Transactions
& Case Studies

RPK Capital Management Group, LLC’s equity partnership with The Carlyle Group

Date Announced:
4/21/2010

client:
RPK Capital Management Group, LLC

Status:
Closed – 4/2010

Value:
$600 million

T-System, Inc.’s capital investment from Francisco Partners

Date Announced:
4/21/2010

client:
T-System, Inc.

Status:
Closed – 4/2010

Value:
Undisclosed

Cornell Companies, Inc.’s sale to The GEO Group, Inc.

Date Announced:
4/18/2010

client:
Special Committee of the Board of Directors of Cornell Companies, Inc.

Status:
Closed – 8/2010

Value:
$685 million

Roundy’s Supermarkets, Inc.’s second lien term loan

Date Announced:
4/15/2010

client:
Roundy’s Supermarkets, Inc.

Status:
Closed – 4/2010

Value:
$150 million

Thule AB’s sale of legacy acquisition debt and product liability

Date Announced:
4/15/2010

client:
Thule AB

Status:
Closed – 4/2010

Value:
Undisclosed

Metals USA, Inc.’s initial public offering

Date Announced:
4/7/2010

client:
Metals USA, Inc.

Status:
Closed – 4/2010

Value:
$240 million

New Vision Television, Inc.’s senior secured credit facility

Date Announced:
3/29/2010

client:
New Vision Television, Inc.

Status:
Closed – 3/2010

Value:
$35 million

Cleveland Unlimited, LLC’s sale of minority stake in LCW Wireless, LLC to Leap Wireless, Inc.

Date Announced:
3/29/2010

client:
Cleveland Unlimited, LLC

Status:
Closed – 3/2010

Value:
Undisclosed

Brinker International, Inc.’s sale of On The Border Mexican Grill & Cantina brand to OTB Acquisition LLC, an affiliate of Golden Gate Capital

Date Announced:
3/24/2010

client:
Brinker International, Inc.

Status:
Closed – 7/2010

Value:
$180 million

NextWave Wireless Inc.’s amendment of 1st, 2nd and 3rd lien notes and incremental 1st lien facility

Date Announced:
3/16/2010

client:
Independent Committee of the Board of Directors of NextWave Wireless Inc.

Status:
Closed – 3/2010

Value:
$850 million Amendment, $25 million Facility

Carson Real Estate Companies’s purchase of a loan secured by large automotive company

Date Announced:
3/10/2010

client:
Carson Real Estate Companies

Status:
Closed – 3/2010

Value:
$130 million

Metro Bank Plc’s private placement

Date Announced:
3/4/2010

client:
Metro Bank Plc

Status:
Closed – 3/2010

Value:
£75 million

Bain Capital, LLC’s acquisition of The DOW Chemical Company’s Styron division

Date Announced:
3/1/2010

client:
Bain Capital, LLC

Status:
Closed – 6/2010

Value:
$1.6 billion

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

Date Announced:
2/28/2010

client:
Affinity Group, Inc.

Status:
Closed – 3/2010

Value:
$166 million

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

Date Announced:
2/23/2010

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

Status:
Closed – 2/2010

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.

Transactions &
Case Studies


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