Transactions
& Case Studies

Result of filter: 42

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

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

American Roads LLC’s pre-packaged Chapter 11 Reorganization

Date Announced:
09/03/2013

client:
Syncora Holdings Ltd.

Status:
Closed – 09/2013

Value:
$830 million

Syncora Holdings Ltd.’s commutation of monoline insurance policies associated with Redbank Project

Date Announced:
07/20/2012

client:
Syncora Holdings Ltd.

Status:
Closed – 07/2012

Value:
$148 million

A10 Capital, LLC’s equity facility

Date Announced:
04/18/2012

client:
A10 Capital, LLC

Status:
Closed – 04/2012

Value:
$100 million

Syncora Guarantee (U.K.) Limited’s commutation of certain financial guarantee insurance policies

Date Announced:
03/30/2012

client:
Syncora Guarantee (U.K.) Limited

Status:
Closed –

Value:
Undisclosed

Peachtree Financial Solutions’s merger with J.G. Wentworth, LLC

Date Announced:
07/12/2011

client:
Peachtree Financial Solutions

Status:
Closed –

Value:
Undisclosed

The Student Loan Corporation’s sale to Discover Financial Services and associated asset sales to SLM Corporation and Citibank, N.A.

Date Announced:
09/16/2010

client:
Special Transaction Committee of the Board of Directors of The Student Loan Corporation

Status:
Closed – 12/2010

Value:
$42 billion Read the case study

Financial advisor to the Special Transaction Committee of the Board of Directors of The Student Loan Corporation on the company’s sale to Discover and $42.0 billion of associated asset sales to Sallie Mae and Citi

On December 31, 2010, The Student Loan Corporation (“SLC,” NYSE: STU), a leading originator and servicer of student loans, and Citibank N.A. completed a series of transactions that allowed Citi to exit the student loan business and continue its strategic reduction of assets held in Citi Holdings. The transaction was structured in three parts including an agreement to sell SLC’s operating business and $4.0 billion in student loans to Discover Financial Services (NYSE: DSF). Separately, SLM Corporation (“Sallie Mae,” NYSE: SLM) agreed to acquire $28.0 billion of securitized federal student loans and related assets while Citi agreed to acquire $8.7 billion in federal and private student loans. Public shareholders of SLC were entitled to receive $30 per share, a 42% premium to SLC’s closing price on the last trading day prior to announcement. Moelis & Company acted as financial advisor to the Special Transaction Committee of SLC’s Board of Directors and issued a number of fairness opinions.

Syncora Holdings Ltd.’s waiver and amendment to 2009 Master Transaction Agreement including the prepayment of Surplus Notes

Date Announced:
07/07/2010

client:
Syncora Holdings Ltd.

Status:
Closed – 07/2010

Value:
$75 million

Natixis’s disposal of most of its complex credit derivative portfolio

Date Announced:
07/04/2010

client:
Natixis

Status:
Closed – 07/2010

Value:
€30+ billion

Fleet Street Finance Two P.L.C.’s restructuring

Date Announced:
02/23/2010

client:
Ad Hoc Steering Committee of CMBS Noteholders of Fleet Street Finance Two P.L.C.

Status:
Closed – 02/2010

Value:
€1.1 billion Read the case study

Financial advisor to the Ad Hoc Steering Committee of €1.1 billion CMBS Noteholders of Fleet Street Finance Two on its financial restructuring

On February 24, 2010, Fleet Street Finance Two P.L.C. (“FSF2”) completed its debt restructuring and consequently became the first Commercial Mortgage Backed Securities (“CMBS”) Issuer in Europe to achieve an extension of the legal final maturity of its CMBS. FSF2 had issued its CMBS in 2006 as part of a €3.5 million financing of the properties of German retailers Karstadt and Quelle (“K&Q”). However, in the summer of 2009 K&Q became insolvent and a complex restructuring was required to avoid a liquidation. Moelis & Company acted as financial advisor to the Ad Hoc Committee of the €1.1 billion CMBS Noteholders of FSF2 in a deal that involved extending the CMBS maturity to stabilize the capital structure and allow Karstadt to exit insolvency and be sold to a new investor. In return for the extension, CMBS noteholders benefitted from increased margin, improvement of the cashflow waterfalls including increased amortization of the senior CMBS tranches and various structural enhancements which were implemented to defend the CMBS credit ratings. This was one of the first CMBS deals to be fully restructured in what is, following the explosion in structured finance deal size and complexity that took place during the credit boom, a new and intricate sector for European restructuring.

Florida State Board of Administration’s restructuring of credit-linked note

Date Announced:
02/17/2010

client:
Florida State Board of Administration

Status:
Closed – 02/2010

Value:
$1 billion

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