Transactions
& Case Studies

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.

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

Date Announced:
2/22/2010

client:
YRC Worldwide, Inc.

Status:
Closed – 2/2010

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:
2/17/2010

client:
Fontainebleau Las Vegas LLC

Status:
Closed – 2/2010

Value:
Undisclosed

Florida State Board of Administration’s restructuring of credit-linked note

Date Announced:
2/17/2010

client:
Florida State Board of Administration

Status:
Closed – 2/2010

Value:
$1.0 billion

The Reader’s Digest Association, Inc.’s floating rate senior secured notes offering

Date Announced:
2/9/2010

client:
Steering Committee of Secured Lenders of The Reader’s Digest Association, Inc.

Status:
Closed – 2/2010

Value:
$525 million

Muzak, LLC’s Chapter 11 Reorganization

Date Announced:
1/31/2010

client:
Muzak, LLC

Status:
Closed – 1/2010

Value:
$461 million

Airborne Systems Group Limited’s sale to HDT International

Date Announced:
1/26/2010

client:
Airborne Systems Group Limited

Status:
Closed – 1/2010

Value:
Undisclosed

Simmons Bedding Company’s Chapter 11 Reorganization

Date Announced:
1/19/2010

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

Status:
Closed – 1/2010

Value:
$1.3 billion

Stock Building Supply’s sale of Universal Supply Company subsidiary to BlackEagle Partners

Date Announced:
1/12/2010

client:
Stock Building Supply

Status:
Closed – 1/2010

Value:
Undisclosed

Beazer Homes USA, Inc.’s common stock and mandatory convertible notes offering

Date Announced:
1/5/2010

client:
Beazer Homes USA, Inc.

Status:
Closed – 1/2010

Value:
$103 million Common Stock, $58 million Mandatory Convertible Notes

International Aluminum Corporation’s Chapter 11 Reorganization

Date Announced:
1/3/2010

client:
International Aluminum Corporation

Status:
Closed – 6/2010

Value:
$169 million

Idearc Inc.’s Chapter 11 Reorganization

Date Announced:
12/30/2009

client:
Idearc Inc.

Status:
Closed – 12/2009

Value:
$9.8 billion

YRC Worldwide, Inc.’s exchange offer

Date Announced:
12/30/2009

client:
YRC Worldwide, Inc.

Status:
Closed – 12/2009

Value:
$470 million Read the case study

Trusted advisor to YRC Worldwide Inc.

On December 31, 2009, YRC Worldwide Inc. (“YRC,” Nasdaq: YRCW) completed a $470 million debt-for-equity exchange offer, which resulted in a significantly improved liquidity profile. On February 23, 2010, Moelis & Company executed a private placement of $70 million of 6% Convertible Senior Notes. Proceeds from the issuance were used to satisfy the remaining amounts outstanding on the company’s 8 1/2% Guaranteed Notes due April 15, 2010, with excess proceeds available to be used for general working capital purposes. The two transactions were part of a broad restructuring effort which also included ABS facility, credit facility and union agreement amendments and provided YRC with runway to execute its business plan. Moelis & Company acted as financial advisor, joint lead dealer manager and joint lead placement agent on the transactions and continues to serve as financial advisor on YRC’s broader restructuring efforts.

Transactions &
Case Studies


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