Transactions – Page 27 – Moelis & Company

Istithmar World’s restructuring and sale of the W New York – Union Square

Date Announced:
09/01/2010

client:
Istithmar World

Status:
Closed – 09/2010

Value:
$232 million

Neenah Enterprises, Inc.’s Chapter 11 Reorganization

Date Announced:
07/28/2010

client:
Ad Hoc Group of Senior Secured Noteholders of Neenah Enterprises, Inc.

Status:
Closed – 07/2010

Value:
$380 million

Greektown Casino, LLC’s restructuring

Date Announced:
06/29/2010

client:
Greektown Casino, LLC

Status:
Closed – 06/2010

Value:
$880 million

Aleris International, Inc.’s Chapter 11 Reorganization

Date Announced:
05/31/2010

client:
Aleris International, Inc.

Status:
Closed – 07/2010

Value:
$2.7 billion Read the case study

Financial advisor to Aleris International on its $2.7 billion Chapter 11 Reorganization

On June 1, 2010, Aleris International Inc. (“Aleris”), a global leader in the production and sale of aluminum rolled and extruded products, recycled aluminum and specifications alloy manufacturing, emerged from Chapter 11. Aleris and its wholly-owned U.S. subsidiary co-debtors filed petitions for voluntary reorganization under Chapter 11 on February 12, 2009, as a result of financial constraints related to the deteriorating global economic situation, declining industrial demand and a swift drop in aluminum prices. Moelis & Company guided Aleris through a highly complex bankruptcy process that involved filing a voluntary petition for relief under Chapter 11 in the U.S. bankruptcy court for its German holding company subsidiary. Aleris’ innovative plan of reorganization received substantial support from its U.S. and European creditor groups and was confirmed in May 2010. Moelis & Company acted as exclusive financial advisor to Aleris and helped the company raise over $2.2 billion of capital over the course of the bankruptcy process.

Canwest L.P.’s acquisition of substantially all of the assets of Canwest L.P.

Date Announced:
05/09/2010

client:
Investor Group

Status:
Closed – 07/2010

Value:
C$1.1 billion

Beazer Homes USA, Inc.’s public offering of common stock, tangible equity units and senior unsecured notes

Date Announced:
05/02/2010

client:
Beazer Homes USA, Inc.

Status:
Closed – 05/2010

Value:
$448 million

LyondellBasell’s Chapter 11 Reorganization

Date Announced:
04/29/2010

client:
Ad Hoc Group of Senior Secured First Lien Lenders of LyondellBasell

Status:
Closed – 04/2010

Value:
$24 billion Read the case study

Financial advisor to the Ad Hoc Group of First Lien Lenders of LyondellBasell on its $24.0 billion Chapter 11 Reorganization

On April 30, 2010, LyondellBasell Industries N.V. (“LyondellBasell,” NYSE: LYB), the world’s third largest independent chemical company based on revenues, successfully emerged from Chapter 11 bankruptcy. The company voluntarily filed for Chapter 11 bankruptcy, resulting from a sudden loss of liquidity caused by the rapidly deteriorating economic environment, in January 2009. Moelis & Company served as financial advisor to the Ad Hoc Group of First Lien Lenders and participated in all aspects of the restructuring process, including leading business due diligence, analyzing alternative plan structures, structuring the rights offering, evaluating exit financing structures, negotiating settlements with other creditor constituencies and assisting in the development and negotiation of the plan of reorganization. Additionally, Moelis & Company was integral in negotiating and structuring LyondellBasell’s $2.8 billion rights offering that was backstopped by members of the Ad Hoc Group as well as the $7.2 billion exit financing. Moelis & Company also acted as the Ad Hoc Group’s principal advisor in connection with negotiating the $6.5 billion Debtor-in-Possession (“DIP”) Term Loan, assembling one of the largest DIP financings ever during a period of great uncertainty in the credit markets.

Jackson Hewitt Tax Service Inc.’s credit facility amendment

Date Announced:
04/29/2010

client:
Jackson Hewitt Tax Service Inc.

Status:
Closed – 04/2010

Value:
$400 million

Atrium Companies, Inc.’s Chapter 11 Reorganization consummated through sale of the company to Golden Gate Capital and Kenner & Company

Date Announced:
04/27/2010

client:
Atrium Companies, Inc.

Status:
Closed – 04/2010

Value:
$682 million

Affinity Group, Inc.’s first lien senior secured financing

Date Announced:
02/28/2010

client:
Affinity Group, Inc.

Status:
Closed – 03/2010

Value:
$166 million

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.

YRC Worldwide, Inc.’s private placement of senior unsecured convertible notes

Date Announced:
02/22/2010

client:
YRC Worldwide, Inc.

Status:
Closed – 02/2010

Value:
$70 million

Fontainebleau Las Vegas LLC’s Chapter 11 Reorganization and 363 sale of Las Vegas assets to Icahn Nevada Gaming Acquisition

Date Announced:
02/17/2010

client:
Fontainebleau Las Vegas LLC

Status:
Closed – 02/2010

Value:
Undisclosed

Muzak, LLC’s Chapter 11 Reorganization

Date Announced:
01/31/2010

client:
Muzak, LLC

Status:
Closed – 01/2010

Value:
$461 million

Simmons Bedding Company’s Chapter 11 Reorganization

Date Announced:
01/19/2010

client:
Agent and Steering Committee of Senior Secured Lenders of Simmons Bedding Company

Status:
Closed – 01/2010

Value:
$1.3 billion