Transactions

Superloop Limited’s initial public offering

Date Announced:
04/29/2015

client:
Superloop Limited

Status:
Closed – 06/2015

Value:
A$90 million

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

Date Announced:
04/22/2015

client:
Petróleo Brasileiro S.A. (Petrobras)

Status:
Closed – 04/2015

Value:
$127 billion

360 Capital Group Limited’s initial public offering of 360 Capital Total Return Fund

Date Announced:
04/22/2015

client:
360 Capital Group Limited

Status:
Closed – 04/2015

Value:
A$50 million

NBA Franchise’s investor consortium acquisition of the Atlanta Hawks NBA Franchise

Date Announced:
04/22/2015

client:
Investor Consortium

Status:
Closed – 06/2015

Value:
Undisclosed

Kellstrom Aerospace, LLC’s sale to AE Industrial Partners, LLC

Date Announced:
04/13/2015

client:
Kellstrom Aerospace, LLC

Status:
Closed – 04/2015

Value:
Undisclosed

NRG Yield, Inc.’s partnership agreement with NRG Energy, Inc. to acquire and hold residential solar leases

Date Announced:
04/13/2015

client:
Board of Directors of NRG Yield, Inc.

Status:
Closed – 04/2015

Value:
Undisclosed

WASH Multifamily Laundry Systems, LLC’s sale of WASH Multifamily Laundry Systems, a portfolio company of CHS Capital, LLC, to EQT Partners AB

Date Announced:
04/13/2015

client:
WASH Multifamily Laundry Systems, LLC

Status:
Closed – 05/2015

Value:
Undisclosed

Towergate Insurance Limited’s restructuring

Date Announced:
04/07/2015

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

Status:
Closed – 04/2015

Value:
£1 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:
04/07/2015

client:
Revel AC, Inc.

Status:
Closed – 04/2015

Value:
Undisclosed

TouchTunes Interactive Networks, Inc.’s sale to Searchlight Capital Partners, L.P.

Date Announced:
04/02/2015

client:
TouchTunes Interactive Networks, Inc.

Status:
Closed – 06/2015

Value:
Undisclosed

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

Date Announced:
04/02/2015

client:
Reichhold Industries Inc.

Status:
Closed – 04/2015

Value:
$420 million

Reichhold Industries Inc.’s capital raise

Date Announced:
04/02/2015

client:
Reichhold Industries Inc.

Status:
Closed – 04/2015

Value:
$189 million

Reichhold Industries Inc.’s 363 acquisition of its US business

Date Announced:
04/02/2015

client:
Reichhold Industries Inc.

Status:
Closed – 04/2015

Value:
$147 million

RBC Bearings, Inc.’s acquisition of the Sargent Aerospace & Defense business from Dover Corporation

Date Announced:
03/26/2015

client:
RBC Bearings, Inc.

Status:
Closed – 04/2015

Value:
$500 million

Hutchison Whampoa Limited’s acquisition of O2 UK from Telefónica, S.A.

Date Announced:
03/25/2015

client:
Hutchison Whampoa Limited

Status:
Terminated

Value:
£10.3 billion

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