Transactions
& Case Studies

CityCenter Holdings, LLC’s recapitalization

Date Announced:
1/13/2011

client:
CityCenter Holdings, LLC

Status:
Closed – 1/2011

Value:
$2.0 billion

Orkla ASA’s sale of Elkem AS to China National Bluestar Group

Date Announced:
1/10/2011

client:
Orkla ASA

Status:
Closed – 4/2011

Value:
$2.0 billion Read the case study

Exclusive financial advisor to Orkla ASA on the NOK 12.5 billion sale of Elkem AS to China National Bluestar Group

On January 10, 2011, Orkla ASA (“Orkla,” OSEBX: ORK), one of the largest companies on the Oslo stock exchange with a diversified portfolio strategy, entered into a binding agreement to sell Elkem AS, a global manufacturer of high quality and environmentally friendly produced metals and materials, for NOK 12.5 billion to China National Bluestar Group, which is 80% owned by the Chinese state-owned company China National Chemical Corporation and 20% by the Blackstone Group. Moelis & Company conducted a discreet and targeted process involving multiple buyers from different continents, each with specific deal structuring, approval and time constraints. The transaction successfully closed in April 2011. This transaction reinforced Moelis & Company’s track record of discreetly executing complex cross-border M&A and completing transactions with a Chinese buyer. Moelis & Company acted as exclusive financial advisor to Orkla.

Hugh M. Hefner’s sale of Playboy Enterprises to Icon Acquisition Holdings, L.P.

Date Announced:
1/9/2011

client:
Hugh M. Hefner

Status:
Closed – 3/2011

Value:
$312 million

Wynnchurch Capital Ltd.’s acquisition of Wolverine Advanced Materials and mezzanine financing and common equity

Date Announced:
12/29/2010

client:
Wynnchurch Capital Ltd.

Status:
Closed – 12/2010

Value:
Undisclosed

American Media, Inc.’s Chapter 11 Reorganization

Date Announced:
12/21/2010

client:
American Media, Inc.

Status:
Closed – 12/2010

Value:
$878 million

Metro-Goldwyn-Mayer Inc.’s Chapter 11 Reorganization

Date Announced:
12/19/2010

client:
Metro-Goldwyn-Mayer Inc.

Status:
Closed – 12/2010

Value:
$5.0 billion

Monitronics International, Inc.’s sale to Ascent Media Corporation

Date Announced:
12/16/2010

client:
Monitronics International, Inc.

Status:
Closed – 12/2010

Value:
$1.2 billion

Wind Hellas Telecommunications S.A.’s restructuring

Date Announced:
12/15/2010

client:
Ad Hoc Committee of Senior Secured Noteholders of Wind Hellas Telecommunications S.A.

Status:
Closed – 12/2010

Value:
€1.9 billion Read the case study

Trusted advisor to Wind Hellas Noteholders

Moelis & Company has advised the Ad Hoc Committee of Senior Secured Noteholders (“SSNs”) on two highly successful restructurings of Wind Hellas Telecommunications (“Wind Hellas”) within a 12 month time-frame.

On November 27, 2009 Wind Hellas completed its first financial restructuring by way of the largest ever UK ‘prepack’ administration share sale from holding company Hellas II to a new company owned by existing sponsor Weather Investments. The share transfer eliminated €1.4 billion of Subordinated and PIK Notes from the new group, out of a €3.3 billion pre-transaction debt structure, reducing leverage and saving over €100 million in annual interest costs. Additionally a €50 million net equity injection by the acquirer was secured, further improving liquidity and financial stability and allowing the business to invest in its mobile and fixed network to support its growth plan. The price of the SSN’s in the secondary market increased from the mid-70s at the outset of the restructuring to the mid-90s following completion of the transaction, representing a significant improvement in value. Moelis & Company acted as financial advisor to the Ad Hoc Committee of SSNs, representing a majority in value of the €1.2 billion issue, the largest creditor tranche in the group.

Following completion of the transaction, performance at Wind Hellas deteriorated as a result of the onset of the Greek economic crisis and heightened market competition. The decline led the company to approach its lenders with a view to negotiate a further optimization of its capital structure. Moelis & Company acted as financial advisor to the Ad Hoc Committee of SSNs, which again represented a majority in value of the €1.2 billion issue.

On December 16, 2010 Wind Hellas completed its second financial restructuring by way of a UK ‘pre-pack’ administration share sale from holding company Weather Finance III to a new company owned by the SSNs. As a result of the restructuring, the new owners invested €420 million in order to repay senior debt and fund Wind Hellas’ long term development and business plan.

Wind Hellas was released of its previous material debt obligations, totaling €1.9 billion. Through a complete de-leveraging, saving an estimated €129 million in annual cash interest payments, and significant new investment, the company has been well placed to capitalize on its strategic competitive advantages and extend its footprint in the Greek telecom market.

CapitalSpring Finance Company, LLC’s convertible preferred stock commitment

Date Announced:
12/14/2010

client:
CapitalSpring Finance Company, LLC

Status:
Closed – 3/2011

Value:
$117 million

NEXTDC Limited’s initial public offering

Date Announced:
12/12/2010

client:
NEXTDC Limited

Status:
Closed – 12/2010

Value:
A$40 million

Alinta Energy Group’s restructuring

Date Announced:
12/9/2010

client:
Consortium of Senior Lenders of Alinta Energy Group

Status:
Closed – 3/2011

Value:
A$2.8 billion

European Directories S.A.’s reorganization

Date Announced:
12/9/2010

client:
Senior Coordinating Committee of European Directories S.A.

Status:
Closed – 12/2010

Value:
€2.3 billion

The O'Brien Family’s investment in R.J. O'Brien & Associates

Date Announced:
12/9/2010

client:
The O'Brien Family

Status:
Closed – 12/2010

Value:
Undisclosed

Life Technologies Corporation’s senior notes offering

Date Announced:
12/8/2010

client:
Life Technologies Corporation

Status:
Closed – 12/2010

Value:
$800 million

Noranda Aluminum Holding Corporation’s follow-on equity offering

Date Announced:
12/5/2010

client:
Noranda Aluminum Holding Corporation

Status:
Closed – 12/2010

Value:
$131 million

Transactions &
Case Studies


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