The Legal 500

Within Asset finance and leasing, Milbank, Tweed, Hadley & McCloy LLP is a first tier firm,

Milbank, Tweed, Hadley & McCloy LLP’s transportation finance group boasts experience of transactions globally and its client base includes major players from across the asset finance space including institutional lenders; hedge funds and other investors or equity participants; as well as manufacturers, export agencies, lessors and borrowers or lessees. In New York, the firm fields a number of heavyweight transport finance experts. Drew Fine, chair of the firm’s finance group, has particular expertise in financing and corporate transactions involving aircraft, rolling stock and vessels, including the acquisition of leasing companies and large asset portfolios of aircraft and rolling stock. Fine has also worked on several very significant aircraft securitizations such as those by ALS (owned by AerCap), ACS (Aircastle) and Airspeed Limited (RBS). Elliot Gewirtz advises on aircraft securitization and lease financing, including EETC transactions, and cross-border tax issues. Elihu Robertson’s extensive experience includes representing underwriters, lenders, borrowers and lessors on financing for aircraft, engines and flight simulators. Helfried Schwarz is also recommended for structured financing of aircraft and equipment. The group’s track record includes advising Goldman Sachs and Calyon Securities on the first direct placement of $400m of global notes for Emirates Airlines, guaranteed by US Ex-Im Bank. It also acted for Citibank as agent on a $600m loan to Southwest Airlines and for AerCap as borrower for a facility to fund an engine warehouse.

Within Bank lending (including other sources of financing), Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,

Milbank, Tweed, Hadley & McCloy LLP’s ten-partner bank lending practice is based in New York and Washington DC. It is headed by the renowned and well-respected Marc Hanrahan, who heads the global leveraged finance group and in 2010 moved over with a five-strong team from Latham & Watkins LLP. The firm has a strong profile in leveraged finance, and notable expertise in areas such as first lien, second lien, unsecured loans and bonds, and asset-based and cash flow based financings. Its impressive roster of clients includes large international entities such as Bank of America, Credit Suisse, and Deutsche Bank. The team acted for Goldman Sachs Credit Partners on a $1.3bn term loan and revolving credit facilities for Graphic Packaging Holding Company. Recommended individuals, in New York, include William Mahoney, who has expertise in cross-border financings, and Lauren Hanrahan, Marcus Dougherty and Michael Bellucci.

Within Capital markets: global offerings, tier 4

Milbank, Tweed, Hadley & McCloy LLP’s global securities practice has experience across several key jurisdictions, and in April 2010 the firm increased its reach substantially with the opening of an office in São Paulo. Andrew Jánszky joined this new office as managing partner from Shearman & Sterling LLP, and brings great expertise to the firm. Jánszky provided issuer advice to BM&F Bovespa, CSN, Gol and Marfrig in debt offerings aggregating $2.4bn in 2010. He also represented Itaú BBA and JPMorgan as underwriters of several equity offerings by Gerdau and its controlling shareholder. Chairman of the securities group, corporate group and Latin America practice group Michael Fitzgerald is highly recommended. The ‘excellent’ Robert Mullen Jr also has experience in international equity, investment-grade and high-yield debt offerings. His clients include Nippon Telegraph and Telephone Corporation, Scottish Power, Cisco Systems and Renaissance Technologies, while on the manager side, Mullen regularly represents Citigroup, Credit Suisse and UBS, and recently provided advice to the government of Canada and the government of Bermuda. Douglas Tanner advises clients on early financings and public offerings of technology clients, and Frank Vivero is recommended for his broad expertise.

Within Corporate restructuring, Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,

‘Very good indeed’, Milbank, Tweed, Hadley & McCloy LLP’s ‘terrific’ 43-strong team provides ‘very commercial advice’ to a largely creditor client roster from its New York, Washington DC and Los Angeles offices. ‘Attuned to creditors’ rights and needs’, the firm is ‘one of the best in the market’ for ensuring that bondholders maximize their value in restructurings. A go-to-firm for committee work in many of the highest-profile mandates around, as well as its continued role for the creditors’ committee in the Lehman Brothers restructuring, the team is also representing an ad-hoc committee of bondholders in the Nortel bankruptcy. By no means limited to bondholder matters, the team also picked up work for an ad-hoc group of approximately 50% of the senior secured lenders owed in excess of $12bn in Lyondell Chemical’s bankruptcy. Given its standalone resources, as well as its ability to incorporate the resources of many complementary practice groups, it is perhaps not surprising that the firm is also picking up a considerable pipeline of debtor work including its involvement for Station Casinos as debtor-in-possession in a Chapter 11 restructuring involving more than $5.7bn of debt. The ‘superb’ Los Angeles-based Paul Aronzon continues to thrive since his return in September 2008 to private practice, having key roles in the Lehman Brothers and Station Casinos mandates. ‘Very balanced and knowledgeable’ practice group leader Dennis Dunne has a wealth of experience both on the debtor and creditor side and is a pivotal member of a team which also includes the ‘very strong’ Gregory Bray and Robert Moore.

Within Project finance, Milbank, Tweed, Hadley & McCloy LLP is a first tier firm,

Milbank, Tweed, Hadley & McCloy LLP has an extensive and very highly regarded project finance practice, well known for its ability to handle complex deals. Though it is smaller in terms of partner numbers than its peers, few firms can match the group for breadth of sector coverage, with oil and gas, renewables, mining and infrastructure all covered, and it maintains a good balance of lender and borrower clients. Well-respected New York partner Daniel Bartfeld represented BBVA and other lenders on the financing of two 40MW CJECL hydroelectric power plants, a scheme to be owned and operated by Chilean renewable power firm HydroChile; and also assisted State Grid International Development on the $1.8bn acquisition of seven power transmission projects in Brazil. Los Angeles partner Karen Wong and Jonathan Green in New York led a group that represented a consortium of banks including Citi, as joint lead arranger, on the $1.3bn financing of the Shepherds Flat wind project in Oregon developed by Caithness Energy LLC and GE Energy Financial Services. The firm also represented the US Department of Energy in a deal that has seen it commit to offer a $117m loan guarantee to Kahuku Wind Power, a subsidiary of First Wind Holdings; the loan will support the development, design, construction and operation of the company’s 30MW wind generation project in Hawaii. In a significant infrastructure mandate, the firm represented a consortium of ten international banks in the $900m financing for the construction of the Port of Miami Tunnel Project, a public-private partnership. Other recommended partners are New York-based Richard Brach, who has expertise in cross-border matters and sectors such as mining and energy, and Eric Silverman, who has an impressive record in project finance, notably in the power, energy and infrastructure sectors; and Allan Marks in Los Angeles, for his experience in power, and oil and gas matters. Former partner Edwin Feo left the firm to practice in-house.

Within Energy: transaction and regulatory, Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,

A leader in banking, finance and energy markets, Milbank, Tweed, Hadley & McCloy LLP is ‘highly recommended for its industry knowledge’. Clients also say that it provides ‘high-quality mergers and acquisition advice’ as well as ‘well regarded energy project financing advice’. The group is also well known for its advice on investment and securities matters. It recently represented the lenders in the construction and permanent financing of a portfolio of 11 wind energy facilities located near Twin Falls County, Idaho, which is the largest wind power portfolio in Idaho with a total capacity of 183MW. New York-based Eric Silverman and Jonathan Green co-chair the firm’s global project finance group. Edward Kayukov is highly recommended.

Within Securities: shareholder litigation, Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,

Milbank, Tweed, Hadley & McCloy LLP’s securities litigation team, which works largely out of the firm’s New York office, has a very good reputation in the market. Well regarded for highly technical bet-the-company disputes, the firm regularly represents issuers, under-writers, broker-dealers (for which it has a very strong dedicated regulatory team), accounting firms, and individual officers and directors. The firm is also backed up by a strong group of white-collar crime specialists and a dedicated mutual fund litigation practice. The firm’s hugely experienced litigation chair, James Benedict heads the team, which includes 15 partners and counsel. Recent highlights include achieving a major victory for Capital Research and Management Company, the world’s largest mutual fund adviser, and American Fund Distributors in a securities action that challenged the more than $15bn in fees paid by eight of the largest American Funds between 2003 and 2009. This was the first securities case to go to trial in the mutual fund industry in more than 20 years. The firm also scored a significant victory for Legg Mason in the Court of Appeals, which affirmed the dismissal of a securities class action brought against the client, its CEO and CFO, and Citgroup Global Markets. The plaintiffs alleged that following the $435m swap of Legg Mason’s brokerage business for Citigroup’s asset management division, the defendants failed to disclose facts in connection with a secondary offering of 8m shares of Legg Mason stock. Firm vice-chairman Scott Edelman is also highly recommended.

Within Telecoms and broadcast: transactional, Milbank, Tweed, Hadley & McCloy LLP is a second tier firm,

Milbank, Tweed, Hadley & McCloy LLP’s global interdisciplinary communications group, led by Glenn Gerstell in Washington DC, concentrates on big-ticket work. Gerstell specializes in finance and M&A across the sector, covering submarine cables, satellite, wireless and fixed line. The team has particular strength in handling complicated, highly structured deals in emerging markets. The group recently represented Bharti Airtel in the multibillion-dollar financing for its acquisition of Zain’s African assets, in one of the largest-cross border deals out of India. Financing work included representing Standard Bank in its financing for Helios Towers in Ghana; acting for the sponsors in the development and construction of new submarine cable systems in Southeast Asia and the Caribbean, advising various banks in several billion dollars worth of credit facilities to America Movil, Latin America’s largest telecom operator; and representing underwriters to Telemar, one of Brazil’s largest fixed line and wireless operators, in a series of bond financings. In the US, the team focuses on complex transactions driven by consolidation in the market and technological advance, and represents innovative start ups. It assisted LightSquared with an $850m senior secured credit facility for the construction of its integrated wireless broadband and satellite 4G-LTE wholesale network. ‘Excellent’ New York partner Peter Nesgos heads the firm’s space and satellite group, supported by Dara Panahy in Washington DC. The group is involved in most of the leading financings in the space business, notably representing Intelsat Jackson Holdings in a $2.65bn senior notes offering and related consent solicitations, and in a $3.75bn senior secured credit agreement comprising a $3.25bn term loan facility and a $500m revolving credit facility, used to repay existing indebtedness of Intelsat Corporation and Intelsat Subsidiary Holding Company. Other clients include O3b Networks, Hughes Network Systems and Iridium Satellite, as well as various banks and financial institutions involved in satellite financing.

Within M&A: middle-market ($500m-999m), Milbank, Tweed, Hadley & McCloy LLP is a first tier firm,

Milbank, Tweed, Hadley & McCloy LLP’s M&A practice assists clients in structuring, negotiating, documenting and stands out for its closing of complicated, innovative M&A transactions. The firm represents all the key participants in M&A deals, including targets, bidders, minority shareholders, boards of directors and their special committees and financial advisors. Toyota Tsusho was assisted in the acquisition of a 45% stake in the 424 MW Oyster Creek natural gas-fired power plant in Freeport, Texas, the acquisition being undertaken as part of a long-term plan to expand the client’s asset portfolio in the US’ IPP sector, and the team represented Cushman & Wakefield in connection with the $625m sale by The Rockefeller Group of its majority interest to IFIL Investissements, the investment group of Italy’s Agnelli family. Other recent notable transactions included advising Iberdrola in connection with the $4.5bn acquisition of Energy East, a super-regional energy services and delivery company, acting for Enron in its sale of Prisma Energy International for $2.9bn to Ashmore Energy International and assisting the New York Board of Trade in the $1.8bn acquisition of NYBOT by InterContinental Exchange. The firm also represented Citigroup Corporate and Investment Banking and Citibank in the acquisition of the assets of the Affordable Housing Debt Business of Capmark Financial Group, the nation’s leading affordable housing banker and underwriter with approximately $1.2bn of assets. New York-based partner Charles Conroy is recommended. Conroy led the team which advised Nabors Industries in its $900m acquisition of Superior Well Services. Also in New York, Alexander Kaye is the practice group leader of the global corporate team. Kaye has significant cross-border M&A experience, and has recently completed transactions in several regulated industries, including aircraft, aircraft leasing, energy, satellite and insurance. Ken Baronsky is the managing partner and head of the Los Angeles corporate practice. Baronsky is especially focused on the gaming industry, and has extensive experience handling distressed situations, including out-of-court financial restructurings and the corporate aspects of bankruptcies. New York partner John Franchini has represented numerous private equity and hedge fund clients, including Apax Partners, CCMP Capital Advisors, Cerberus Capital Partners, Energy Investors Funds, Global Infrastructure Partners, Macquarie Securities (USA), One Equity Partners and Reservoir Capital Group.