Transactions

Travelodge Hotels Group’s restructuring

Date Announced:
10/12/2012

client:
Cross-holder Committee of Travelodge Hotels Group

Status:
Closed – 10/2012

Value:
£1.1 billion Read the case study

Financial Advisor to the Cross-Holder Committee of Travelodge Hotels Group on its £1.1 billion restructuring

On October 12, 2012, Travelodge Hotels Group (“Travelodge”), the second largest budget hotel operator in the UK, completed its financial restructuring after nine months of complex negotiations led by the Cross-holder Committee (“CHC”) of lenders. The financial restructuring included an operational restructuring which was effected by way of a Company Voluntary Arrangement (CVA), an in-court mechanism for distressed companies to formalize compromise agreements with their creditors, as well as a Scheme of Arrangement, to restructure 505 leases across the UK. As a result of the restructuring, the CHC lenders ultimately received 100% ownership of Travelodge in exchange for £75 million of new money, rollover of their senior debt and full equitization of their Mezz and PIK holdings. Total leverage was reduced by approximately 6 turns. The restructuring of Travelodge represents the largest hotel sector restructuring in Europe in 2012 and one of the largest and most complex CVAs ever completed in the UK, based on size, number of properties and asset values. Additionally, the Travelodge CVA achieved the highest approval rate for any CVA in the UK, as of 2012, with a 97% majority in the first vote and 95% majority in the second vote; landlords overwhelmingly supported the CVA with 95% voting in favor. Moelis & Company was instrumental in driving all aspects of Travelodge’s financial and operational restructuring and acted as financial advisor to the CHC.

Merlin Media’s sale of WRXP-FM (101.9 MHz) to CBS Radio

Date Announced:
10/08/2012

client:
Merlin Media

Status:
Closed – 12/2012

Value:
Undisclosed

Woolworths Limited’s creation and de-merger of SCA Property Group and associated equity raising

Date Announced:
10/05/2012

client:
Woolworths Limited

Status:
Closed – 12/2012

Value:
A$1.4 billion

Contec Holdings Ltd.’s Chapter 11 Restructuring

Date Announced:
10/04/2012

client:
Contec Holdings Ltd.

Status:
Closed – 11/2012

Value:
$325 million

TORM A/S’s restructuring

Date Announced:
10/02/2012

client:
Board of Directors of TORM A/S

Status:
Closed – 11/2012

Value:
$1.9 billion

Dynegy Holdings Inc. and Dynegy Inc.’s Chapter 11 Restructuring of Dynegy Holdings Inc. and Dynegy Inc.

Date Announced:
10/02/2012

client:
Public Service Enterprise Group

Status:
Closed – 10/2012

Value:
$6 billion

Woodside Homes' secured notes offering and equity offering

Date Announced:
09/25/2012

client:
Woodside Homes

Status:
Closed – 09/2012

Value:
$128 million Secured Notes Offering; $75 million Equity Offering

Lighting Science Group Corporation’s follow-on equity investment

Date Announced:
09/25/2012

client:
Lighting Science Group Corporation

Status:
Closed – 09/2012

Value:
$49 million

Vitus Immobilien S.a.r.l. Group’s refinancing

Date Announced:
09/21/2012

client:
Vitus Immobilien S.a.r.l. Group

Status:
Closed – 09/2012

Value:
€1.2 billion

Nippon Telegraph and Telephone Corporation’s acquisition of Centerstance

Date Announced:
09/17/2012

client:
Nippon Telegraph and Telephone Corporation

Status:
Closed – 10/2015

Value:
Undisclosed

Catalyst Paper Corporation’s CCAA and Chapter 15 Reorganization

Date Announced:
09/13/2012

client:
Ad Hoc Committee of Senior Secured Noteholders of Catalyst Paper Corporation

Status:
Closed – 09/2012

Value:
C$770 million

Solarsoft Business Systems Limited’s sale to Epicor Software Corporation

Date Announced:
09/13/2012

client:
Solarsoft Business Systems Limited

Status:
Closed – 10/2012

Value:
Undisclosed

America’s 1st Choice’s sale of Easy Choice Health Plan, Inc. to WellCare Health Plans, Inc.

Date Announced:
09/06/2012

client:
America’s 1st Choice

Status:
Closed – 12/2013

Value:
Undisclosed

Seat Pagine Gialle SpA’s restructuring

Date Announced:
09/06/2012

client:
Senior Secured Bondholders of Seat Pagine Gialle SpA

Status:
Closed – 09/2012

Value:
€2.7 billion

Willis Stein & Partners' portfolio monetization and fund recapitalization

Date Announced:
08/27/2012

client:
Willis Stein & Partners III, L.P.

Status:
Closed – 08/2012

Value:
Undisclosed Read the case study

Exclusive Financial Advisor to Willis Stein & Partners III, L.P. on its Portfolio Monetization and Fund Recapitalization

On August 27, 2012, Willis Stein & Partners (“Willis Stein”), a Chicago-based middle market private equity firm, completed an innovative transaction to provide cash liquidity to limited partners (“LPs”) of its third and most recent fund, Willis Stein & Partners III, L.P. (the “Fund”). LPs were also permitted to elect to retain an investment in certain portfolio companies in order to benefit from their continued growth. The Fund was raised in 2000 with $1.8 billion in commitments and, at the time of Moelis & Company’s engagement in January 2012, was operating in its second of three one-year extensions. As an alternative to a third fund extension or liquidation of the remaining assets, Moelis & Company structured this transaction to address the varying objectives of a diverse group of existing investors, including a liquidity option at an attractive price. This was the third transaction that Moelis & Company completed in 2012 for Willis Stein or its portfolio companies, demonstrating our commitment to building long-term client relationships. Moelis & Company acted as exclusive financial advisor to the Fund.

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