Transactions
& Case Studies

Result of filter: 251

Advisory Services: Capital Markets
Industry Coverage: All Industry Coverage
Deal Status: All Deal Status

Beazer Homes USA, Inc.’s senior notes offering

Date Announced:
9/2/2009

client:
Beazer Homes USA, Inc.

Status:
Closed – 9/2009

Value:
$250 million Read the case study

Trusted advisor to Beazer Homes USA

Moelis & Company has served as financial advisor to Beazer Homes USA, Inc. (“Beazer,” NYSE: BZH), one of the country’s 10 largest single-family homebuilders, in its recapitalization efforts since April 2009, which has resulted in enhanced financial flexibility and allowed the company to continue to pursue growth opportunities.

On September 3, 2009, Beazer announced the pricing of $250 million of new 12.0% senior secured notes due 2017. The B1/CCC+ notes were issued at a price of 89.5% of par to yield 14.215%. Net proceeds from the offering were used to fund or replenish cash that had been used to fund open-market repurchases of Beazer’s outstanding senior notes, totaling over $370 million in principal amount. This transaction was a key step in providing cushion to the company’s tangible net worth covenant and extending its pending debt maturities.

On January 6, 2010, Beazer executed a concurrent $103 million common stock and $58 million mandatory convertible note offering. The anticipated two-day marketing process was shortened to a single day, and the common stock offering was upsized from 18.0 million to 19.5 million shares due to strong investor demand.

On May 3, 2010, Beazer executed a concurrent offering of $73 million common stock, $75 million tangible equity units and $300 million senior unsecured notes. Beazer raised approximately 36% of its pre-launch market value, half in the form of common equity and half in the form of tangible equity units. During the one-day marketing process, while the Dow and the S&P 500 declined 2.0% and 2.4%, respectively, and the homebuilding index decreased 3.4%, the equity offering successfully priced at a 15.6% discount to the prior-day market close and the senior notes priced in the middle of the expected range.

On July 10, 2012, Beazer priced concurrent offerings for $64 million of common stock and $100 million of tangible equity units. Beazer raised approximately 47% of its pre-launch market value, and the new equity provided substantial liquidity to further capitalize on the housing recovery. Moelis & Company acted as co-manager on the above transactions.”

Clear Channel Communications, Inc.’s cash tender offer of bonds

Date Announced:
8/2/2009

client:
Clear Channel Communications, Inc.

Status:
Closed – 8/2009

Value:
$412 million

Pinnacle Entertainment, Inc.’s senior notes offering

Date Announced:
7/26/2009

client:
Pinnacle Entertainment, Inc.

Status:
Closed – 7/2009

Value:
$450 million

Energizer Holdings, Inc.’s follow-on equity offering

Date Announced:
5/10/2009

client:
Energizer Holdings, Inc.

Status:
Closed – 5/2009

Value:
$535 million Read the case study

Financial advisor, co-manager and underwriter to Energizer Holdings on its $535 million follow-on equity offering

On May 14, 2009, Energizer Holdings, Inc. (“Energizer,” NYSE: ENR), one of the world’s largest manufacturers and marketers of primary batteries, portable lighting products and personal care products in the wet shave, skin care, feminine care and infant care categories, announced the pricing of a public offering of 10.925 million newly issued shares of common stock at a price to the public of $49.00 per share ($535.3 million of gross proceeds). Proceeds were used to fund the acquisition of the Edge and Skintimate shaving gel business from SC Johnson and for general corporate purposes, including the repayment of indebtedness. Moelis & Company served as financial advisor to Energizer in connection with the common stock offering and assisted in evaluating a range of capital structure alternatives. The transaction was highly successful for Energizer, adding two leading personal care brands to its existing product portfolio, strengthening its wet shave product offering, reducing overall leverage and providing adequate capital for the company to pursue strategic initiatives, providing greater financial and operational flexibility, and helping to preserve the strength of its favorable (low cost) debt structure. Moelis & Company served as co-manager and underwriter for the common stock offering.

Sonic Automotive, Inc.’s credit facility and waiver and exchange offer

Date Announced:
5/4/2009

client:
Sonic Automotive, Inc.

Status:
Closed – 5/2009

Value:
$1.3 billion Credit Facility and Waiver; $105 million Exchange Offer

Quality Distribution Inc.’s exchange offer

Date Announced:
4/27/2009

client:
Quality Distribution Inc.

Status:
Closed – 10/2009

Value:
$218 million

Wynn Resorts, Limited’s follow-on equity offering

Date Announced:
3/16/2009

client:
Wynn Resorts, Limited

Status:
Closed – 3/2009

Value:
$210 million Read the case study

Financial advisor, co-manager and underwriter to Wynn Resorts on its $210 million follow-on equity offering

On March 17, 2009, Wynn Resorts, Limited (“Wynn”, Nasdaq: WYNN), one of the world’s leading developers, owners and operators of destination casino resorts, priced a public offering of 9,600,000 newly issued shares of its common stock. Including the overallotment option which was exercised, Wynn issued 11,040,000 shares, with total gross proceeds to Wynn of approximately $210 million. Wynn used the proceeds for general corporate purposes, including repayment of debt. Moelis & Company acted as financial advisor, co-manager and underwriter and had a key role in the transaction, originating and securing three anchor investors, which accounted for approximately 60% of the offering.

Aleris International, Inc.’s DIP facility

Date Announced:
2/11/2009

client:
Aleris International, Inc.

Status:
Closed – 3/2009

Value:
$500 million New Money DIP Loan; $575 million ABL DIP Facility

Ashton Woods Homes' senior subordinated debt exchange offer, revolving credit facility and equity investment

Date Announced:
1/12/2009

client:
Ashton Woods Homes

Status:
Closed – 1/2009

Value:
$125 million Exchange Offer, $95 million Revolving Credit Facility, $20 million Equity Investment

MidCap Financial Holdings, LLC’s equity commitment from investor group

Date Announced:
9/14/2008

client:
MidCap Financial Holdings, LLC

Status:
Closed – 9/2008

Value:
$500 million

Evergreen International Aviation, Inc.’s amendment of credit facilities

Date Announced:
6/22/2008

client:
Evergreen International Aviation, Inc.

Status:
Closed – 6/2008

Value:
$340 million

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