Transactions
& Case Studies

Result of filter: 220

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

Studio City Company Limited’s amendments to the existing term loan and revolving credit facility

Date Announced:
11/18/2015

client:
Studio City Company Limited

Status:
Closed – 11/2015

Value:
$1.4 billion

Rdio, Inc.’s sale to Pandora Media, Inc.

Date Announced:
11/16/2015

client:
Rdio, Inc.

Status:
Closed – 12/2015

Value:
Undisclosed

Yüksel İnşaat A.Ş.' restructuring

Date Announced:
10/27/2015

client:
Ad Hoc Committee of Senior Noteholders of Yüksel İnşaat A.Ş.

Status:
Withdrawn

Value:
$490 million

Allied Nevada Gold Corp.’s Chapter 11 Reorganization

Date Announced:
10/22/2015

client:
Allied Nevada Gold Corp.

Status:
Closed – 10/2015

Value:
$700 million

Stuyvesant Town-Peter Cooper Village’s sale to the Blackstone Group and Ivanhoé Cambridge

Date Announced:
10/20/2015

client:
Board of Directors of the Tenants Association of Stuyvesant Town-Peter Cooper Village

Status:
Closed – 12/2015

Value:
$5.3 billion

McAleese Limited’s restructuring and amendment of McAleese’s debt facility

Date Announced:
8/27/2015

client:
McAleese Limited

Status:
Closed – 8/2015

Value:
Undisclosed

Syncora Holdings Ltd.’s amendments to the Master Transaction Agreement

Date Announced:
8/24/2015

client:
Syncora Holdings Ltd.

Status:
Closed – 8/2015

Value:
Undisclosed

TORM A/S' financial restructuring and reverse merger with fleet owned by Oaktree managed funds

Date Announced:
7/13/2015

client:
TORM A/S

Status:
Closed – 7/2015

Value:
$1.4 billion

Kenmare Resources plc’s restructuring

Date Announced:
4/30/2015

client:
Lenders of Kenmare Resources plc

Status:
Closed – 7/2015

Value:
$390 million

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

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