Transactions
& Case Studies

MicroDental Laboratories, Inc., a portfolio company of HealthpointCapital, sale to Modern Dental Group Limited

Date Announced:
9/30/2016

client:
MicroDental Laboratories, Inc.

Status:
Closed – 10/2016

Value:
Undisclosed

Axcel Management A/S’ joint acquisition of Danish Ship Finance A/S in a consortium with PFA Holding A/S and Pensionskassernes Administration A/S

Date Announced:
9/28/2016

client:
Axcel Management A/S

Status:
Closed – 11/2016

Value:
DKK 4.7 billion

Takata Corporation’s sale of Irvin Automotive Products Inc. to the Piston Group

Date Announced:
9/28/2016

client:
Takata Corporation

Status:
Closed – 9/2016

Value:
Undisclosed

iHeartMedia, Inc.’s consent solicitation to amend 14% senior notes due 2021

Date Announced:
9/27/2016

client:
iHeartMedia, Inc.

Status:
Closed – 10/2016

Value:
$1.7 billion

Orionstone Pty Ltd’s three-way merger & recapitalization with Emeco Holdings Ltd and Andy's Earthmovers (Asia Pacific) Pty Ltd

Date Announced:
9/23/2016

client:
Orionstone Pty Ltd

Status:
Closed – 3/2017

Value:
A$663 million

CORE Entertainment, Inc.’s restructuring

Date Announced:
9/23/2016

client:
CORE Entertainment, Inc.

Status:
Closed – 10/2016

Value:
$425 million

Templar Energy LLC’s restructuring and recapitalization

Date Announced:
9/21/2016

client:
Ad Hoc Group of Second Lien Lenders of Templar Energy LLC

Status:
Closed – 9/2016

Value:
$2.0 billion debt restructuring Read the case study

Exclusive Financial Advisor to the Ad Hoc Group of Second Lien lenders on Templar Energy’s $1.45 billion out-of-court exchange offer

On September 21, 2016, Templar Energy, LLC (“Templar”), an oil and gas exploration and production company focused on the U.S. mid-continent region, completed its out-of-court restructuring and recapitalization. Acting as the company’s exclusive financial advisor, Moelis & Company’s involvement resulted in 100% of lenders consenting to an exchange offer and avoiding a potentially lengthy and costly in-court Chapter 11 bankruptcy.

Initially backed by financial sponsors First Reserve and Trilantic, Templar established a quality acreage position in the mid-continent in 2013-2014. This was done through a series of acquisitions financed with the issuance of $1.45 billion of second lien term loans. Shortly thereafter, precipitous decline in oil and natural gas prices rendered the company’s overlevered balance sheet unsustainable. In late 2015, Templar approached its second lien lenders regarding the formation of an ad hoc group, who subsequently hired Moelis & Company to advise on restructuring conversations.

Moelis & Company performed extensive diligence on the company’s asset base and operational capabilities and advised its clients that the company was better suited for a debt-to-equity exchange versus accepting a cash tender offer. The Firm negotiated a comprehensive restructuring solution, crafting the ultimate deal construct that provided the second lien lenders with the majority of new money investment rights (60%) and effective control of the company’s board.

Ultimately, Templar received total new money investment of $365 million and used the proceeds for the second lien cash payment and to pay down its first lien lenders, resulting in a substantially delevered company with ample liquidity. Through the debt-to-equity exchange and new preferred equity investment, second lien lenders own over 80% of the pro forma equity. They received $133 million of cash, 45% of the equity in the reorganized Templar (after dilution) and the participation rights in a fully-backstopped rights offering of participating preferred equity.

Associated British Foods plc’s sale of ACH Food Companies, Inc.’s Spices and Seasoning Business to B&G Foods, Inc.

Date Announced:
9/21/2016

client:
Associated British Foods plc

Status:
Closed – 11/2016

Value:
$365 million

Akarna Therapeutics Ltd.’s sale to Allergan plc

Date Announced:
9/20/2016

client:
Akarna Therapeutics Ltd.

Status:
Closed – 9/2016

Value:
Undisclosed

Standard Industries Inc.’s public takeover of Braas Monier Building Group S.A.

Date Announced:
9/15/2016

client:
Standard Industries Inc.

Status:
Closed – 4/2017

Value:
€1.9 billion

Zebra Technologies Corporation’s sale of its Wireless LAN business to Extreme Networks, Inc.

Date Announced:
9/14/2016

client:
Zebra Technologies Corporation

Status:
Closed – 10/2016

Value:
Undisclosed

NewQuest Capital’s buyout of Integreon, Inc. from LiveIt Investments and Actis LLP

Date Announced:
8/29/2016

client:
NewQuest Capital

Status:
Closed – 9/2016

Value:
Undisclosed

Aleris Corporation’s sale to Zhongwang USA LLC

Date Announced:
8/29/2016

client:
The Board of Directors of Aleris Corporation

Status:
Pending

Value:
$2.3 billion

F.A.B. Partners L.P.'s acquisition of CIFC LLC

Date Announced:
8/19/2016

client:
F.A.B. Partners L.P.

Status:
Closed – 11/2016

Value:
$333 million

Smile Brands Inc.'s, a portfolio company of Welsh Carson Anderson & Stowe, sale to Gryphon Investors/OneSmile, LLC

Date Announced:
8/18/2016

client:
Smile Brands Inc.

Status:
Closed – 8/2016

Value:
Undisclosed

Transactions &
Case Studies


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