Transactions

Dubai Aerospace Enterprise Ltd.’s sale of StandardAero to an affiliate of Veritas Capital Fund Management, L.L.C.

Date Announced:
05/26/2015

client:
Dubai Aerospace Enterprise Ltd.

Status:
Closed – 07/2015

Value:
Undisclosed Read the case study

Exclusive Financial Advisor and Placement Agent to Extraction Oil & Gas on its $850 million Capital Raise

On May 29, 2014, Extraction Oil & Gas, LLC (“Extraction”), a Denver-based energy company focused on the exploration and production of oil and gas reserves in the Rocky Mountains, completed a $230 million HoldCo loan and $230 million of common equity units. In addition to this financing, Moelis & Company also secured commitments for Extraction from the same investor group for an additional $425 million of debt and equity financing. The debt and equity financing comes from a syndicate of top tier institutional investors including mutual funds, alternative investment managers, pension funds, endowments and funds-of-funds. Both the debt and equity financings were significantly oversubscribed, resulting in attractive terms for Extraction. This transaction demonstrates Moelis & Company’s ability to seamlessly execute a complex joint debt-and-equity capital markets transaction to meet the needs of our clients. Moelis & Company acted as exclusive financial advisor and placement agent to Extraction on the financing transactions.

Europris ASA’s initial public offering

Date Announced:
05/26/2015

client:
Europris ASA

Status:
Closed – 06/2015

Value:
3.8 kr billion

Aerocrine AB’s tender offer by Circassia Pharmaceuticals Plc

Date Announced:
05/15/2015

client:
Aerocrine AB

Status:
Closed – 06/2015

Value:
1.8 billion kr

On Assignment, Inc.’s acquisition of Creative Circle, LLC

Date Announced:
05/11/2015

client:
On Assignment, Inc.

Status:
Closed – 06/2015

Value:
$600 million

Hutchison Whampoa Limited’s sale of an aggregate 33% stake in the combined businesses of 3 UK and O2 UK to five leading institutional investors

Date Announced:
05/08/2015

client:
Hutchison Whampoa Limited

Status:
Terminated

Value:
£3.1 billion

NRG Yield, Inc.’s  partnership agreement with NRG Energy, Inc. to invest in and hold operating portfolios of distributed generation solar assets

Date Announced:
05/08/2015

client:
Independent Committee of the Board of Directors of NRG Yield, Inc.

Status:
Closed – 05/2015

Value:
Undisclosed

Kenmare Resources plc’s restructuring

Date Announced:
04/30/2015

client:
Lenders of Kenmare Resources plc

Status:
Closed – 07/2015

Value:
$390 million

Superloop Limited’s initial public offering

Date Announced:
04/29/2015

client:
Superloop Limited

Status:
Closed – 06/2015

Value:
A$90 million

Petróleo Brasileiro S.A.’s  (Petrobras) capital markets and debt markets strategies related to Liability Management

Date Announced:
04/22/2015

client:
Petróleo Brasileiro S.A. (Petrobras)

Status:
Closed – 04/2015

Value:
$127 billion

360 Capital Group Limited’s initial public offering of 360 Capital Total Return Fund

Date Announced:
04/22/2015

client:
360 Capital Group Limited

Status:
Closed – 04/2015

Value:
A$50 million

NBA Franchise’s investor consortium acquisition of the Atlanta Hawks NBA Franchise

Date Announced:
04/22/2015

client:
Investor Consortium

Status:
Closed – 06/2015

Value:
Undisclosed

Kellstrom Aerospace, LLC’s sale to AE Industrial Partners, LLC

Date Announced:
04/13/2015

client:
Kellstrom Aerospace, LLC

Status:
Closed – 04/2015

Value:
Undisclosed

NRG Yield, Inc.’s partnership agreement with NRG Energy, Inc. to acquire and hold residential solar leases

Date Announced:
04/13/2015

client:
Board of Directors of NRG Yield, Inc.

Status:
Closed – 04/2015

Value:
Undisclosed

WASH Multifamily Laundry Systems, LLC’s sale of WASH Multifamily Laundry Systems, a portfolio company of CHS Capital, LLC, to EQT Partners AB

Date Announced:
04/13/2015

client:
WASH Multifamily Laundry Systems, LLC

Status:
Closed – 05/2015

Value:
Undisclosed

Towergate Insurance Limited’s restructuring

Date Announced:
04/07/2015

client:
Ad Hoc Committee of Senior Secured Creditors of Towergate Insurance Limited

Status:
Closed – 04/2015

Value:
£1 billion Read the case study

Exclusive Financial Advisor to the Ad Hoc Committee of Senior Secured Debtholders in Connection with the £1.0 billion Restructuring of Towergate Insurance

On April 7, 2015, Towergate Insurance Limited (“Towergate” or collectively with its subsidiaries the “Group”), the United Kingdom’s largest independently owned general insurance intermediary, announced the completion of its balance sheet restructuring.

Since the Group was formed in 1997, it had grown principally by acquisitions, having purchased over 300 businesses. In 2011, private equity company Advent International acquired a significant equity stake alongside the Group’s founder, Peter Cullum, investing over £200 million with a view to accelerating Towergate’s consolidation strategy. However, a number of commercial, operational and financial issues created an unsustainable situation for the company’s capital structure in 2014; Towergate needed to find a way to restructure negotiations with a disparate group of stakeholders (with competing objectives) while maintaining operational stability.

In November, 2014, Moelis & Company was appointed by a group of the Senior Secured Creditors (SSC) who held roughly 70% of the senior secured debt. Moelis & Company worked with the company and the SSC Ad Hoc Committee (group of 11 key institutions between Europe and the US) to design the Senior-Secured Only solution that formed the basis of the consensual restructuring deal agreed with the Senior Unsecured Creditors. Moelis & Company played a critical role in re-shaping the process in favour of the SSC Ad Hoc Committee, a central group that eventually had the maximum negotiating leverage and drove the transaction.

Moelis & Company achieved a par plus solution for SSC within two months of the Firm’s appointment when debt was trading at 80 pence to the pound. The restructuring significantly delevered the company, reducing total debt by approximately 60% through the effective equitisation of £360 million of debt claims and the provision of £300 million equity contribution. The SSC also fully underwrote new £75 million Super Senior Notes providing Towergate additional liquidity.

The transaction was effected through a ‘dual-track’ UK Scheme of Arrangement with both the SSCs and Senior Unsecured Notes overwhelmingly approving the transaction with 98% and 99% respectively voting in favour.

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