Transactions
& Case Studies

Madison Tyler Holdings, LLC’s sale to Silver Lake Partners III, L.P. and Virtu Financial LLC

Date Announced:
04/16/2011

client:
Madison Tyler Holdings, LLC

Status:
Closed – 07/01/2011

Value:
Undisclosed

California Check Cashing Stores' sale to Community Choice Financial Inc.

Date Announced:
04/12/2011

client:
California Check Cashing Stores

Status:
Closed – 04/01/2011

Value:
Undisclosed

Epicor Software, Inc.’s sale to Apax Partners

Date Announced:
04/03/2011

client:
Epicor Software, Inc.

Status:
Closed – 05/01/2011

Value:
$976 million

Rural/Metro Corporation’s sale to Warburg Pincus

Date Announced:
03/27/2011

client:
Rural/Metro Corporation

Status:
Closed – 06/01/2011

Value:
$685 million

Dubai World’s restructuring

Date Announced:
03/23/2011

client:
Government of Dubai

Status:
Closed – 03/01/2011

Value:
$24.9 billion Read the case study

Trusted advisor to the Government of Dubai

Moelis & Company advised the Government of Dubai on the $24.9 billion restructuring of Dubai World, as well as the $23.7 billion restructuring of Nakheel.

Dubai World’s rapid expansion started in early 2005 with a large number of debt-financed acquisitions and investments of companies and real estate projects across the world. Dubai World’s wholly owned subsidiary Nakheel, the largest real estate developer in Dubai, witnessed a period of unprecedented growth in property prices and excessive speculative activity. By the end of 2008, Dubai World and Nakheel had significant levels of financial and non-financial liabilities on their respective balance sheets totaling $49 billion. The highly complex capital structure included over 100 financial institutions and more than 65 different debt tranches comprising a mix of Islamic and non-Islamic financing.

A combination of excessive leverage, the collapse in Dubai’s real estate market and the tightening of international liquidity markets led the Government of Dubai to announce a six-month “standstill” for Dubai World and Nakheel debt obligations on November 25, 2009. Moelis & Company secured the role as exclusive financial advisor to the Government of Dubai on the $24.9 billion restructuring of Dubai World and the $23.7 billion restructuring of Nakheel. One week later, the Government of Dubai formally announced the need to restructure its liabilities at Dubai World and Nakheel, marking the beginning of the Dubai World restructuring process.

Moelis & Company was instrumental in establishing the UAE’s first insolvency reorganization regime (“Decree 57”) which was a hybrid of a US Chapter 11 Bankruptcy Code and a UK Scheme of Arrangement. This regime underlined the need to protect Dubai World and its subsidiary assets from aggressive foreign creditor actions. Importantly, it provided the ability to maintain jurisdiction in the UAE, if required, allowing the Government of Dubai to retain full control of the restructuring process. Following the establishment of this new insolvency regime, Moelis & Company played a key role in raising $10 billion of financing from the Abu Dhabi Government to support the Dubai World and Nakheel restructuring plans.

The Dubai World restructuring achieved over 99% lender consent in nine months, reaching 100% in 11 months, and the transaction successfully closed in June 2011. It was followed by the closing of the Nakheel restructuring in August 2011. Moelis & Company successfully advised the Government of Dubai on tactics and strategies in dealing with an array of stakeholders including banks, trade contractors and foreign governments.​

NEXTDC Limited’s equity placement and share purchase plan

Date Announced:
03/18/2011

client:
NEXTDC Limited

Status:
Closed – 04/01/2011

Value:
A$49 million

H.I.G. Capital L.L.C. and Safe-Guard Products International, LLC’s term loan facility

Date Announced:
03/16/2011

client:
H.I.G. Capital L.L.C. and Safe-Guard Products International, LLC

Status:
Closed – 03/01/2011

Value:
$60 million

White Tiger Gold Ltd’s combination with Century Mining Company

Date Announced:
03/13/2011

client:
Special Committee of the Board of Directors of White Tiger Gold Ltd

Status:
Closed – 10/01/2011

Value:
$1.4 billion

Symstream Technology Group’s convertible notes offering

Date Announced:
03/10/2011

client:
Symstream Technology Group

Status:
Closed – 03/01/2011

Value:
A$15 million

Cumulus Media Inc.’s acquisition of Citadel Broadcasting Corporation

Date Announced:
03/09/2011

client:
Board of Directors of Cumulus Media Inc.

Status:
Closed – 09/01/2011

Value:
$2.4 billion

USA Mobility, Inc.’s acquisition of Amcom Software, Inc.

Date Announced:
03/02/2011

client:
Board of Directors of USA Mobility, Inc.

Status:
Closed – 03/01/2011

Value:
$163 million

Real Estate Capital Partners USA Property Trust’s capital raise

Date Announced:
03/01/2011

client:
Real Estate Capital Partners USA Property Trust

Status:
Closed – 04/01/2011

Value:
A$37 million

Centro Properties Group’s sale of U.S. assets and platform to Blackstone Real Estate Partners VI, L.P.

Date Announced:
02/28/2011

client:
Centro Properties Group

Status:
Closed – 06/01/2011

Value:
$9.4 billion Read the case study

Trusted advisor to Centro Properties Group

On March 1, 2011, Centro Properties Group (“Centro” or “CNP”), Australia’s largest manager of retail property investment syndicates with 123 shopping centers in its Australian portfolio as well as 600 retail locations in the United States, announced the sale of its U.S. assets and platform, and intention to pursue a debt restructuring and a potential merger of its Australian interests. CNP and its managed funds entered into a binding stock purchase agreement to sell the Centro U.S. platform to BRE Retail Holdings, LLC, an affiliate of Blackstone Real Estate Partners VI, L.P. for an enterprise value of approximately $9.4 billion. Proceeds will be used to repay debt in accordance with CNP’s existing Stabilization Agreement.

On August 9, 2011, Centro announced that it had entered into an Implementation Agreement which sets out the terms of a restructuring proposal as agreed between more than 83% of CNP’s senior lenders as well as three funds in which CNP manages and holds investment interests: Centro Retail Trust (“CER”), Direct Property Fund (“DPF”) and Centro Australia Wholesale Fund (“CAWF”). The proposal involves a A$5.0 billion merger of the Centro Group’s Australian assets in conjunction with the cancellation of CNP’s senior debt of A$3.4 billion.

Moelis & Company brought together an integrated team of professionals in the U.S. and Australia with backgrounds in Restructuring, Mergers and Acquisitions and Real Estate to drive effective results. Moelis & Company acted as joint sale advisor to Centro on the sale of its U.S. interests and continues to act as restructuring advisor to CNP.

Inn of the Mountain Gods Resort and Casino's exchange offer

Date Announced:
02/06/2011

client:
Ad Hoc Noteholder Committee of Inn of the Mountain Gods Resort and Casino

Status:
Closed – 02/01/2011

Value:
$200 million

The Collective’s equity Private Placement

Date Announced:
02/04/2011

client:
The Collective

Status:
Closed – 02/01/2011

Value:
Undisclosed

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