Transactions
& Case Studies

Result of filter: 220

Advisory Services: Recapitalization & Restructuring
Industry Coverage: All Industry Coverage
Deal Status: All Deal Status

William Lyon Homes, Inc.’s senior secured term loan and senior notes repurchase

Date Announced:
10/19/2009

client:
William Lyon Homes, Inc.

Status:
Closed – 10/2009

Value:
$206 million Senior Secured Term Loan; $73 million Senior Notes Repurchase

Dayton Superior Corporation’s Chapter 11 Reorganization

Date Announced:
10/14/2009

client:
Dayton Superior Corporation

Status:
Closed – 10/2009

Value:
$375 million

Sinclair Broadcasting Group, Inc’s cash tender offer

Date Announced:
10/7/2009

client:
Ad Hoc Committee of Bondholders of Sinclair Broadcasting Group, Inc

Status:
Closed – 11/2009

Value:
$373 million

Delphi Automotive LLP’s Chapter 11 Reorganization

Date Announced:
10/6/2009

client:
Official Committee of Unsecured Creditors of Delphi Automotive LLP

Status:
Closed – 10/2009

Value:
$22.2 billion

Galileo Japan Funds Management Limited’s refinancing and restructuring of senior debt, mezzanine and derivative facilities

Date Announced:
9/21/2009

client:
Responsible entity of Galileo Japan Trust

Status:
Closed – 9/2009

Value:
¥58.9 billion

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.”

The Reader’s Digest Association, Inc.’s Chapter 11 Reorganziation

Date Announced:
8/16/2009

client:
Steering Committee of Secured Lenders of The Reader’s Digest Association, Inc.

Status:
Closed – 2/2010

Value:
$2.3 billion

YORK Label’s senior secured credit facilities amendment

Date Announced:
8/11/2009

client:
YORK Label

Status:
Closed – 8/2009

Value:
$190 million

Caraustar Industries Inc.’s Chapter 11 Reorganization

Date Announced:
8/4/2009

client:
Ad Hoc Group of Senior Noteholders of Caraustar Industries Inc.

Status:
Closed – 8/2009

Value:
$219 million

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

New Vision Television, Inc.’s Chapter 11 Reorganization

Date Announced:
7/12/2009

client:
New Vision Television, Inc.

Status:
Closed – 9/2009

Value:
$409 million

Tropicana Atlantic City Casino and Resort’s sale to lender group led by Icahn

Date Announced:
6/14/2009

client:
Trustee and Conservator of Tropicana Atlantic City Casino and Resort

Status:
Closed – 3/2010

Value:
$200 million

J.G. Wentworth’s Chapter 11 Reorganization

Date Announced:
5/31/2009

client:
J.G. Wentworth

Status:
Closed – 5/2009

Value:
$370 million

Source Interlink Companies, Inc.' Chapter 11 Reorganization

Date Announced:
5/27/2009

client:
Source Interlink Companies, Inc.

Status:
Closed – 5/2009

Value:
$1.6 billion

Hartmarx Corp.’s 363 Sale

Date Announced:
5/27/2009

client:
Hartmarx Corp.

Status:
Closed – 6/2009

Value:
Undisclosed

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