Transactions
& Case Studies

Result of filter: 40

Advisory Services: Financial Institutions Advisory
Industry Coverage: All Industry Coverage
Deal Status: All Deal Status

General Electric Company's sale of GE Capital’s U.S. restaurant franchise financing assets to three buyers: First Horizon National Corporation, Wintrust Financial Corporation and Sterling National Bank

Date Announced:
06/27/2016

client:
General Electric Company

Status:
Closed – 09/2016

Value:
$1.4 billion

Assured Guaranty Ltd.'s acquisition of CIFG Holding Inc.

Date Announced:
04/13/2016

client:
Assured Guaranty Ltd.

Status:
Closed – 07/2016

Value:
$450 million

College Avenue Student Loans, LLC’s equity capital raise

Date Announced:
01/11/2016

client:
College Avenue Student Loans, LLC

Status:
Closed – 01/2016

Value:
Undisclosed

Glitnir hf.’s restructuring

Date Announced:
12/08/2015

client:
Winding-Up Board of Glitnir hf.

Status:
Closed – 12/2015

Value:
€15.4 billion

UK Financial Investments Limited’s sale of an asset portfolio to affiliates of Cerberus Capital Management LP

Date Announced:
11/13/2015

client:
UK Financial Investments Limited

Status:
Closed – 12/2015

Value:
£13 billion Read the case study

Financial Advisor to UK Financial Investments Limited on UK Asset Resolution Limited’s sale of an asset portfolio to affiliates of Cerberus Capital Management LP

On November 13, 2015, UK Financial Investments Limited (UKFI) announced that UK Asset Resolution Limited (UKAR) would sell a £13.0 billion asset portfolio to Cerberus Capital Management LP (“Cerberus”). Moelis & Company acted as the financial advisor to UKFI on this record-breaking sale of mortgages which had been taken into public ownership nearly a decade earlier.

As part of the U.K.’s response to the financial crisis and in order to manage the Governments interventions, UKFI was set up in 2008. UKFI’s objective is to implement a strategy for realizing value for the government’s holdings over time in an orderly and active way, consistent with its view that it has no wish to be a permanent investor in U.K. financial institutions. UKAR was established in 2010 as a holding company to integrate the administration and servicing of the legacy mortgage businesses of NRAM (previously known as Northern Rock Asset Management plc) and Bradford & Bingley plc.

The UKAR portfolio sold to Cerberus in this transaction comprised of mortgages and unsecured loans from the legacy book of NRAM, the former Northern Rock mortgage business. This highly competitive process resulted in UKAR achieving a £280 million premium over book value. As part of the transaction, TSB Bank acquired £3.3 billion of mortgages and loans from Cerberus, adding 34,000 customers across the U.K.

The sale brought the total UKAR balance sheet reduction to £73.5 billion (63%) and meant that the government had exited over 85% of Northern Rock whilst delivering value-for-money for the taxpayer.

This marque transaction, completed in May 2016, received accolades from U.K. Chancellor George Osborne, who called it a “major milestone in clearing up the mess left by the financial crisis, with the sale of former Northern Rock mortgages.” It currently represents the largest financial asset sale ever by a European government.

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

Date Announced:
08/24/2015

client:
Syncora Holdings Ltd.

Status:
Closed – 08/2015

Value:
Undisclosed

Deutsche Bank AG, KKR & Co. L.P. and Värde Partners, Inc.’s acquisition of GE Capital Australia & New Zealand Consumer Finance

Date Announced:
03/15/2015

client:
Consortium consisting of Deutsche Bank AG, KKR & Co. L.P. and Värde Partners, Inc.

Status:
Closed – 11/2015

Value:
A$8.2 billion

DEPFA Bank plc’s proposed tender offer for preferred securities

Date Announced:
01/14/2015

client:
Committed holders of DEPFA Bank plc

Status:
Closed – 05/2015

Value:
€1.2 billion

Breeze Finance S.A.’s commutation of Class A financial guarantee

Date Announced:
12/03/2014

client:
Ad Hoc Committee of Class A Noteholders of Breeze Finance S.A.

Status:
Closed – 12/2014

Value:
€287 million

Syncora Holdings Ltd.’s monetization of pass through securities and mark-to-market value swaps of Redbank Project

Date Announced:
10/31/2014

client:
Syncora Holdings Ltd.

Status:
Closed – 10/2014

Value:
A$147 million

College Ave Student Loans, LLC’s formation and capitalization

Date Announced:
08/22/2014

client:
College Ave Student Loans, LLC

Status:
Closed – 08/2014

Value:
Undisclosed

Royal Bank of Scotland plc’s sale of structured retail investor products and equity derivatives business to BNP Paribas S.A.

Date Announced:
02/19/2014

client:
Royal Bank of Scotland plc

Status:
Closed – 06/2014

Value:
£15 billion

Residential Capital’s Chapter 11 Reorganization

Date Announced:
12/17/2013

client:
Official Committee of Unsecured Creditors of Residential Capital

Status:
Closed – 12/2013

Value:
$15 billion

The Co-operative Bank plc’s recapitalization

Date Announced:
11/04/2013

client:
Ad Hoc Committee of Lower Tier 2 Noteholders of The Co-operative Bank plc

Status:
Closed – 12/2013

Value:
£1.5 billion Read the case study

Exclusive Financial Advisor to the Ad Hoc Committee of Lower Tier 2 Noteholders of The Co-operative Bank on its £1.5 billion recapitalization

On December 20, 2013, Co-operative Group Limited (the “Group”) and The Co-operative Bank p.l.c. (the “Bank”) completed the revised recapitalization plan for the Bank. The plan was announced on November 4, 2013 and included a Liability Management Exercise (the “LME”) structured for the different classes of bondholders and preference shareholders, a capital injection from the Group of £333 million, and a capital raise of £125 million underwritten by the Lower Tier 2 Noteholders (the “LT2 Group”). The plan enables the Bank to continue its unique mission as a UK bank committed to the values and ethics of the co-operative movement. The LME received overwhelming support from bondholders with 97.6% of lower tier 2 security holders and 99.9% of tier 1 and upper tier 2 security holders voting in favor. The recapitalization represents the first successful consensual creditor bank bail-in in the United Kingdom, without taxpayer support.

Master Asset Vehicle II’s amendment to transaction documents, putting in place a mechanism allowing for optional redemptions

Date Announced:
10/02/2013

client:
Certain Master Asset Vehicle II Noteholders

Status:
Closed – 10/2013

Value:
C$10 billion

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