250% |
5.660% |
||
Adler Group - €800M Unsecured Notes due 2029 |
800.0 |
83.4 |
667.2 |
Jan-14-2029 |
2.250% |
5.090% |
||
Adler Group - €165M Senior Unsecured Convertible Bond due 2023 |
102.0 |
|
102.0 |
Nov-23-2023 |
2.000% |
|
||
Total Adler Group Unsecured Notes |
3,302.0 |
2,843.0 |
35.6x |
32.9x |
||||
Adler Group Lease Liabilities 6 |
10.8 |
|
10.8 |
|
|
|
||
Total Adler Group Leases |
10.8 |
10.8 |
35.7x |
33.0x |
||||
Total Debt |
7,429.0 |
6,870.1 |
35.7x |
33.0x |
||||
Less: Cash and Equivalents |
(700.0) |
(700.0) |
||||||
Net Debt |
6,729.0 |
6,170.1 |
32.3x |
29.6x |
||||
Operating Metrics |
||||||||
LTM Revenue |
1,143.7 |
|||||||
LTM Reported EBITDA |
208.2 |
|||||||
|
||||||||
Liquidity |
||||||||
Plus: Cash and Equivalents |
700.0 |
|||||||
Total Liquidity |
700.0 |
|||||||
Credit Metrics |
||||||||
Gross Leverage |
35.7x |
|||||||
Net Leverage |
32.3x |
|||||||
Notes:
Adler Group IR said that the unsecured bonds of Adler RE, Consus and Adler Group will be pari passu after the denomination agreement. However, IR did not provide any details of timing or content of this agreement. The capital structure is on a post-IFRS 16 basis. Cash position is pro forma for April end. EBITDA refers to the EBITDA total as reported by the company. The group also has €500M commercial paper program which was not added in liquidity, €5 million of it was drawn as of Dec 31,2021. 1. The figure is taken from Adler Real Estate report under financial liabilities to banks, which include liabilities relating to the acquisition and financing of investment properties. This figure excludes BCP liabilities. 2. Amount as of March 31 as latest figure is not disclosed. The figure was provided by Adler Group's IR team via an email with Reorg, and pro forma for the €170M project loan repayment in Q3'21. 3. BCP was classified as assets held for sale. Adler Group currently has a 63% stake in BCP for which LEG has a call option to acquire Adler's stake. The option acquires on 30 September 2022. 4. BCP bonds are amortizing in nature. Issued by Brack Capital Properties NV (a subsidiary of Adler Real Estate). 5. Most of the loans were secured with the assets. Calculated as Adler Group's bank debt and other loans of €2.817B less Adler Real Estate bank debt and Consus secured loans. Including an amount of €5M outstanding under the commercial paper program. 6. Adler Group Leases excludes leases at Adler Real Estate level. Pro Forma: The capital structure is pro forma for April end. April end cash balance of about €700 million is proforma for repayment of the €400 million Adler RE 2022 bond and €687 million proceeds received from sale of assets to KKR. The group's €300 million RCF was also terminated in April. |
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