Transactions
& Case Studies

Result of filter: 211

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

Petróleo Brasileiro S.A.’s  (Petrobras) capital markets and debt markets strategies related to Liability Management

Date Announced:
4/22/2015

client:
Petróleo Brasileiro S.A. (Petrobras)

Status:
Closed – 4/2015

Value:
$127.0 billion

Towergate Insurance Limited’s restructuring

Date Announced:
4/7/2015

client:
Ad Hoc Committee of Senior Secured Creditors of Towergate Insurance Limited

Status:
Closed – 4/2015

Value:
£1.0 billion Read the case study

Exclusive Financial Advisor to the Ad Hoc Committee of Senior Secured Debtholders in Connection with the £1.0 billion Restructuring of Towergate Insurance

On April 7, 2015, Towergate Insurance Limited (“Towergate” or collectively with its subsidiaries the “Group”), the United Kingdom’s largest independently owned general insurance intermediary, announced the completion of its balance sheet restructuring.

Since the Group was formed in 1997, it had grown principally by acquisitions, having purchased over 300 businesses. In 2011, private equity company Advent International acquired a significant equity stake alongside the Group’s founder, Peter Cullum, investing over £200 million with a view to accelerating Towergate’s consolidation strategy. However, a number of commercial, operational and financial issues created an unsustainable situation for the company’s capital structure in 2014; Towergate needed to find a way to restructure negotiations with a disparate group of stakeholders (with competing objectives) while maintaining operational stability.

In November, 2014, Moelis & Company was appointed by a group of the Senior Secured Creditors (SSC) who held roughly 70% of the senior secured debt. Moelis & Company worked with the company and the SSC Ad Hoc Committee (group of 11 key institutions between Europe and the US) to design the Senior-Secured Only solution that formed the basis of the consensual restructuring deal agreed with the Senior Unsecured Creditors. Moelis & Company played a critical role in re-shaping the process in favour of the SSC Ad Hoc Committee, a central group that eventually had the maximum negotiating leverage and drove the transaction.

Moelis & Company achieved a par plus solution for SSC within two months of the Firm’s appointment when debt was trading at 80 pence to the pound. The restructuring significantly delevered the company, reducing total debt by approximately 60% through the effective equitisation of £360 million of debt claims and the provision of £300 million equity contribution. The SSC also fully underwrote new £75 million Super Senior Notes providing Towergate additional liquidity.

The transaction was effected through a ‘dual-track’ UK Scheme of Arrangement with both the SSCs and Senior Unsecured Notes overwhelmingly approving the transaction with 98% and 99% respectively voting in favour.

Revel AC, Inc.’s 363 sale to Polo North Country Club, Inc.

Date Announced:
4/7/2015

client:
Revel AC, Inc.

Status:
Closed – 4/2015

Value:
Undisclosed

Reichhold Industries Inc.’s global recapitalization of U.S. and International Units

Date Announced:
4/2/2015

client:
Reichhold Industries Inc.

Status:
Closed – 4/2015

Value:
$420 million

Petropavlovsk Plc’s recapitalization

Date Announced:
3/18/2015

client:
Ad Hoc Committee of Bondholders of Petropavlovsk Plc

Status:
Closed – 3/2015

Value:
$1.0 billion

DEPFA Bank plc’s proposed tender offer for preferred securities

Date Announced:
1/14/2015

client:
Committed holders of DEPFA Bank plc

Status:
Closed – 5/2015

Value:
€1.2 billion

UniTek Global Services, Inc.’s Chapter 11 Reorganization

Date Announced:
1/13/2015

client:
Apollo Investment Corporation

Status:
Closed – 1/2015

Value:
$210 million

Boart Longyear’s recapitalization

Date Announced:
12/22/2014

client:
Centerbridge Partners

Status:
Closed – 1/2015

Value:
$352 million

APCOA PARKING Group’s restructuring

Date Announced:
12/12/2014

client:
Centerbridge Partners

Status:
Closed – 12/2014

Value:
€800 million

Breeze Finance S.A.’s commutation of Class A financial guarantee

Date Announced:
12/3/2014

client:
Ad Hoc Committee of Class A Noteholders of Breeze Finance S.A.

Status:
Closed – 12/2014

Value:
€287 million

Altegrity, Inc.’s Chapter 11 Reorganization

Date Announced:
11/5/2014

client:
Ad Hoc Committee of the 1st Lien Creditor Group of Altegrity, Inc.

Status:
Closed – 8/2015

Value:
$1.8 billion

Syncora Holdings Ltd.’s monetization of pass through securities and mark-to-market value swaps of Redbank Project

Date Announced:
10/31/2014

client:
Syncora Holdings Ltd.

Status:
Closed – 10/2014

Value:
A$147 million

ITR Concession Company, LLC’s Chapter 11 Reorganization and sale to IFM Investors

Date Announced:
10/28/2014

client:
ITR Concession Company, LLC

Status:
Closed – 5/2015

Value:
$6.0 billion pre-packaged Chapter 11 reorganization; $5.7 billion sale to IFM Investors

Momentive Performance Materials Inc.’s pre-negotiated Chapter 11 Reorganization, debt financing and equity financing

Date Announced:
10/24/2014

client:
Momentive Performance Materials Inc.

Status:
Closed – 10/2014

Value:
$4.2 billion Pre-negotiated Chapter 11 Reorganization; $570 million debt financing; $600 million equity financing Read the case study

Financial Advisor to Momentive Performance Materials on its $4.2 billion Pre-negotiated Chapter 11 Reorganization

On October 24, 2014, Momentive Performance Materials (“MPM”), one of the world’s largest producers of silicones, silicone derivatives and quartz products, successfully emerged from Chapter 11 Bankruptcy protection. Moelis & Company acted as financial advisor to MPM and was instrumental in initiating, evaluating and negotiating the transaction. Over the course of an intensive multi-party due diligence period, Moelis & Company evaluated and assisted in the development of the pro forma business plan, negotiated a fully committed equity rights offering and assisted in securing $570 million in DIP financing as well as exit financing at favorable terms. On April 13, 2014,
MPM entered into a Restructuring Support Agreement with holders of $1.3 billion of Second Lien Notes, the fulcrum security, under a pre-negotiated plan, and on September 10, 2014, MPM’s Plan of Reorganization was confirmed. Key terms included a $600 million fully committed rights offering, which was backstopped by approximately 90% of the holders of the Second Lien Notes, along with a 100% recovery to the holders of First Lien Senior Notes and Replacement Notes, trade creditors and other general unsecured creditors.

Moelis & Company played a pivotal role as lead witness in the landmark Bankruptcy Court decision on cram down interest rates based on the Supreme Court’s Till decision, providing expert testimony regarding the appropriate rate for the Replacement Notes. The Court largely found in favor of MPM, saving the estate hundreds of millions of dollars while providing long-term financing to fund its business operations and future growth.

PHS Group Plc’s restructuring

Date Announced:
10/17/2014

client:
Cross-holder Committee of PHS Group Plc

Status:
Closed – 10/2014

Value:
£930 million

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