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Cologne, 18 October 2024 – With the support of IR.on AG, listed Noratis AG, a leading developer of residential property portfolios in Germany, has successfully laid the foundation for the restructuring of its 2020/2025 corporate bond. By resolution of the bondholders' meeting, the term was extended until 31 December 2028 with an unchanged interest rate of 5.5% p.a. This gives Noratis AG the necessary flexibility for the planned sale of property portfolios, the proceeds of which are to be used to repay the bond. In addition, the extension was a key requirement on the part of the anchor shareholder for the provision of further equity funds after 2024 to secure the chosen restructuring path.
IR.on supported the client in restructuring communications and in mobilizing a sufficient number of bond investors to achieve a quorum at the required bondholders' meeting. As a result, the attendance rate at the decisive second bondholders' meeting was 45.8% of the outstanding bond volume, well above the quorum of 25% required under the German Bond Act. The approval rate for the amendment of the bond terms and conditions was 100% of the participating creditors.
The successful transaction underlines IR.on AG's leading position in the specialised bond restructuring segment. Of the 14 projects of this type that have been realised since 2015, all have achieved the targets set.
