Transactions

Eaton Towers Limited's sale of South African tower assets to American Tower Corporation

Date Announced:
06/01/2016

client:
Eaton Towers Limited

Status:
Closed – 10/2016

Value:
Undisclosed

Vertellus Specialties Inc.’s restructuring and 363 sale

Date Announced:
05/31/2016

client:
Ad Hoc Group of Term Loan Lenders

Status:
Closed – 10/2016

Value:
$454 million

Foxconn Technology Group’s acquisition of SMART Technologies Inc.

Date Announced:
05/26/2016

client:
Foxconn Technology Group

Status:
Closed – 09/2016

Value:
Undisclosed

YPB Group Limited’s institutional placement

Date Announced:
05/24/2016

client:
YPB Group Limited

Status:
Closed – 05/2016

Value:
A$5 million

Rising Japan Equity, Inc. sale of Styla Inc. to Permira

Date Announced:
05/23/2016

client:
Rising Japan Equity, Inc.

Status:
Closed – 05/2016

Value:
$336 million

IGM Financial Inc.'s strategic minority stake investment in Personal Capital Corporation

Date Announced:
05/19/2016

client:
IGM Financial Inc.

Status:
Closed – 05/2016

Value:
$75 million

Dex Media, Inc.’s pre-packaged Chapter 11 plan of reorganization

Date Announced:
05/16/2016

client:
Dex Media, Inc.

Status:
Closed – 07/2016

Value:
$2.4 billion Read the case study

Exclusive Investment Banker to Dex Media Inc. on its $2.4 billion Prepackaged Chapter 11 Plan of Reorganization

On August 1, 2016, Dex Media, Inc. (“Dex”), one of America’s largest providers of marketing solutions for local businesses, announced that it had completed its financial restructuring and emerged from Chapter 11 bankruptcy. Moelis & Company acted as the exclusive investment banker to Dex and played a critical role in helping the company emerge from bankruptcy protection after only 77 days.

At the time, Dex’s primary historical marketing product, yellow page directories, had been experiencing significant double-digit top-line declines in the face of burgeoning internet directory and customer review-based businesses (e.g. Google, Yelp and Angie’s List) as well as the aging of the product’s core demographic. In reaction to those trends, Dex developed and marketed digital advertising solutions, but the transition to digital products was slower than originally anticipated.

As a result, Dex effectuated a merger with Supermedia Inc. through concurrent Chapter 11 bankruptcies in an effort to combat industry dynamics through consolidation. The company emerged with four cross-collateralized secured credit silos creating a complex capital structure, which impeded management’s ability to operate the business as a unified company. In addition to the first-lien secured debt of approximately $2.1 billion, the company also had unsecured notes of $270 million. At the end of 2016, Dex faced a maturity wall and leverage levels would not support a complete refinancing of commitments.

Moelis & Company negotiated a significant deleveraging of the company in order to afford the company the financial flexibility to achieve its strategic plan. The plan was a fully-consensual prepacked plan of reorganization, which provided for the first-lien lenders across the four credit silos to own 100% of the reorganized equity and $600 million of loans under the new credit facility. Dex’s unsecured noteholders also received a $5 million cash payment and warrants to purchase up to 10% of the reorganized  equity in exchange for their approximately $270 million in claims.

The company’s strengthened capital structure, with approximately $1.8 billion less total debt, created significant financial and strategic flexibility. Furthermore, the transaction enabled the company to deepen its commitment to help local businesses thrive by developing and providing marketing solutions to help them grow their organizations.

Terex Corporation’s sale of Terex’s Material Handling & Port Solutions business to Konecranes Plc

Date Announced:
05/16/2016

client:
Terex Corporation

Status:
Closed – 01/2017

Value:
$1.3 billion

Breitburn Energy Partners LP’s restructuring

Date Announced:
05/16/2016

client:
The Secured Noteholders of Breitburn Energy Partners LP

Status:
Closed – 04/2018

Value:
$3 billion

GMR Energy Limited's primary investment by Tenaga Nasional Berhad

Date Announced:
05/09/2016

client:
GMR Energy Limited

Status:
Closed – 11/2016

Value:
$300 million

Chubb Limited's sale of Chubb’s vehicle insurance portfolio in Brazil to Porto Seguro S.A.

Date Announced:
05/05/2016

client:
Chubb Limited

Status:
Closed – 08/2016

Value:
Undisclosed

Aqua Comms Limited's private placement

Date Announced:
05/05/2016

client:
Aqua Comms Limited

Status:
Closed – 05/2016

Value:
$75 million

Burra Foods Australia Pty. Ltd.'s sale to China Mengniu Dairy Group’s Fuyuan Farming Co. Ltd.

Date Announced:
05/04/2016

client:
Burra Foods Australia Pty. Ltd.

Status:
Closed – 08/2016

Value:
Undisclosed

Interstate Hotels & Resorts, Inc.'s sale to Kohlberg & Company LLC

Date Announced:
05/04/2016

client:
Interstate Hotels & Resorts, Inc.

Status:
Closed – 05/2016

Value:
Undisclosed

Melco Crown Entertainment Limited’s privately negotiated share repurchase from Crown Resorts Limited

Date Announced:
05/04/2016

client:
Melco Crown Entertainment Limited

Status:
Closed – 05/2016

Value:
$800 million

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