Noerr advises banking consortium on state-guaranteed syndicated financing to Adler Modemärkte AG

Noerr has advised a banking consortium on syndicated financing worth €69 million provided to Adler Modemärkte AG. The loan affords the company additional financial leeway to stabilise its operations and to finance the Adler Group.

The syndicated loan is secured by a 90% guarantee granted by the State of Bavaria (acting through its development bank LfA Förderbank Bayern), with a counter-guarantee provided by the State of North Rhine-Westphalia. During the COVID-19 crisis, banks and borrowers are considering state guarantees as an interesting and time-saving alternative to the current KfW programmes. 

Listed in the Prime Standard of the Frankfurt Stock Exchange, Adler Modemärkte AG is one of the leading clothing retail chains in Germany and operates a total of 171 fashion stores in Germany, Austria, Luxembourg and Switzerland.

Advisors to the banking consortium: Noerr LLP

Andreas Naujoks and Dr Torsten Wehrhahn (joint team lead), Patrick Geist (all Banking & Finance, Frankfurt), Dr Dorothee Prosteder (Restructuring, Munich), Simone Schönen (Restructuring, Hamburg)