Transactions
& Case Studies

Result of filter: 228

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

Pilgrim’s Pride Corporation’s Chapter 11 Reorganization

Date Announced:
12/27/2009

client:
Official Committee of Unsecured Creditors of Pilgrim’s Pride Corporation

Status:
Closed – 12/2009

Value:
$2.2 billion

Ion Media Networks, Inc.’s Chapter 11 Reorganization

Date Announced:
12/20/2009

client:
Ion Media Networks, Inc.

Status:
Closed – 12/2009

Value:
$2.7 billion

Fairmont Raffles Hotels International’s credit facility amendment

Date Announced:
12/14/2009

client:
Fairmont Raffles Hotels International

Status:
Closed – 12/2009

Value:
$1.3 billion

Nortek, Inc. & Chapter 11 Reorganization

Date Announced:
12/10/2009

client:
Ad Hoc Committee of Bondholders of Nortek, Inc.

Status:
Closed – 12/2009

Value:
$1.8 billion

Wind Hellas Telecommunications S.A.’s restructuring

Date Announced:
11/26/2009

client:
Ad Hoc Committee of Senior Secured Noteholders of Wind Hellas Telecommunications S.A.

Status:
Closed – 11/2009

Value:
€3.3 billion

Olson Urban Housing LLC’s restructuring

Date Announced:
11/23/2009

client:
Olson Urban Housing LLC

Status:
Closed – 11/2009

Value:
Undisclosed

Lear Corporation’s Chapter 11 Reorganization

Date Announced:
11/4/2009

client:
Ad Hoc Committee of Senior Unsecured Noteholders of Lear Corporation

Status:
Closed – 11/2009

Value:
$3.6 billion

Tinnerman Palnut Engineered Products, Inc.’s sale to A. Raymond Et Cie

Date Announced:
10/26/2009

client:
Tinnerman Palnut Engineered Products, Inc.

Status:
Closed – 10/2009

Value:
Undisclosed

Builders FirstSource, Inc.’s common stock rights offering and exchange offer

Date Announced:
10/22/2009

client:
Special Committee of Builders FirstSource, Inc.

Status:
Closed – 10/2009

Value:
$205 million Rights Offering, $275 million Exchange Offer

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.”

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