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Latham & Watkins Advises ACCENTRO Real Estate on Comprehensive Refinancing With Bondholders

December 20, 2022
Germany team represents real estate investor in refinancing implemented by a consent solicitation process in accordance with the German Bond Act. 

Latham & Watkins LLP has advised ACCENTRO Real Estate AG, an investor in residential real estate and Germany’s leading housing privatisation company, on a comprehensive refinancing transaction. With a group of bondholders representing approximately 56% of all €250 million senior unsecured notes (2023 SUNs), a Lock-Up Agreement to implement the refinancing has been signed. In addition a separate amendment and consent agreement with the sole holder of its €100 million senior unsecured notes (2026 SUNs) is expected. With this the parties agreed to support a comprehensive refinancing transaction, which will extend the maturity of the SUNs by three years each. Under the terms of the 2023 SUNs Lock-Up Agreement the refinancing will be implemented on the basis of a consent solicitation process in accordance with the German Bond Act (Schuldverschreibungsgesetz).

The Latham team was led by Hamburg restructuring partner Frank Grell and Frankfurt counsel Daniel Splittgerber, with Frankfurt associates Marcel Endrich, Hamburg associates Jan Frederik Heuer, Eike Schmidt-Röh, and Axel Krohn. Advice was also provided on DCM matters by Frankfurt partner Alexander Lentz, with associates Jan Penselin and Laura Sophie Neumann; on corporate matters by Hamburg partner Dirk Kocher and Frankfurt partner Otto von Gruben, with associates Florian Brüggemann and Edward Martin; on tax matters by Hamburg partner Tobias Klass; on antitrust matters by Frankfurt partner Max Hauser.