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United States : Finance
Within Asset finance and leasing, Milbank, Tweed, Hadley & McCloy LLP is a first tier firm,
Milbank, Tweed, Hadley & McCloy LLP is a ‘solid firm’ in the aviation and transportation finance space. The practice pools together partners from the corporate, finance, securities, tax and private equity teams resulting in a group with significant breadth and depth. Transactions handled range from M&A involving airlines and aircraft leasing companies to financing or refinancing of aviation assets; its client base predominantly consists of underwriters, airlines and leasing companies. Drew Fine, chair of the finance practice, combines ‘excellent industry knowledge, expert advice and a very practical and pragmatic attitude’. He is an expert in deals involving aircraft, vessels and train rolling stock, and is particularly experienced in enhanced equipment trust certificates (EETC). The well-regarded Helfried Schwartz recently advised Goldman, Sachs, Citigroup and Credit Suisse and a syndicate of other underwriters on US Airways’ $500m public offering of EETCs in three tranches. The team has an impressive global reach, and routinely undertakes global transactions with the support of colleagues in Munich, London and Latin America. Elihu Robertson in New York represents underwriters, lenders, borrowers and lessors in the financing of aircraft, engines and flight simulators, and has strong contacts in London and Hong Kong. He also recently worked alongside the Sao Paulo office to represent Brazilian airline GOL Linhas Aeras Inteligentes in a $100m direct minority investment by Delta Air Lines. In 2012, Elliot Gewirtz worked with colleagues in London, Munich and Washington DC to advise Sumitomo Mitsui Banking Corporation on its $7.3bn acquisition of RBS Aviation Capital, which created the world’s fourth largest commercial jet aircraft leasing company.
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 team is split between New York and Washington DC, and is led by ‘terrific lawyer’ Marc Hanrahan. The firm has notable strength in leveraged finance, with particular expertise in first and second lien loan facilities, unsecured loans and bonds, and asset-based and cash flow-based financings. High-profile clients include Bank of America, Credit Suisse and Deutsche Bank. The team acted for BBVA Securities, Citigroup Global Markets, HSBC Securities and Santander Investment Securities as the joint lead arrangers and bookrunners on a $1.1bn syndicated loan facility for the refinancing of Mexican-based company Tenedora Nemak. Recommended partners include William Mahoney and Michael Bellucci in New York, and Winthrop Brown in Washington DC.
Within Capital markets: debt offerings , tier 4
The ‘very responsive’ team Milbank, Tweed, Hadley & McCloy LLP is traditionally known for the strength of its global practice, and the firm has substantial knowledge of debt capital markets work, representing issuers and managers in the US and beyond. The group is praised for providing ‘high-caliber advice’ and ‘strong client service’. The ‘particularly good’ Douglas Tanner recently represented South Street Securities in a private placement of $25m floating rate senior secured notes and $15m floating rate junior secured notes. Tanner and Arnold Peinado also advised Nabors Industries on a $700m Rule 144A/Reg. S 4.625% senior notes due 2021. On the manager side, the firm acts as designated underwriter counsel to Verizon Communications and US Airways, with Robert Mullen Jr recently advising the underwriters in Verizon Communications’ SEC-registered offering and sale of $6.25bn of several floating rate notes and notes offerings. The team was boosted by the arrival of ‘strong capital markets lawyer’ Rod Miller from Weil, Gotshal & Manges LLP in 2011, but also lost Michael Fitzgerald and three other partners to Dewey & LeBoeuf LLP.
Within Capital markets: equity offerings , tier 4
Milbank, Tweed, Hadley & McCloy LLP’s equity capital markets experience stems from the firm’s global expertise, and it provides ‘excellent client service’ to financial institutions. Highlights included advising Raymond James on a placement of shares of common stock by Iridium Communications, and representing Bank of America Merrill Lynch and Morgan Stanley on the IPO of WisdomTree. The team is also acting for an increasing number of issuer clients, and the firm’s presence in a number of key global locations ensures total client satisfaction in complex cross-border offerings.
Within Capital markets: global offerings , Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,
Benefiting from a fantastic reputation in Latin America, the global securities team at Milbank, Tweed, Hadley & McCloy LLP has substantial debt, high-yield debt and equity offerings expertise, and assists both issuer and manager clients. The firm also has a key presence in Europe and Asia, and is noted for its sector experience, particularly within the power and aircraft industries. Among recent debt offerings, Arnold Peinado represented Intelsat (Luxembourg) in a Rule 144A/Reg. S resale of $854m of senior PIK election notes and a SEC-registered resale of $191m of senior notes, and Marcelo Mottesi advised Chilean retail company Cencosud on a $750m senior notes issuance. Praised for his ‘superlative knowledge, advocacy skills and professional manner’, Robert Mullen Jr advised Export Development Canada on a SEC-registered $1.5bn offering and on the renewal of its $10bn Euro MTN program. In equity work, Andrew Jánszky, based between São Paulo and New York, led in advising Banco Itaú BBA, BTG Pactual and Banco do Brasil on the Rule 144A/Reg. S $586m IPO of Brazilian retail chain Magazine Luiza. Mottesi also represented Bank of America Merrill Lynch, JPMorgan, Morgan Stanley, Itaú and Citi in the $1.25bn IPO of Arcos Dorados listed on the New York Stock Exchange. The firm lost former securities and Latin America group head Michael Fitzgerald and three other partners to Dewey & LeBoeuf LLP in 2011, and the long-term effect of these significant departures remains to be seen. However, the arrival of Rod Miller from Weil, Gotshal & Manges LLP has already had a positive impact on the practice.
Within Capital markets: high-yield debt offerings , tier 4
With a superb reputation for its wide-ranging global capital markets capabilities, Milbank, Tweed, Hadley & McCloy LLP is also noted for its manager representation in high-yield debt offerings work. Marcelo Mottesi represented Bank of America Merrill Lynch as initial purchaser in Brazilian cement company Cimentos Tupi’s Rule 144A/Reg. S high-yield bond offering, and in an issuer mandate, Mottesi advised Argentine credit card company Tarjeta Naranja in a $200m issuance of 9% fixed rate notes due 2017. Douglas Tanner represented key client Goldman Sachs as underwriter of Acosta’s $525m senior notes offering, and as underwriter of a $525m offering of senior toggle notes due 2019 by Husky Injection Molding Systems. Tanner and Robert Williams also advised JPMorgan Securities regarding American Greetings Corporation’s $225m offering of 7.375% senior notes due 2021.
Within Corporate restructuring, Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,
Jointly led out of Los Angeles and New York by Paul Aronzon and Dennis Dunne respectively, finance powerhouse Milbank, Tweed, Hadley & McCloy LLP’s 49-strong team receives accolades for its ‘excellent reputation in acting for creditors’, its ‘extensive international network that makes cross-border work seamless’ and for its ‘client-led commercial approach that ensures it always sees the bigger picture’. Undoubtedly a creditor-side specialist – it is highly regarded for its strong record in committee representations – the firm also wins its fair share of debtor mandates. It is representing Vitro, Mexico’s largest glassmaker, in the restructuring of $1.3bn worth of senior notes as well as on its obligations under various derivative contracts with financial institutions and other unsecured debt. However, in line with its traditional forte, its headline cases were representing the official creditor committees in both the mammoth Lehman Brothers bankruptcy and also in the Chapter 11 cases of US-supermarket and food giant, the Great Atlantic & Pacific Tea Company. Contentious work is also an active area and the firm is defending a consortium of 64 lenders to a TOUSA-sponsored joint venture in a complex $423m fraudulent transfer litigation. Other stars of this ‘hard-working’, ‘nationally-prominent’ and ‘vastly experienced’ team include Matthew Barr and Thomas Kreller, who are recommended for distressed investment matters, and Gregory Bray, who is considered a ‘creditor specialist of the first rank’.
Within Project finance, Milbank, Tweed, Hadley & McCloy LLP is a first tier firm,
Although Milbank, Tweed, Hadley & McCloy LLP’s well-regarded project finance practice team is smaller than other competitors, it impresses with its cross-border capability and breadth of expertise, which covers oil and gas, petrochemicals, power, renewables, water, mining and infrastructure matters. New York attorney Jonathan Green led a team that represented the lenders on the financing of the $1.13bn, 40-year project to expand, modernize and run toll roads in Puerto Rico. Los Angeles-based partner Karen Wong acted for the sponsor Abengoa Solar in a $1.2bn Federal Loan Guarantee from the US Department of Energy to project company Mojave Solar for the development of the 250MW Mojave Solar power project. New York’s Peter Nesgos advised O3b Networks on its $137m financing for a series of four additional satellites to support super-fast broadband connections to Africa and other emerging markets. On the lender side, the practice represented an international syndicate of banks including lead arranger Bank of Tokyo-Mitsubishi UFJ, Crédit Agricole, ING Groep, Natixis, Rabobank Nederland and Société Générale, in the $500m financing for the 100MW Gainesville Renewable Energy Center. New York-based Dan Bartfeld led a team that advised the Export-Import Bank of Korea, Sumitomo Mitsui Banking Corporation and Crédit Agricole Corporate & Investment Bank on the financing of the $400m, 433MW Norte II combined-cycle power plant located in Mexico’s northern state of Chihuahua. Also based in New York, Daniel Michalchuk was promoted to the partnership in January 2012; he specializes in representing sponsors, financial institutions and other investors in project financings across various industries, including power and transmission, renewable energy and oil and gas. Other recommended individuals include Eric Silverman in New York for his power, energy and infrastructure projects expertise, and Los Angeles partner Allan Marks, who has expertise in power and oil and gas matters.
United States : Industry focus
Within Energy: renewable/alternative, Milbank, Tweed, Hadley & McCloy LLP is a first tier firm,
Milbank, Tweed, Hadley & McCloy LLP’s award-winning renewables practice advises on broad-ranging aspects of transactions and developments, including advising on wind projects across the US as well as in Canada, the UK, Latin America, Turkey and Mongolia. It has also represented developers, lenders, and tax equity investors in photovoltaic and concentrated solar energy plant projects. For example, the team recently acted for Google in its joint acquisition of Recurrent Energy’s photovoltaic facilities portfolio in the Sacramento Municipal Utilities District, which was Google’s first utility-scale solar investment in the US. The practice continues to develop its expertise in the biofuel, biomass, geothermal, and hydroelectric sectors. Los Angeles-based Karen Wong is recommended.
Within Energy: transactions, Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,
Milbank, Tweed, Hadley & McCloy LLP is ‘a huge player in power finance and M&A’, has ‘one of the best’ project finance teams and can deploy over 100 lawyers advising across the energy sector, including deals in coal, nuclear, renewables, and oil and gas. The team advises on project development and finance, private equity and leveraged finance, M&A, structured commodity trading and hedging, and restructurings and dispositions, often in an effort to avoid insolvency or bankruptcy. Clients include lenders and other financial institutions, private equity and hedge funds, energy companies (including independent transmission companies), sponsors, and developers. In the oil and gas space, the team advises on upstream, midstream and downstream matters including production and infrastructure projects and drill ship matters. Recent clients include Credit Suisse and Ex-Im Bank of Korea. Eric Silverman and Jonathan Green co-lead the team.
United States : Litigation
Within Securities: shareholder litigation, Milbank, Tweed, Hadley & McCloy LLP is a third tier firm,
Milbank, Tweed, Hadley & McCloy LLP distinguishes itself through its ‘outstanding regulatory expertise’ – supported both by its strength across complimentary areas such as white-collar crime and through its enforcement capability, which benefits from the experience of lawyers who were formerly assistant US attorneys. From New York, James Benedict heads a group that includes firm vice-chairman Scott Edelman – considered ‘a “go to” guy for corporate governance issues’. Work arising from the financial crisis continues to be highly active and it leverages off its reputation as a global finance powerhouse to specialise in advising underwriters in this area. The firm represented the lead underwriters (Credit Suisse Securities, Oppenheimer & Co, Thomas Weisel Partners, and Jefferies & Co) in the dismissal of a securities class action relating to the $135m secondary offering of Rigel Pharmaceuticals – it is now going to appeal. The firm also successfully represented the underwriters (including UBS Securities, Citigroup Global Markets, Merrill Lynch and Wachovia Capital Markets) in a securities class action against Regions Financial Corporation – the decision was upheld at appeal.
United States : Media, technology and telecoms
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, managing partner of the Washington DC office, concentrates on big-ticket work. Gerstell, who was recently appointed to the National Infrastructure Advisory Council, 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, with Gerstell and associates Gavin McKeon and Frederick Cristman advising the lead arrangers in two revolving credit facilities to América Móvil, Latin America’s largest mobile phone operator. The two facilities, each for $2bn, were intended to replace América Móvil’s existing working capital arrangements. In the US, the team focuses on complex transactions driven by market consolidation technological advances, and represents innovative start-ups. It assisted LightSquared with a $850m senior secured credit facility for the construction of its integrated wireless broadband and satellite 4G-LTE wholesale network. 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 major financing arrangements. Other clients include O3b Networks, Hughes Network Systems, Iridium Satellite and banks and financial institutions involved in satellite financing.
United States : Mergers, acquisitions and buyouts
Within M&A: middle-market ($500m-999m), Milbank, Tweed, Hadley & McCloy LLP is a first tier firm,
Milbank, Tweed, Hadley & McCloy LLP ‘delivers excellent service. The firm has been a completely positive experience. The associates working on our matters are excellent, and the partner on our account makes himself available for calls and meetings as if we were the largest company in his stable of clients. We also receive good value for our fees, and appreciate the commercial common sense the firm brings to complicated problems’. The practice has developed particular expertise in power and energy, infrastructure, transportation, gaming and space and satellite. In addition, the group is very experienced in completing cross-border M&A transactions involving Latin America and China. Significant deals included representing Nabors Industries in a tender offer for all the outstanding shares of Superior Well Services’ common stock, for approximately $900m in cash; acting for Strategic Value Partners, a US-based global investment firm, to sell SVP’s 100% equity interest in Liberty Electric Generation Holdings to an affiliate of Equity Capital Partners, a global private equity firm focused on North American energy infrastructure; and assisting AerCap Holdings in the sale of its wholly-owned subsidiary, AeroTurbine, to International Lease Finance Corporation, the transaction valued at approximately $526m. Led by New York partners David Wolfson, Charles Conroy and Daniel Bartfeld, the practice represented ITOCHU Corporation, as part of the Investor Group, consisting of Kohlberg Kravis Roberts & Co (together with its affiliates KKR), Natural Gas Partners and Crestview Partners, in its $7.2bn acquisition of Samson Investment Company, one of the largest private exploration and production companies in the US, marking the largest M&A PE deal to close in the US in 2011. It also acted for Arrow Electronics in connection with its $238m acquisition of all of the assets and operations of the Radio Frequency, Wireless and Power Division of Richardson Electronics in 25 countries across the world. ‘Possessed with top-notch legal horsepower’, New York-based Alexander Kaye is practice head. Kaye is ‘extremely smart and has excellent judgment both in legal and business contexts. He is also reliable, very commercial, and knows our business better than any other outside lawyer. I would not do an important deal without him’. Other key contacts include John Franchini in New York, who is ‘extremely knowledgable about transactions’, Los Angeles managing partner Kenneth Baronsky and Neil Wertlieb, also in Los Angeles. In New York, David Zeltner and Jane Morgan joined as partners from Weil, Gotshal & Manges LLP, and Mark Mandel arrived from White & Case LLP.
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Offices in Beijing
- Antitrust : Antitrust
- Banking and finance : Bank lending
- Corporate and M&A : Corporate and M&A
- Private equity : Private equity
- Tax : Tax
Offices in Hong Kong
Latin America: International firms
Offices in Tokyo
Offices in London
- Corporate and commercial : Commercial contracts
- Corporate and commercial : Corporate tax
- Corporate and commercial : EU and competition
- Corporate and commercial : M&A: premium deals, £250m+
- Corporate and commercial : Private equity: transactions
- Dispute resolution : Commercial litigation
- Dispute resolution : International arbitration
- Finance : Acquisition finance
- Finance : Asset finance and leasing
- Finance : Corporate restructuring and insolvency
- Finance : Derivatives and structured products
- Finance : High yield
- Finance : Islamic finance
- Projects, energy and natural resources : Infrastructure
- Projects, energy and natural resources : Mining and minerals
- Projects, energy and natural resources : Oil and gas
- Projects, energy and natural resources : Power (including electricity, nuclear and renewables)
- TMT (technology, media and telecoms) : IT and telecoms
Offices in Singapore
- Finance : Asset finance and leasing
- Finance : Bank lending (including other sources of financing)
- Finance : Capital markets: debt offerings
- Finance : Capital markets: equity offerings
- Finance : Capital markets: global offerings
- Finance : Capital markets: high-yield debt offerings
- Finance : Corporate restructuring
- Finance : Project finance
- Industry focus : Energy: renewable/alternative
- Industry focus : Energy: transactions
- Litigation : Securities: shareholder litigation
- Media, technology and telecoms : Telecoms and broadcast: transactional
- Mergers, acquisitions and buyouts : M&A: middle-market ($500m-999m)