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Milbank

10 GRESHAM STREET, LONDON, EC2V 7JD, ENGLAND
Tel:
Work 020 7615 3000
Fax:
Fax 020 7615 3100
Email:
Web:
www.milbank.com
Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich and 6 more

London: Corporate and commercial

Commercial contracts
Commercial contracts - ranked: tier 3

Milbank

Outsourcing specialist Milbank has experience in global IT and business process agreements, as well as advising major financial services and pharmaceutical companies on global outsourcing projects. The practice is also known for its work in public sector projects. Laurence Jacobs leads the team and has expertise in the outsourcing and technology fields. Also notable is the firm's head of data privacy, Joel Harrison.

Practice head(s):Laurence Jacobs

Other key lawyers:Joel Harrison

Key Clients

Astellas

AstraZeneca

Barclays

Northern Trust

DXC

GroupM

Direct Line Group

Kantar Media

Standard Chartered Bank

TCS

WPP

QBE

Work highlights

  • Advising a leading international company on a series of global IT outsourcing agreements, including various disputes and renegotiations involving current transactions.
  • Advising a financial services provider on the negotiation of agreements for the provision of investment operations outsourcing, as well as on agreements for a range of innovative services.
  • Advising a pharmaceutical company on a major global IT outsourcing project with multiple suppliers.
  • Advising a leading research, data and insight company on a suite of IT and business process outsourcing projects.
  • Advising an international advertising media company on a series of outsourcing transactions for the provision of IT infrastructure.
Leading individuals

Joel Harrison - Milbank

Laurence Jacobs - Milbank

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Financial services: contentious
Financial services: contentious - ranked: tier 5

Milbank

Milbank is known for transatlantic experience acting for global financial institutions and senior industry individuals. The firm has expertise in investigations, enforcement proceedings and disputes in the financial services sector. Charles Evans leads the team and specialises in financial services and banking matters.

Practice head(s):Julian Stait; Charles Evans; Tom Canning

Work highlights

  • Acting for a number of senior individuals of a major global financial institution in connection with an FCA investigation into systems and control failings at the Bank.
  • Acted for a major global financial institution in relation to regulatory investigations  conducted into a failed high street retailer.
  • Acted for a senior individual at a major global financial institution in connection with an internal investigation into internal compliance failures.
  • Acting for a director of a major financial institution in connection with a new FCA investigation into whether he acted with due skill, care and diligence.

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M&A: upper mid-market and premium deals, £500m+
M&A: upper mid-market and premium deals, £500m+ - ranked: tier 6

Milbank

Milbank regularly handles multi-jurisdictional M&A transactions, with matters originating from the Middle East, Asia, continental Europe and both sides of the Atlantic. Particularly notable has been the firm's strength in UK/US/Germany transactions, on which the London office collaborates with the New York and Munich offices, such as Advent International's  on the $3.25bn  acquisition of General Electric's distributed power business. Key industry sectors include financial services, energy and natural resources, leisure and gaming and technology. The practice is co-headed by Mark Stamp and Stuart Harray; both of whom have experience acting for private equity clients, in addition to Stamp's expertise representing financial institutions and Harray's specific sector strengths in energy and natural resources and mining and minerals. Multiple hires across the finance and restructuring departments over the past year have added strength to the corporate department, although Daniel Wayte departed the M&A practice for Orrick, Herrington & Sutcliffe (Europe) LLP.

Practice head(s):Mark Stamp; Stuart Harray

Other key lawyers:Matthew Hagopian

Testimonials

'One of my first choices for commercial matters in London. A very well balanced  and client-orientated firm.'

'Stuart Harray is very commercial, insightful and pragmatic. His ability to communicate difficult points in a positive way enables constructive negotiation.'

Key Clients

Yellow Cake plc

Eurobank Ergasias SA

Eldorado Resorts Inc.

EQT

Terra Firma

ProSiebenSat.1 Media SE

Sahara US Corporation

Work highlights

  • Advised Apleona Limited  on the sale of GVA under a new agreement with Canada-based Avison Young, for £205m.
  • Advised Advent International on its $3.25bn acquisition of Distributed Power Business from GE Power, including the Jenbacher and Waukesha engines, as well as manufacturing sites in Austria, Canada and the US.

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London: Crime, fraud and licensing

Fraud: civil
Leading individuals

Mona Vaswani - Milbank

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London: Dispute resolution

Banking litigation: investment and retail
Banking litigation: investment and retail - ranked: tier 4

Milbank

Milbank is experienced in complex, big-ticket banking litigation involving international financial institutions. The practice stands out for its cross-border experience and US capabilities in banking disputes. Julian Stait heads the firm's London litigation and arbitration team, and Charles Evans has substantial expertise in contentious regulatory proceedings and investigations. Other names to note are Tom Canning and senior associate William Charles.

Practice head(s):Julian Stait

Other key lawyers:Charles Evans; Tom Canning; William Charles

Key Clients

AllianceBernstein

Visa

Rabobank

Deutsche Bank

Lloyds Bank

HSBC

Barclays

Visa International Service Association

Work highlights

  • In potentially one of the largest claims to be brought before the English courts in relation to alleged LIBOR manipulation, the team defended Rabobank against competition and fraud claims brought against Rabobank, Barclays, Bank of Scotland, the BBA, Deutsche Bank, Lloyds, Royal Bank of Scotland, and UBS.
Leading individuals

Charles Evans - Milbank

Rising stars

William Charles - Milbank

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Commercial litigation
Commercial litigation - ranked: tier 5

Milbank

Milbank advises some of the world’s leading corporates and financial institutions on large and complex business disputes. The practice has significant cross-border experience and stands out for its ability assisting with commercial disputes on both sides of the Atlantic. Co-managing partner of the London office Julian Stait leads the London litigation team, and has a track record for commercial litigation that involves banking, financial services, IT, competition disputes, and investigations. Tom Canning is also widely praised.

Practice head(s):Julian Stait

Other key lawyers:Tom Canning

Key Clients

AllianceBernstein

Visa

Rabobank

HSBC

Deutsche Bank

Barclays

Lloyds Bank

Ziraat Bankasi

Work highlights

  • Acted for global satellite service provider, O3b, in relation to Commercial Court and Court of Appeal proceedings against a satellite-based internet provider.
Leading individuals

Julian Stait - Milbank

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International arbitration
International arbitration - ranked: tier 6

Milbank

Milbank 'has a very strong group in arbitration'; it has particular strength in the finance, TMT, energy, infrastructure, satellite and transportation sectors. Julian Stait heads the litigation and arbitration group in London and Tom Canning heads the London international arbitration team, which also includes senior associate Peter Edworthy.

Practice head(s):Julian Stait; Tom Canning

Other key lawyers:Peter Edworthy

Testimonials

'The group has an impressive client profile and is taking on some very large cases'.

'Tom Canning is a very strong performer and a good leader within the practice'.

'Senior associate Peter Edworthy's advice incorporates sensible solutions to problems and practical recommendations for ways forward'.

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London: Finance

Acquisition finance
Acquisition finance - ranked: tier 2

Milbank

Recently strengthened by a number of high-quality hires in the capital markets space, including Sarbajeet Nag  , who joined as a partner from Allen & Overy LLP  in summer 2019 , Milbank is able to provide a compelling high yield and bank finance offering to investment banks and credit funds. According to clients it is 'increasingly taking market share' from competitors. Led by the 'technically very strong' Suhrud Mehta, the team 'has a well-rounded knowledge of the leveraged finance market' and excels at handling big-ticket cross-border deals where the firm is seamlessly able to mobilise bank and bond expertise out of London, as well as being able to tap into the expertise of a strong finance presence in the US. 'Excellent at acting for clients utilising non-commoditised and bespoke parts of the capital structure', the team recently advised the lead arrangers on a complex Term Loan B financing (containing a combination of more traditional loan-style maintenance covenants and high yield style incurrence covenants) to facilitate Jacobs Holding's acquisition of Cognita. The 'very effective and skilled' Alexandra Grant is gaining increased visibility in the market as a result of her involvement in many of the team's highest profile cross-border leveraged finance transactions.

Practice head(s):Suhrud Mehta

Other key lawyers:Tim Peterson; Miko Bradford; Sarbajeet Nag; Alexandra Grant

Testimonials

'The team provides provides effective solutions on how to structure terms to protect junior lenders.'

'It is one of the strongest legal counsel providers for direct lending.'

'Suhrud Mehta has excellent communication and negotiation skills.'

Key Clients

Goldman Sachs

Deutsche Bank

Credit Suisse

Barclays Bank

Bank of America Merrill Lynch

Unicredit

HSBC Bank

BNP Paribas

Citigroup Global Markets

Crédit Agricole

KKR

HPS

Hayfin

DNB

Natixis

Work highlights

  • Represented a leading US-based investment bank as administrative agent, Barclays, HSBC and others as global co-ordinators, and a group of banks and financial institutions as joint bookrunners, initial purchasers, arrangers, managers and initial anchor lenders in a milestone cross-border acquisition of €7.3bn-equivalent bank and bond financing to support Carlyle and GIC’s €10.1bn acquisition of AkzoNobel’s specialty chemicals business.
  • Advised the initial purchasers and lenders in the €720m bridge to bond (plus super senior revolving credit facilities) financing by International Design Group S.p.A. in order to finance part of the purchase price for the acquisition of the Flos, B&B and Louis Poulsen groups and to repay substantially all of their existing external debt.
  • Represented the lenders, Hayfin and ING, in the acquisition financing linked to the purchase, by global-leading private equity firm Advent International, of Deutsche Fachpflege Gruppe.
  • Advised Goldman Sachs, BNP Paribas, Citigroup and Crédit Agricole in their role as initial purchasers in connection with a €410m bridge facility plus related €70m revolving credit facilities for funding the purchase price for the acquisition by Bain Capital of Italmatch, the global specialty chemicals group.
  • Advised Bank of America Merrill Lynch, Barclays Bank, Goldman Sachs and KCM, in their role as lead arrangers in connection with the financing of the €2bn acquisition by Switzerland-based, Jacobs Holding of Cognita, the leading global schools’ group, from Bregal Investments and KKR.
Leading individuals

Suhrud Mehta - Milbank

Next Generation Partners

Alexandra Grant  - Milbank

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Corporate restructuring & insolvency
Corporate restructuring & insolvency - ranked: tier 3

Milbank

Galvanised since the arrival of the 'superb' Yushan Ng and several other practitioners from Cadwalader, Wickersham & Taft LLP at the beginning of 2018, Milbank's six-partner team continues to pick up market share on the creditor front on behalf of funds clients. Often working alongside and feeding off the firm's 'impressive' front end bank and bond practices, the team excels at handling complex distressed investment/special situations work, where it can also add value by virtue of being able to structure deals implementing both UK and US-governed financing documents. Nick Angel co-heads the team with Ng and is more debtor focused in his practice, as evidenced by his recent work both for Avanti Communications on the amendment of its $323m senior secured notes through a consent solicitation, and on a debt for equity swap of Avanti’s $557m senior secured notes through a scheme of arrangement.

Practice head(s):Nick Angel; Yushan Ng

Other key lawyers:Peter Newman; Karen McMaster; Sinjini Saha; Jacqueline Ingram

Testimonials

'Incredibly well synced team with a combination of very solid experience and can-do mentality.'

'The team is commercially oriented and always puts clients' interest at the forefront.'

'They have the right balance of legal knowledge and commercial judgement that fits clients needs in crucial execution moments.'

'Yushan Ng has a fantastic following among the fund community.'

Key Clients

GSO Capital Partners

Angelo Gordon

Searchlight Capital

Avenue Capital Group

Marathon Asset Management

SVP Global

Pimco

TPG Sixth Street Partners

Och-Ziff Capital Management Group

EQT

Lodbrok Capital

Warwick Capital Partners

Alchemy

Centerbridge

KKR

Anchorage Capital Partners

Oaktree

Canyon Capital Advisors

Njord Partners

Monarch Alternative Capital

CQS

Alcentra

Work highlights

  • Advised Avanti Communications Group on the amendment of its $323m senior secured notes through a consent solicitation, as well as on a debt for equity swap of Avanti’s $557m senior secured notes through a scheme of arrangement. The restructuring was implemented via a combined New York law consent solicitation process and an English law scheme of arrangement, and also incorporated recognition of the scheme under Chapter 15 in the US.
  • Advised KKR and Pemberton in the restructuring of the balance sheet of the Casual Dining Group.
  • Acted for Njord Partners in connection with the successful investment into Geoquip Marine, a Switzerland-based offshore geotechnical engineering and drilling company.
Leading individuals

Nick Angel - Milbank

Yushan Ng - Milbank

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Derivatives (including commodities)
Derivatives (including commodities) - ranked: tier 3

Milbank

Milbank has a full-service transactional derivatives practice that acts for a range of issuers, dealers and end-users in repos, stock loans, structured notes and finance-linked hedging, as well as advising on the evolving regulatory environment. A key focus areas for the London group is loan portfolio financing structures used by investors to create customised leverage and gain exposure to economic risk in relation to a portfolio of loans without having to purchase those loans. The team also handles bespoke funding and regulatory capital transactions involving the transfer of portfolio credit risk to one or more investors. James Warbey is head of the firm’s alternative investments group and has an exceptional track record in structured finance and derivatives. Partner John Goldfinch frequently handles credit-linked notes, credit default swaps and loan portfolio total return swap financings. Rising star senior associate Jennifer Ellis also plays a key role in the practice.

Practice head(s):James Warbey

Other key lawyers:John Goldfinch; Jennifer Ellis

Key Clients

Bain Credit

BlueMountain

Cairn Loan Investments

Commerzbank AG

KKR

PGIM (formerly Pramerica)

AXA Investment Managers, INC

Rockford Tower

Deutsche Bank

Bardon Hill (formerly Halcyon)

Investcorp Credit Management EU Limited

Athens International Airport S.A.

Work highlights

  • Advised PGIM in its capacity as Collateral Manager in relation to the perfect asset swaps to be entered into in connection with a new Sterling CLO issued by Dryden 63 CLO B.V..
  • Advised KKR Credit Advisors (Ireland) Unlimited Company as Investment Manager in relation to asset swaps  entered into in connection with a new European CLO issuance by Avoca CLO XIX DAC.
  • Advised Athens International Airport S.A. as issuer of up to $665.6m bond loans connected with a 20-year extension of the original concession granted to manage and operate Athens International Airport.
  • Advised Investcorp Credit Management EU Limited as Portfolio Manager in relation to perfect asset swaps to be entered into in connection with a European CLO issued by Harvest CLO XV DAC.
  • Advised Cairn Loan Investments LLP as Investment Manager in relation to perfect asset swaps to be entered into in connection with a European CLO issued by Cairn CLO X B.V..
Leading individuals

James Warbey - Milbank

Rising stars

Jennifer Ellis - Milbank

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Emerging markets
Emerging markets - ranked: tier 1

Milbank

The London office of Milbank has been involved in emerging markets transactions since the 1970s and maintains a strong standing in the market. Its main areas of focus are the Middle East, Africa, Eastern Europe, Turkey and Asia, where it is involved in banking and finance, capital markets, restructuring, derivatives and project finance. Head of the London project, energy and infrastructure finance group Matthew Hagopian counts standout partners in his practice including project finance expert John Dewar; Manzer Ijaz who advises sponsors, lenders, export credit agencies and development finance institutions on large-scale, international energy and infrastructure projects; oil and gas sector specialist Clive Ransome who has extensive experience advising ECAs, banks, borrowers and multi-laterals and respected high yield partner Apostolos Gkoutzinis, who joined in 2018 from Shearman & Sterling LLP, whose work includes cross-border equity and debt offerings by Greek issuers. Senior associates Seyda Duman, who handles projects in Turkey, and Chris Taufatofua, who focuses predominantly on power projects, are also recommended.

Practice head(s):Matthew Hagopian; John Dewar; Manzer Ijaz; Clive Ransome

Other key lawyers:Şeyda Duman; Apostolos Gkoutzinis; Rebecca Marques; Seyda Duman; Chris Taufatofua

Key Clients

Albilad Bank

Alimna Bank

AfDB

Athens International Airport

BNP Paribas

BPIFrance

Citibank

Commercial International Bank of Egypt

Credit Suisse

Delek

Deutsche Bank

Emerging Africa Infrastructure Fund

EBRD

EDC

Engie

Euler Hermes

Goldman Sachs

HSBC

IFC

ING

JBIC

K-Exim

KfW

K-Sure

NEXI

Nomura

Noble

Oi

O3B Satellite Company

Qatar Solar Technologies

Reliance Industries Ltd

SACE

Société Générale

Seaborn

Standard Chartered Bank

Total

UKEF

US-Exim

Woodside

Work highlights

  • Represented Centrais Eléctricas de Sergipe S.A. (CELSE) in connection with the development and greenfield project financing, involving IDB, of the $1.5bn Porto de Sergipe I Thermoelectric Complex, in Porto de Sergipe, Brazil.
  • Advising the Export Credit Agencies and commercial bank lenders on the $4bn financing of the SNE deep water oil field located within the Senegalese portion of the Mauritania-Senegal-Guinea Bissau Basin.
  • Represented the lenders in connection with the financing of a multibillion-dollar telecom project in India.
  • Representing the lenders in connection with the $4.4bn financing of the largest central Asian main, Oyu Tolgoi in Mongolia.
  • Represented Athens International Airport as borrowers counsel in connection with the €1.1bn 20-year extension of the Athens International Airport concession agreement.
Leading individuals

Clive Ransome - Milbank

John Dewar - Milbank

Next Generation Partners

Chris Taufatofua - Milbank

Ňěeyda Duman - Milbank

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High yield
High yield - ranked: tier 1

Milbank

Milbank¬†is a growing force in the high yield market and climbs the ranking this year. Practice head Apostolos Gkoutzinis¬†is 'highly commercial and a trusted adviser,¬† providing clear, sensible and straightforward advice' and one client notes that he has 'a strong reputation and an icon in the world of high yield bonds'. He joined the firm in early 2018 from¬†Shearman & Sterling LLP, along with Rebecca Marques¬†, who is 'technically excellent, a "hands on" partner'. They joined experienced high yield partner Tim Peterson¬†to create a practice with both experience and depth, with special counsels Trevor Truman, Randy Nahl√©¬†and the¬†'highly responsive and technically excellent'¬†Ana Grbec¬†all playing key roles. Since its expansion, the practice has grown the number of¬†large financial institutions and high-profile issuers for which it acts, while it continues to act for the likes of Barclays, BNP Paribas, KKR and Jaguar Land Rover. Its work encompasses some of the largest and most complex deals in the market, which included¬†leading the offering by Fire of ‚ā¨410m of senior secured floating rates notes¬†role for Goldman Sachs, BNP Paribas, Citigroup and Cr√©dit Agricole.

Practice head(s):Apostolos Gkoutzinis

Other key lawyers:Rebecca Marques; Tim Peterson; Trevor Truman; Randy Nahlé; Ana Grbec

Testimonials

"The team brings an excellent combination of commercial astuteness, reputation, high yield knowledge and great client management, including responsiveness and interaction."

"The team works very well as a unit and we have the ability to pick up the phone to anyone of them. We have a strong trusted relationship with the team, which knows our business and personalities very well."

"We have worked with Apostolos Gkoutzinis and Trevor Truman, who have strong coordinating, analytical and communications skills, and in-depth knowledge of legal issues."

"Overall impression of the firm is that it is well organised with highly professional personnel."

"Rebecca Marques shows strong client engagement and responsiveness."

"Rebecca Marques has been building her own standalone profile recently - she is hugely dedicated and committed to her role."

"Ana Grbec has always had the ability to form strong client relationships at all levels, even when she was at an early stage of her career, as well as the ability to explain complex concepts in layman terms."

"Milbank is one of the firms in London that combines quality high yield and loan advice, and this key in a market where both products are converging."

"Rebeccas Marques demonstrates detailed knowledge and is extremely prompt in addressing requests."

Key Clients

Together/Bracken Midco1

Goldman Sachs International

BNP Paribas

Citigroup Global Markets

Jaguar Land Rover Automotive

KAEFER

KKR

Bank of America Merrill Lynch

Barclays

HSBC

Entertainment One

Work highlights

  • Represented Together/Bracken Midco1, the leading UK-based specialist finance provider, in its £350m offering of senior PIK toggle notes due 2023.
  • Represented Goldman Sachs, BNP Paribas, Citigroup, and Crédit Agricole in their role as initial purchasers in connection with the offering by Italian special purpose vehicle Fire of €410m of senior secured floating rates notes due 2024.
  • Represented Jaguar Land Rover Automotive, the holding company of Jaguar Land Rover Limited, as issuer in connection with its offering of €500m senior notes due 2026.
  • Advised KAEFER, the leading Germany-based global provider of insulation, access solutions, surface protection and passive fire protection services, on a new, comprehensive group financing, comprising a high yield bond of €250m, and a super senior revolving credit and multi-currency revolving letter of guarantee facility of €480m.
  • Represented Bank of America Merrill Lynch, Barclays and Goldman Sachs International as initial purchasers of US$235m senior secured notes issued by Ardonagh Midco 3 plc, a subsidiary of The Ardonagh Group Limited.
Leading individuals

Apostolos Gkoutzinis - Milbank

Rebecca Marques - Milbank

Tim Peterson - Milbank

Next Generation Partners

Randy Nahlé - Milbank

Trevor Truman - Milbank

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Islamic finance
Islamic finance - ranked: tier 3

Milbank

Milbank's London office houses a couple of lawyers with notable Islamic finance capabilities, who as a team make up a key part of the firm's project finance practice throughout EMEA and into Asia. In particular, the team has experience of multi-source financing transactions in the context of natural resources and infrastructure developments, which have often involved Islamic institutions and export credit agencies. John Dewar is recommended.

Practice head(s):John Dewar

Other key lawyers:Munib Hussain

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Structured products and securitisation
Structured products and securitisation - ranked: tier 3

Milbank

Milbank joins the ranking due to its prominent position in the CLO market. The firm's alternative investments group is among the leading advisers to  manager counsel globally, and it was the first to handle a CLO 2.0 transaction following the financial crisis. The practice acts for collateral managers, arrangers, issuers, derivative counterparties and anchor investors in a large number of credit arbitrage transactions, with the London group acting for prominent market participants including PGIM, BlueMountain, KKR, Bain Credit, Deutsche Bank and Cairn Loan Investments. The firm also has a strong structured products practice and recently advised on a number of total return swap platforms and synthetic securitisations. James Warbey is the key partner.

Practice head(s):James Warbey

Other key lawyers:John Goldfinch; Jennifer Ellis

Key Clients

Bain Credit

BlueMountain

Cairn Loan Investments

Commerzbank AG

KKR

PGIM (formerly Pramerica)

AXA Investment Managers, INC

Rockford Tower

Deutsche Bank

Bardon Hill (formerly Halcyon)

Investcorp Credit Management EU Limited

Attica Bank S.A.

Work highlights

  • Advised PGIM in its capacity as Collateral Manager and Retention Holder in respect of a new issuance Sterling CLO by Dryden 63 CLO B.V.
  • Advised KKR Credit Advisors (Ireland) Unlimited Company in its capacity as Investment Manager and Retention Holder with respect to the new issuance of a €409,500,000 European CLO by Avoca CLO XIX DAC.
  • Advised Halcyon Loan Advisors (UK) LLP in its capacity as Collateral Manager and Retention Holder with respect to a refinancing of a €383,500,000 European CLO issued by Halcyon Loan Advisors European Funding 2016 DAC.
  • Advised Investcorp Credit Management EU Limited in its capacity as Portfolio Manager and Retention Holder in connection with the financing of a €425,300,000 European CLO issued by Harvest CLO XV DAC.
  • Advised Cairn Loan Investments LLP in its capacity as Investment Manager and Retention Holder in connection with the new issuance of a €374,900,000 European CLO by Cairn CLO X B.V.
Leading individuals

James Warbey - Milbank

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Transport finance & leasing
Transport finance & leasing - ranked: tier 2

Milbank

Led by the 'high-calibre' James Cameron and Nick Swinburne, Milbank's 'very impressive' two-partner team excels in handling highly structured aviation finance and leasing transactions, where it can add value through its ability to draw upon the firm's strong UK and US capital markets capability, as well as complementary practice areas including tax, finance and M&A. In a complex matter which involved JOLCO equity, the team advised Citibank, as arranger, on British Airways' $608.5m Enhanced Equipment Trust Certificate (EETC). Aircraft trading projects and portfolio acquisitions/dispositions also remain a real strength of the firm, where as well as partner involvement it is also able to call upon a 'very capable and high performing team of associates'. Although the team is undoubtedly best known for its aviation sector strength it also continues to develop a burgeoning presence in the shipping sector, particularly in relation to capital markets mandates and portfolio acquisitions. Associate Jonathan Cripps is noted for his ship finance expertise and is a key member of the team, which also includes 'highly commendable' special counsel Richard Walton, who is recognised for his ability to handle complex, structured financing transactions, including the growing non-US EETC market.

Practice head(s):James Cameron; Nick Swinburne

Other key lawyers:Jonathan Cripps; Richard Walton; Ben Andrews; Mark Leverkus

Testimonials

'The team is very impressive'.

'The associate bench is consistently high performing which means that there is no "hit and miss" when it comes to day-to-day work'.

'James Cameron is an excellent lawyer to have on your side'.

'James Cameron is commercial and pragmatic; he cuts to the chase and is able to identify and focus on key risks in a transaction'.

'Ben Andrews is very good at transaction management and client communication'.

'Mark Leverkus is commercially minded and understands what is important to the client and what is not'.

Key Clients

Aercap

AirAsia

Altavair AirFinance

Avolon

BBAM

BNPP

BOC Aviation

CDB Leasing

Centerbridge

Citibank

CMIG

Deutsche Bank

Development Bank of Japan

Doric Asset Finance

DVB

Goldman Sachs

Goshawk

Highbridge

Investec

NCB Capital

KfW

KKR

Macquarie Bank

Mizuho

Natixis

Novus

Oaktree

Shawbrook International

SMBC

TerraFirma

TrueNoord

TUI Travel Plc

Vantage Drilling International

Vueling

Work highlights

  • Advised specialist investors Investec and Shawbrook Bank on their acquisition of a diverse portfolio of loans and finance leases held by Royal Bank of Scotland’s Lombard Finance subsidiary, which included a number of vessel financings.
  • Advised Altavair AirFinance, a leader in commercial aviation finance, on its agreement to form a long-term partnership with leading global investment firm KKR.
  • Represented Vantage Drilling International, an international offshore drilling company, in connection with its $350m offering of senior secured first lien notes.
  • Advised leading commercial aircraft lessor Goshawk Aviation on its acquisition of Sky Leasing’s Irish subsidiary, adding 51 aircraft to Goshawk’s fleet.
  • Advised Goldman Sachs in connection with the financing for Cerberus Capital Management's acquisition of Subsea Communications.
Leading individuals

James Cameron - Milbank

Nick Swinburne - Milbank

Next Generation Partners

Richard Walton - Milbank

Rising stars

Jonathan Cripps - Milbank

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London: Projects, energy and natural resources

Infrastructure (including PFI and PPP)
Infrastructure (including PFI and PPP) - ranked: tier 3

Milbank

Active across a variety of industries, the team at Milbank offers comprehensive advice on the development, construction and financing of infrastructure projects. It is instructed to assist in procurement, M&A and restructurings by sponsors, investors, lenders, and governmental authorities in particular. Matthew Hagopian heads up the firm's London projects, energy and infrastructure finance group, in which John Dewar is a well-versed member. Clive Ransome has considerable experience in various jurisdictions. Manzer Ijaz is another highlighted individual.

Practice head(s):Matthew Hagopian

Other key lawyers:John Dewar; Clive Ransome; Manzer Ijaz

Testimonials

'Milbank has a team of great people.'

Work highlights

  • Advised BlackRock and KKR on their partnership with ADNOC in connection with a $4bn midstream pipeline infrastructure agreement.
  • Assisted Athens International Airport as issuer of up to €665m bond loans connected to a 20-year extension to the original concession granted to manage and operate Athens International Airport.

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Mining and minerals
Mining and minerals - ranked: tier 2

Milbank

The London mining team at Milbank was recently boosted by the arrival of a four-partner restructuring team from Cadwalader, Wickersham & Taft LLP including its former global financial restructuring co-chair Yushan Ng and partners Jacqueline Ingram, Karen McMaster and Sinjini Saha. The firm's wide-ranging mining finance capabilities were also bolstered by the addition of capital market partners Apostolos Gkoutzinis and Rebecca Marques and another nine lawyers from Shearman & Sterling LLP. Project finance veteran Phillip Fletcher retired at the end of 2018.

Practice head(s):Mazer Ijaz; John Dewar

Key Clients

Absa Bank

African Development Bank

BNP Paribas

EBRD

EFIC

EIB

Emerging Africa Infrastructure Fund

KfW

IFC

Yellow Cake plc

US-Exim

Bacchus Capital

JBIC

KEXIM

Ivanhoe Mines

Work highlights

  • Advised the lending group in the context of a major project where Turquoise Hills Resources, Rio Tinto, and their respective advisers are working together to finalise a $4bn project financing facility for the Oyu Tolgoi Project.
  • Acted for Yellow Cake as a specialist company to operate in the uranium sector and hold long term physical uranium on the successful listing of its ordinary shares on AIM.
  • Advised a syndicate of seven lenders in connection with the $350m financing for the development and construction of the Fruta del Norte gold project in Ecuador.
  • Advised the lenders n connection with the $900m financing for the development, financing, construction and operation of the Mina Justa copper-silver-gold mine located in the Ica region of Peru.

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Oil and gas
Oil and gas - ranked: tier 2

Milbank

Milbank's London-based energy and natural resources team works with lenders and other financial institutions, private equity and hedge funds, energy companies, other sponsors and developers, and government institutions on their highest-profile energy and natural resources mandates, both at home and abroad. Matthew Hagopian and Manzer Ijaz jointly head the oil and gas team with particular expertise in project development and financing.

Practice head(s):Matthew Hagopian; Manzer Ijaz

Other key lawyers:Clive Ransome

Key Clients

HSBC

SACE

The Hongkong and Shanghai Banking Corporation

First Abu Dhabi Bank PJSC

MUFG Bank

BNP Paribas Fortis

DZ BANK

Delek Drilling

Noble Energy

Gás Natural Açu

Next Decade

Work highlights

  • Advised HSBC Bank Plc as ECA arranger, SACE and the commercial banks with respect to a $500m SACE-covered loan made available to Reliance Industries Limited for its expansion of the $15bn Jamnagar Refinery in India, the largest refinery complex in the world.
  • Advising the lenders in the restructuring of the Damietta LNG project.
  • Advising Delek Drilling and Noble Energy on the acquisition of an existing pipeline and on key shareholder, gas transportation and other commercial and operational arrangements in connection with the monetisation of the Leviathan and Tamar gas fields offshore Israel through domestic gas and potentially LNG export sales.
  • Advising the ECAs and commercial bank lenders on the $4bn financing of the SNE deepwater oilfield located within the Senegalese portion of the Mauritania-Senegal-Guinea Bissau Basin.
  • Advising the sponsors on all aspects of the project development and financing of a natural gas hub and power project located at the Port of Açu, Brazil.
Leading individuals

Manzer Ijaz - Milbank

Matthew Hagopian - Milbank

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Power (including electricity, nuclear and renewables)
Power (including electricity, nuclear and renewables) - ranked: tier 2

Milbank

Milbank's energy team works with a broad range of clients, including lenders, private equity and hedge funds, energy companies, sponsors and developers and government institutions, both in the UK and internationally. The US firm's full-service offering has particular expertise in the field of financing as showcased by its work for Centrais Elétricas de Sergipe on the financing for the Porto de Sergipe I Thermoelectric Complex in Brazil. The firm recently significantly bolstered its restructuring and capital markets capabilities with a flurry of high-profile lateral hires from rival firms. Key partners include respected project finance expert John Dewar.

Practice head(s):John Dewar; Clive Ransome

Other key lawyers:Matthew Hagopian

Key Clients

Mercuria Energy Trading

Santander

Natixis

ING

Centrais Eléctricas de Sergipe

Patria

Work highlights

  • Advised Mercuria on its proposed investment in Harbour Energy, an entity in which EIG Partners is a significant shareholder, and its co-investment with Harbour in an entity that would acquire Santos Limited, a public company, for $10.3bn.
  • Acted as as lender's counsel in connection with a financing to Sonnedix Power Holdings, indirect owner of a portfolio of 1.3GW of solar PV projects located in Puerto Rico, Chile, France, England, Italy, Spain and Japan.
  • Represented Centrais Eléctricas de Sergipe in connection with the development and greenfield project financing, involving IDB, of Porto de Sergipe I Thermoelectric Complex in Brazil.
  • Advised the export credit agencies and the global and Egyptian lenders on Engie, Toyota Tsusho corporation, Eurus Energy and Orascon’s bid to act as lenders international counsel on the $450m 262.5MW wind farm near Port Said in Egypt.
  • Advised the sponsors on all aspects of the project development and financing of a natural gas hub and power project located at the Port of Açu, Brazil.
Leading individuals

John Dewar - Milbank

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London: TMT (technology, media and telecoms)

IT and telecoms
IT and telecoms - ranked: tier 2

Milbank

Milbank's technology and outsourcing practice has a breadth of experience in transactional, regulatory and contentious matters. The group has particular expertise in advising financial services and insurance clients and other corporates on global IT transformation agreements; in the telecoms sector, it handles a range of projects, particularly in emerging markets. Practice head Laurence Jacobs is a name to note for complex IT transactions while Julian Stait and Tom Canning focus on disputes, and Joel Harrison combines IT, data protection and information security expertise.

Practice head(s):Laurence Jacobs

Other key lawyers:Julian Stait; Tom Canning; Joel Harrison

Key Clients

Astellas

AstraZeneca

Barclays

BHP Billiton

Credit Suisse

Direct Line Group

Maxis

TCS

Work highlights

  • Advised the International Health Terminology Standards Development Organisation on the global licensing and exploitation of SNOMED Clinical Terms, the leading global standard for healthcare IT.
  • Advised the lead arrangers, facility agent and participating commercial banks on a multi-billion dollar telecom project under development by Reliance Jio Infocomm to expand India’s wireless network.
  • Acted for leading UK-based satellite operator Avanti on the amendment of its $323m senior secured notes through a consent solicitation; and a debt for equity swap totalling $557m.
  • Assisted a large number of clients with major cloud computing projects.
  • Advised clients across a range of industries, including financial services, pharmaceuticals, media and advertising companies, on the development of AI services and the key regulatory and commercial issues.
Leading individuals: IT

Laurence Jacobs - Milbank

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Legal Developments in the UK

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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