Adler Group SA has extended the deadline for its planned €191 million ($204 million) bond sale, giving itself 10 more days to attract investors despite dangling a 21% interest rate to lure prospective buyers.
The German landlord has lengthened the offer period to Sept. 29, according to people familiar with the matter who asked for anonymity because they weren’t authorized to speak. The average return for bonds rated triple-C, which is where Adler ranks, is around 8%, according to Bloomberg indexes.
Adler has been racing to sell assets and raise new funds, including a rescue financing from creditors such as Pimco and BlackRock, in a bid to stay afloat after fraud allegations and steep writedowns on its assets. The landlord ramped up disposals this month after the latest adjustment cut the value of its portfolio by about €1 billion.
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