Transactions
& Case Studies

Result of filter: 228

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

SFX Entertainment Inc.’s restructuring

Date Announced:
12/2/2016

client:
SFX Entertainment Inc.

Status:
Closed – 12/2016

Value:
$600 million

Studio City International Holdings's notes offering and bank debt amendment of Studio City Company

Date Announced:
12/1/2016

client:
Studio City International Holdings

Status:
Closed – 12/2016

Value:
$1.2 billion

Ningxia Tianyuan Manganese Industry Co., Ltd’s acquisition of Consolidated Minerals Limited and tender offer and consent solicitation for its $400m Senior Secured Notes

Date Announced:
11/15/2016

client:
Ad Hoc Committee of $400m Senior Secured Noteholders of Consolidated Minerals Limited

Status:
Closed – 5/2017

Value:
Undisclosed

Cobalt International Energy, Inc.’s restructuring

Date Announced:
11/7/2016

client:
Ad Hoc Committee of Senior Noteholders of Cobalt International Energy, Inc.

Status:
Closed – 12/2016

Value:
$715 million Debt Exchange and $500 million New Capital

KrisEnergy Ltd.’s restructuring and capital raising

Date Announced:
11/3/2016

client:
KrisEnergy Ltd.

Status:
Closed – 2/2017

Value:
$500 million restructuring and $100 million capital raise

Basic Energy Services, Inc.’s pre-packaged Chapter 11 Reorganization

Date Announced:
10/24/2016

client:
Basic Energy Services, Inc.

Status:
Closed – 12/2016

Value:
$1.1 billion

SandRidge Energy, Inc.’s restructuring

Date Announced:
10/4/2016

client:
Ad Hoc Committee of Senior Unsecured Noteholders

Status:
Closed – 10/2016

Value:
$4.1 billion

Energy Future Holdings Corp.'s financial restructuring and spinoff of TCEH Corp.

Date Announced:
10/4/2016

client:
Apollo Management LP

Status:
Closed – 10/2016

Value:
$50.0 billion

VIVUS, Inc. license agreement for commercial rights to STENDRA® with Metuchen Pharmaceuticals LLC

Date Announced:
10/3/2016

client:
VIVUS, Inc.

Status:
Closed – 10/2016

Value:
Undisclosed

Horsehead Holding Corp’s restructuring

Date Announced:
9/30/2016

client:
Ad Hoc Committee of Senior Secured Noteholders

Status:
Closed – 9/2016

Value:
$650 million

iHeartMedia, Inc.’s consent solicitation to amend 14% senior notes due 2021

Date Announced:
9/27/2016

client:
iHeartMedia, Inc.

Status:
Closed – 10/2016

Value:
$1.7 billion

Orionstone Pty Ltd’s three-way merger & recapitalization with Emeco Holdings Ltd and Andy's Earthmovers (Asia Pacific) Pty Ltd

Date Announced:
9/23/2016

client:
Orionstone Pty Ltd

Status:
Closed – 3/2017

Value:
A$663 million

CORE Entertainment, Inc.’s restructuring

Date Announced:
9/23/2016

client:
CORE Entertainment, Inc.

Status:
Closed – 10/2016

Value:
$425 million

Templar Energy LLC’s restructuring and recapitalization

Date Announced:
9/21/2016

client:
Ad Hoc Group of Second Lien Lenders of Templar Energy LLC

Status:
Closed – 9/2016

Value:
$2.0 billion debt restructuring Read the case study

Exclusive Financial Advisor to the Ad Hoc Group of Second Lien lenders on Templar Energy’s $1.45 billion out-of-court exchange offer

On September 21, 2016, Templar Energy, LLC (“Templar”), an oil and gas exploration and production company focused on the U.S. mid-continent region, completed its out-of-court restructuring and recapitalization. Acting as the company’s exclusive financial advisor, Moelis & Company’s involvement resulted in 100% of lenders consenting to an exchange offer and avoiding a potentially lengthy and costly in-court Chapter 11 bankruptcy.

Initially backed by financial sponsors First Reserve and Trilantic, Templar established a quality acreage position in the mid-continent in 2013-2014. This was done through a series of acquisitions financed with the issuance of $1.45 billion of second lien term loans. Shortly thereafter, precipitous decline in oil and natural gas prices rendered the company’s overlevered balance sheet unsustainable. In late 2015, Templar approached its second lien lenders regarding the formation of an ad hoc group, who subsequently hired Moelis & Company to advise on restructuring conversations.

Moelis & Company performed extensive diligence on the company’s asset base and operational capabilities and advised its clients that the company was better suited for a debt-to-equity exchange versus accepting a cash tender offer. The Firm negotiated a comprehensive restructuring solution, crafting the ultimate deal construct that provided the second lien lenders with the majority of new money investment rights (60%) and effective control of the company’s board.

Ultimately, Templar received total new money investment of $365 million and used the proceeds for the second lien cash payment and to pay down its first lien lenders, resulting in a substantially delevered company with ample liquidity. Through the debt-to-equity exchange and new preferred equity investment, second lien lenders own over 80% of the pro forma equity. They received $133 million of cash, 45% of the equity in the reorganized Templar (after dilution) and the participation rights in a fully-backstopped rights offering of participating preferred equity.

Quicksilver Resources’ Chapter 11 Reorganization

Date Announced:
8/16/2016

client:
Official Committee of Unsecured Creditors of Quicksilver Resources, Inc.

Status:
Closed – 8/2016

Value:
$2.3 billion

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