Milbank > Singapore, Singapore > Firm Profile

Milbank
12 MARINA BOULEVARD
MARINA BAY FINANCIAL CENTRE #36-03, TOWER 3
SINGAPORE 018982
Singapore

Singapore > Corporate and M&A: foreign firms Tier 1

A team which is ‘always one step ahead’, Milbank fields a ‘very strong local team which is able to bear the depth and quality of the firm’s global practice’. The group demonstrates a tenacity for landmark and market-first transactions, recently working on one of the first de-SPAC transactions involving an Asia-based company, and has been particularly engaged within the infrastructure, healthcare, logistics and technology sectors. In addition to its M&A and corporate transaction prowess, practice head David Zemans provides banking, project finance and capital market transaction expertise while Jacqueline Chan has forged a commanding reputation for debt and equity transaction structuring. The recent workload stretches beyond Singapore and includes a number of significant transactions across India, Indonesia, the Philippines and Vietnam.

Practice head(s):

Other key lawyers:

Testimonials

‘A very strong local team which is able to bear the depth and quality of the firm’s global practice. Good knowledge of the SE Asian market and strong deal management capability.’

‘Jacqueline Chan is great; she is highly responsive and practical.’

‘The team was always one step ahead of us thinking through the points to be negotiated. Very responsive as a team.’

‘Their timeliness and follow through is notable.’

 

Key clients

International Columbia US, LLC (managed by Columbia Pacific Management, Inc.)

Triterras Fintech Pte Ltd.

Farallon Capital Management

Kendall Court

PT Finansia Pacifica Raya

Del Monte Pacific Limited

Asian Development Bank

Fast Logistics Corporation

Masan Group

Emergent Capital Partners

Micro-D International, Inc.

Work highlights

  • Advised the controlling shareholders in the sale of the India operations of Columbia Asia Hospitals, consisting of 11 hospitals located in India, to Manipal Health Enterprises Private Limited.
  • Advised Triterras Fintech Pte Ltd., a leading fintech company for commodity trading and trade finance in its entry into a business combination agreement with Netfin Acquisition Corp., a special purpose acquisition company targeting businesses in the fintech industry, resulting in Triterras Fintech to becoming a Nasdaq listed company via a reverse takeover.
  • Advised The Asian Development Bank in connection with the US$95m investment in Singapore’s Clifford Capital Holdings, a specialist financing and distribution platform for infrastructure and other real assets globally.

Singapore > Projects: foreign firms Tier 1

A notable client list comprising the market’s most notable lenders and sponsors differentiates the offering at Milbank. The department stands out as a leading practice for large, multi-sourced project financings involving multilaterals and export credit agencies across Asia. Energy and natural resources specialist James Murray heads up the team, and receives valuable assistance from UK and US-qualified lawyer James Orme. Other noteworthy practitioners include special counsel Andrew Gibb and associate Rosaline Yusman; the former’s broad workload spans assisting with project structuring, advising on risk analysis and infrastructure regulation, and negotiating a broad range of finance and project agreements. The group is able to combine its local knowledge with the firm’s pan-Asian and global resources to provide truly international coverage.

Practice head(s):

Testimonials

‘I think what sets them apart is their strategic partnership with the local firms. The combination proves to be highly comprehensive and cohesive.’

‘What sets James Murray apart from other partners in other law firms is his willingness to partake in the commercial negotiations. It is highly value-adding when a partner is able to provide his/her own viewpoints as they may have undergone a similar discussion process for a precedent transaction. It will make the discussions more efficient and fruitful.’

‘Andrew Gibb has shown on numerous occasions the ability to interpret and pinpoint lenders’ concerns and provide conducive solutions on the fly. His insights allow for more fluid discussions and exchanges between the project sponsors and lenders group which usually involve a large group of people with mixed backgrounds.’

‘Rosaline Yusman has shown herself to be an invaluable support to the legal counsel team. She is quick to turnaround and very thorough in providing responses to queries.’

Key clients

Japan Bank for International Cooperation

Nippon Export and Investment Insurance

The Export Import Bank of Korea

Korea Trade Insurance Corporation

Asian Development Bank

Asian Infrastructure Investment Bank

Marubeni Corporation

Sumitomo Corporation

Mitsui Corporation

Engie

Adaro

ANZ

Bank of China

BNP Paribas

CIMB

Citibank

DBS

HSBC

ICBC

ING Bank

JP Morgan Chase

Maybank

Mizuho

MUFG

SMBC

Standard Chartered

Societe Generale

Work highlights

  • Advised the lenders, including KEXIM and KSure as well as a number of commercial banks, on the financing of the 2,000MW Jawa 9+10 thermal power project in Suralaya, Indonesia, which is being developed by PT Indo Raya Tenaga, a special purpose project company.
  • Advising Shandong Electric Power Construction Corporation III, HTG Development Group, and S. Alam Group (the sponsors) and the project company on the 2x612MW supercritical thermal power project in Chittagong, Bangladesh.
  • Assisting GNPower Kauswagan, the project company, with the EPC and other project development matters linked to the construction and development of the $1.2bn GNPower Kauswagan project.

Singapore > Restructuring and insolvency: foreign firms Tier 1

Milbank‘s highly-rated Singapore office has some of the top practitioners in the jurisdiction, several of which have significant experience in the restructuring field, particularly in the energy and oil and gas segments. The Singapore team has an impressive record in restructurings centred in Indonesia, Malaysia and Singapore itself. David Zemans and Jacqueline Chan are outstanding names in the market, both of which continue to work on a number of big-ticket restructurings, representing a range of debtors, creditors and bondholder committees.

Practice head(s):

David Zemans

Other key lawyers:

Jacqueline Chan; Giles Kennedy

Testimonials

‘Milbank are market leaders in SE Asia for assisting corporate borrowers with both the issuance and restructuring of USD Bonds.’

‘Good communication and client management skills.’

‘Giles Kennedy is unrivalled in his experience and in particular, for his close and trusted relationships with corporate clients built over many years. His communication is clear and his advice is sought and acted upon. ’

Work highlights

    Singapore > Banking and finance: foreign firms Tier 2

    The ‘solution-driven and consistent‘ team at Milbank is noted for advising global financial institutions active in Asia on regional transactions, with a particular reputation for matters involving Indonesia, where it has expertise in the energy and natural resources sectors. The group also acts for borrowers, which alongside lenders, it assists with project finance, syndicated lending, acquisition finance, debt capital markets deals and distressed transactions. Taking the lead is David Zemans, who has vast experience in regional and cross-border financings. Jacqueline Chan focuses on work arising from Indonesia and Vietnam, specialising in structuring debt transactions. James Murray is an expert in resources financing and is particularly active in the area of multi-sourced finance. Dual-English and -New York qualified James Orme is another core practitioner.

    Practice head(s):

    David Zemans

    Testimonials

    ‘They do thorough analysis of most appropriate course of action to be taken by the client. They are a diverse firm with best use of technology.’

    ‘David Zemans, their Asia head, makes himself available on crucial issues. He has great partners in James Murry and Jame Orme on financing side.’

    ‘Understand the market well. Thoughtful when it comes to conveying commercial aspects while protecting interests of lenders. Collaborative with sponsors and partners alike.’

    Solution-driven, consistent team with sufficient experience and access to precedents. Specialists in Indonesia especially power sector.’

    James Murray is highly accessible, commercially driven and engaging approach.’

    Key clients

    PT Adaro Indonesia / PT Adaro Energy Tbk

    PT Saptaindra Sejati

    Asian Development Bank

    International Finance Corporation

    MUFG

    SMBC

    PT Bank Mandiri (Persero) Tbk.

    Standard Chartered Bank

    Citibank N.A.

    The Export-Import Bank of Korea (KEXIM)

    The Korea Trade Insurance Corporation (K-Sure)

    DBS Bank Ltd

    Bangkok Bank

    Bank Negara Indonesia

    Bank of China

    Maybank

    PT Bank Rakyat Indonesia Tbk

    KEB Hana Bank

    CIMB Bank

    KDB Bank

    Credit Suisse

    Deutsche Bank

    Metro Pacific Investments Corporation

    PT Indika Energy Tbk

    ANZ Bank

    Work highlights

    • Advised Indonesia-based coal company PT Adaro Energy Tbk’s mining contractor unit PT Saptaindra Sejati as the borrower in connection with the refinancing of a US$350m revolving loan facility.
    • Advised the lenders in connection with the financing of the 2,000MW Jawa 9+10 power project in Suralaya, Indonesia which is being developed by PT Indo Raya Tenaga, a special purpose project company.
    • Advising ANZ Bank in connection with a US$1.25bn loan to Kestrel Coal Resources in Australia which is owned by EMR Capital Ltd and PT Adaro.

    Singapore > Capital markets: equity and debt: foreign firms Tier 2

    Milbank has developed a strong profile for cross-border high-yield debt transactions and investment grade debt deals, advising issuers and lenders, although it also has a notable ECM practice. From Singapore, the group advises on transactions across Asia, with recent experience in transactions involving Indonesia, Malaysia and India. Drawing on broader firm expertise in real estate, the group counts a number of big-name developers as clients. While the firm lost James McFarlane to an in-house role in June 2021, it brought on special counsel Terrence O’Donnell from Shearman & Sterling LLP in July 2021, bolstering the group’s capabilities in ECM transactions. Giles Kennedy leads the team.

    Practice head(s):

    Giles Kennedy

    Other key lawyers:

    Terrence O’Donnell

    Testimonials

    We had engaged with Milbank for the past 15 years or so since our first bond issuance and we always had very positive experience with the team. Their knowledge on the High Yield capital market and their experience has helped us in negotiating key terms with the banks and bond investors. The whole team from junior to senior partners are very helpful, responsive and knowledgeable. We will certainly plan to continue work with them again in the future.’

    The partners we worked with is mostly Giles Kennedy. Giles is the most helpful lawyer who is available to advice us in navigating the complex bond covenants, all without additional charges! He would spend hours discussing our covenants with New York and London’s counterparts and return back to us with comprehensive answers and proposed solutions. Giles is always willing to all the way out in providing creative solutions within possible law and regulation limitation.’

    Key clients

    Tiga Acquisition Corp

    Triterras Fintech Pte Ltd

    Singapore Airlines

    GMR Airports Ltd

    Citigroup Global Markets Inc.

    Deutsche Bank AG

    The Hongkong And Shanghai Banking Corporation Limited

    J.P. Morgan Securities

    Standard Chartered Bank

    PT Lippo Karawaci Tbk

    PT Alam Sutera Realty Tbk

    Lippo Malls Indonesia Retail Trust Management Ltd.

    PT Bukit Makmur Mandiri Utama

    Credit Suisse

    DBS Bank

    Barclays

    Bank of America Merrill Lynch

    MUFG Bank

    Maybank

    Delhi International Airport Limited

    Work highlights

    • Advised Tiga in connection with the establishment of a special purpose acquisition company (SPAC) and the SEC-registered IPO and listing of the units thereof.
    • Advised Triterras Fintech Pte Ltd., a leading fintech company for commodity trading and trade finance in its entry into a business combination agreement with Netfin Acquisition Corp., a special purpose acquisition company targeting businesses in the fintech industry, resulting in Triterras Fintech to becoming a Nasdaq listed company via a reverse takeover. This was one of the first de-SPAC transactions by an Asian Company.
    • Advised the joint lead managers on a US$6bn multi-tranche senior bond offering by Malaysia’s state-owned oil and gas company Petroliam Nasional Berhad (“PETRONAS”). The US$6bn bond offering included US$2.25bn 10-year notes at 3.50%, US$2.75bn 30-year notes at 4.55% and US$1bn 40-year notes at 4.80%.

    Singapore > Energy: foreign firms Tier 2

    Milbank is at the forefront of big-ticket non-recourse financings in the energy field. It is historically strong in oil and gas sector projects but the team also steadily built its standing in renewables as well as in LNG-to-power projects. It represents a number of the major international oil companies, Japanese trading houses, big Indonesian conglomerates, and a range of ECAs and multilateral agency lenders. Indonesia has dominated the firm’s practice for many years, along with power work in the Philippines and Vietnam, and now with further growth in power projects in Bangladesh and Sri Lanka. James Murray is a market leader in energy sector project financings, with James Orme also having made a strong impression in recent years.

    Practice head(s):

    James Murray

    Other key lawyers:

    Key clients

    Japan Bank for International Cooperation (JBIC)

    Nippon Export and Investment Insurance (NEXI)

    The Export Import Bank of Korea (KEXIM)

    Korea Trade Insurance Corporation (K-sure)

    Asian Development Bank (ADB)

    Asian Infrastructure Investment Bank (AIIB)

    Marubeni Corporation

    Sumitomo Corporation

    Mitsui Corporation

    Engie

    Adaro

    ANZ

    Bank of China

    BNP Paribas

    CIMB

    Citibank

    DBS

    HSBC

    ICBC

    ING Bank

    JP Morgan Chase

    Maybank

    Mizuho

    MUFG

    SMBC

    Standard Chartered

    Societe Generale

    PT Indika Energy Tbk

    Work highlights

    • Advised the lenders in connection with the financing of the 2,000MW Jawa 9+10 power project in Suralaya, Indonesia which is being developed by PT Indo Raya Tenaga, a special purpose project company.
    • Represented the sponsors and the project company Shandong Electric Power Construction Corporation III (SEPCOIII); HTG Development Group; and S. Alam Group of the 2x612MW supercritical thermal power project in Chittagong, Bangladesh.
    • Acted for the mandated lead arrangers PT Indika Energy Tbk in connection with the up to $200m senior secured term loan being provided to PT Indika Energy Tbk.

    Singapore > Asset finance: foreign firms Tier 3

    Milbank remains a prominent player in aviation finance, most notably for the major Chinese aircraft lessors such ICBC Leasing. It also represents a number of other international lessors, lenders, and low-cost Asian airlines and international airlines. Furthermore, it was at the forefront of airline restructurings and has an established record in offshore oil and gas financings, including FPSOs. Paul Ng is an established name in the market, frequently landing many of the biggest engagements in the region, particularly for aircraft lessors.

    Practice head(s):

    Paul Ng

    Testimonials

    ‘Paul Ng’s team is very practical-oriented and is focused on finding solutions that work for the clients.’

    ‘Paul Ng – knows the landscape and is outcome-oriented. He always seeks the best solution for the client.’

    ‘I have been working with Milbank for almost 2 years. The firm’s performance is above my expectation in terms of client service and legal knowledge. The team have a broad range of financing and leasing experience and has acted for a wide range of aviation clients, and their lawyers have high commercial awareness in general. In the meantime, their fees are very reasonable.’

    ‘Paul Ng, Hui Ling Teo and Ed Bentley. Their knowledge of the China market and cross-border issues make them more competitive.’

    ‘One of the most experienced firms around. They have a deep bench of fantastic associates and extremely knowledgeable partners.’

    ‘Paul Ng has a well of knowledge and an incredible work rate. I have complete confidence in him and his advice.’

    ‘Very attentive and focused team. Available at all times, extremely hard-working, gets the job done always. Very technically sound and customer focused. Correct staffing for each transaction.’

    ‘Paul Ng, Hui Ling Teo, very client focused and extremely responsive, look after our interests at all times, great transaction management, extremely hard working and focused.’

    Key clients

    First Plus Asset Management

    Taiping Fontainburg DVB Aviation Capital L.P.

    Air Premia

    Singapore Airlines

    Malaysian Airlines

    Cebu Pacific

    CastleLake LLP

    Asiana Airlines

    Korean Airlines

    Vietjet

    China Southern

    Philippine Airlines

    AirAsia X

    Nihal Leasing

    ICBC Financial Leasing

    BOCOMM Financial

    CMB Financial Leasing

    AVIC Financial Leasing

    CCB Financial Leasing

    CALC

    Minsheng Financial Leasing

    BOC Aviation

    Cathay United Bank (Taiwan)

    TrueNoord

    Avolon

    Work highlights

    • Advised the consortium of Sumitomo Corporation and Yinson Holdings on a vessel/ship financing for the development and financing of Marlin 2 FPSO “Anna Nery” to be deployed in the Campos Basin, offshore Rio de Janeiro, Brazil.
    • Represented ICBCL on the leasing of over $500m worth of aviation assets to some of the biggest carriers in the industry, including national carriers like Iberia and Air France, as well as helping with the restructuring of aircraft leases operated by over half a dozen carriers.
    • Acting for Castlelake in the restructuring leases of operators in China and the SAR (special administrative region).

    Singapore > TMT: foreign firms Tier 3

    Milbank has a leading track record advising on landmark TMT transactions across Southeast Asia, including assisting with M&A, corporate finance and debt and equity offerings. The group’s client roster comprises a stellar list of the region’s most recognised innovators in the technology and telecoms space, as well as notable investors. The firm is able to leverage its significant global capabilities – including a highly regarded offering in the UK – when handling cross-border mandates. Giles Kennedy and Jacqueline Chan are the key names to note, along with David Zemans, who acts as the managing partner of the Singapore office.

    Practice head(s):

    Other key lawyers:

    Testimonials

    ‘The project required vast amounts of innovation and the Milbank team has performed a tremendous task. It was a tedious process and the Milbank team has been on top of every matter and extremely able to pre-empt any potential challenges ahead.’

    ‘Jacqueline Chan was instrumental with various projects that our company has done. Giles Kennedy has been instrumental throughout the whole process and in his ability to find solutions across vast amounts of legal matters and challenges.’

    ‘The practice was exceptionally collaborative, and proactive in understanding how adjustments to our transactions (which were strategic in nature) would affect other areas of the company.’

    ‘I’ve had a very positive experience working with the team and in particular value their ability to: “follow the numbers” – our transactions with them have involved complex corporate restructuring work, and they displayed capability understanding how the numbers flow into the legal agreements, and how said agreements might evolve in response to changes in numbers – and be exceptionally hardworking, and support us on a 24/7 basis.’

    ‘The team has quite a bit of exposure to the telecoms market in Indonesia and Southeast Asian countries. As foreign firms/international counsels, they understand the local issues and attend to clients’ concerns.’

    ‘David Zemans and Jacqueline Chan have done quite a few deals in the region.’

    Key clients

    Triterras Fintech Pte Ltd.

    Micro-D International, Inc.

    Work highlights

    • Advised Triterras Fintech, a leading fintech company for commodity trading and trade finance, on its entry into a business combination agreement with Netfin Acquisition, a special purpose acquisition company targeting businesses in the fintech industry, resulting in Triterras Fintech becoming a Nasdaq listed company via a reverse takeover.
    • Advised Micro-D International and Novare Technologies on a stake sale in both businesses, through an auction process, with Advantage Partners, as the winning bidder, entering the company as a strategic investor through a complex holding structure.

    Indonesia > Foreign firms Tier 1

    Milbank has a strong presence in Indonesia and advises on high profile banking and finance, capital markets, M&A, projects and restructuring transactions. The capital markets team which includes Giles Kennedy who is well-regarded in the region and real estate has been a key area of sector focus for the team. The ‘excellent‘ corporate partner Jacqueline Chan specialises in the technology, consumer and financial services sectors. Managing partner David Zemans heads the corporate practice and showcases extensive experience in the energy sector, as does James Murray who focuses on resources finance and multi-sourced financings. Cross-border financings partner James Orme is also active in the energy space.

    Practice head(s):

    James Murray; David Zemans

    Other key lawyers:

    Testimonials

    ‘Expertise on project finance and market knowledge / application in Indonesia; commercial sensible approach; great on management of local counsel and local law issues; positive approach to work and clients.’

    ‘James Murray and his team work very well together as a team and are effective in allowing clients to work towards deadlines. Great understanding of legal issues and market positions.’

    ‘My go to for Indonesia and Southeast Asia experience. Deep relationships and knowledge in Indonesia.’

    ‘Jacqueline Chan is excellent. Very commercial. Creative structuring. Can help me navigate complex issues and make sure my downside is protected. Very personable so great in negotiations. ’

    ‘The team is very experienced in handling local matters and well versed in the Indonesian property market and its regulations. The fact that most of the Indonesian property companies are their clients speak volume to their experience and expertise in the subject.’

    ‘Giles and Jacqueline stands out for me as they were able explain and breakdown the different regulations both in Indonesia and Singapore that was important to the project. The client was able to relate to their explanations and the client trusted them completely. From our side, having lawyers that can relate and understand the commercial nature of restructuring is a massive plus.’

    ‘Milbank provides a very in-depth analysis of each situation and provides legal advise based on that. Client interest is always in their mind. I particularly like working with their senior partners. They have a diverse group of people.’

    ‘I work with David Zemans, their Asia head, James Murry and James Orme – the partners who are outstanding on banking side. I also work with Giles Kennedy – the partners who are very good from DCM side.’

    Key clients

    The Export-Import Bank of Korea (KEXIM)

    KSURE

    DBS Bank Ltd

    KDB Bank

    Bangkok Bank

    Bank Negara Indonesia

    Bank Mandiri

    Bank of China

    Maybank

    PT Bank Rakyat Indonesia Tbk

    KEB Hana Bank

    CIMB Bank

    Asian Development Bank

    International Finance Corporation

    MUFG

    SMBC

    PT Bank Mandiri (Persero) Tbk

    PT Supreme Energy Rantau Dedap (SERD)

    PT Alam Sutera Realty Tbk

    PT Bukit Makmur Mandiri Utama

    PT Adaro Indonesia / PT Adaro Energy Tbk

    Lippo Malls Indonesia Retail Trust Management Ltd.

    Credit Suisse

    Deutsche Bank

    Barclays

    Work highlights

    • Advised The Export-Import Bank of Korea (KEXIM) and KSure Commercial Banks: DBS Bank Ltd, KDB Bank, Bangkok Bank, Bank Negara Indonesia, Bank Mandiri, Bank of China, Maybank, PT Bank Rakyat Indonesia Tbk, KEB Hana Bank, CIMB Bank on the financing of the 2,000MW Jawa 9+10 power project in Suralaya, Indonesia which is being developed by PT Indo Raya Tenaga, a special purpose project company.
    • Advised joint bookrunners (Credit Suisse, DBS Bank, Deutsche Bank and Barclays) on the dual-tranche issuance of $1.1bn guaranteed senior secured green bonds.
    • Advising Indonesian energy company PT Adaro Indonesia on its new $400m loan facility.

    Vietnam > Foreign desks Tier 2

    Milbank has a strong track record in high-profile and landmark corporate deals in Vietnam, and it is also seen as a first port of call for advice on major projects, as well as finance transactions. It has been active in the market for more than three decades. The firm particularly stands out for its work in the aviation sector, as is reflected by the fact that it acts for aircraft and engine manufacturers, financiers and jet fuel suppliers, among other clients. VietJet is one of its key clients. Jacqueline Chan and aviation specialist Paul Ng are the names to note in Singapore. New York-qualified partner James Grandolfo, who leads the Hong Kong office, is another key practitioner.

    Testimonials

    ‘The team is very dedicated and understands very well clients’ needs.’

    ‘Partner Jacqueline Chan is very experienced and knowledgeable.’

    Key clients

    Masan Group Corporation

    Emergent Capital Partners

    VietJet

    Work highlights

    • Advised Masan Group Corporation on the sale of a minority stake in its consumer retail arm and food supply chain, VCM Services and Trading, to SK Group.  
    • Advised Emergent Capital Partners on the formation and management of a logistics-related investment vehicle in Vietnam with Goldman Sachs.
    • Advised Masan Group Corporation on the sale of a combined 5.5% stake in its integrated consumer retail arm, The CrownX.

    Philippines > Foreign firms

    Milbank’s Philippines practice has a long-standing reputation as a leader in cross-border capital markets, M&A, and project financing transactions, using its ‘vast expertise’ to advise on several landmark deals. In a major highlight, the firm advised global coordinators on the initial public offering of Monde Nissan Corporation, the country’s largest IPO to date. Practice head, James Grandolfo has over 20 years of experience advising on M&A transactions in major jurisdictions in Asia. Desiree Woo is highlighted for her ‘experience in EPC contracts and project finance’. With expertise in project finance, James Murray is a go-to individual for the financing of power, oil and gas, mining, telecoms, and other infrastructure projects.

    Practice head(s):

    Other key lawyers:

    Testimonials

    ‘Their lawyers have a great deal of experience in Asia for capital markets, project finance and debt work.’

    ‘Desiree Woo has vast experience in EPC contracts and project finance and is very responsive to all our needs.’

    ‘Milbank has been our engaged counsel for more than a decade. Mibank has comprehensive and in-depth knowledge and understanding of our companies’ businesses as they have been involved since the inception of our power projects. We are treated by Milbank as a valuable client at all times. Each legal matter referred to them was handled with utmost care and professionalism. We highly recommend this firm.’

    ‘Everyone at Milbank is professional, very insightful and kind especially Desiree Woo and Cesarea Singzon. We appreciate that they are very reliable, prompt and open for quick calls and updates/discussions. The rapport and guidance were outstanding at all times. They diligently worked through all of our legal questions and have provided us with sound, clear and practical legal advice on various issues.’

    Key clients

    BPI Capital

    Bank of America Merrill Lynch

    Citi

    Credit Suisse

    CLSA

    Converge Information and Communications Technology Solutions

    HSBC

    J.P. Morgan

    Metro Pacific Investments Corporation

    UBS

    Fast Logistics Corporation

    Micro-D International

    Rizal Commercial Banking Corporation

    Globe Telecom

    DDMP REIT

    GNPower Kauswagan

    GNPower Dinginin

    Aboitiz Power

    Power Partners

    Asian Development Bank

    Ayala’s AC Energy

    DBS Bank Ltd.

    Monde Nissin Corporation

    Work highlights

    • Advised UBS, Citi, Credit Suisse and J.P. Morgan as joint global coordinators on the Rule 144A/Reg S initial public offering of Monde Nissin Corporation on the Philippine Stock Exchange.
    • Advised Rizal Commercial Banking Corporation as issuer on its Regulation S issuance of $300m 6.50% non-cumulative subordinated Additional Tier 1 capital securities.
    • Advised Micro-D International and Novare Technologies on a minority/majority stake sale in both businesses, through an auction process.

    India > Foreign firms

    Milbank is in demand by major financial institutions, banks, ECAs and corporations in respect of substantial projects in the energy, telecoms, and infrastructure sectors. It counts major Asian and international banks among its clients in these areas as well as corporates such as Delhi International Airport. On the capital markets front, it is especially strong on debt matters; James Grandolfo (Hong Kong), who is US-qualified, is well known for his skills in respect of US issuances and project bond matters; equally well known is John Dewar in London who handles high-value, India-related project financings working with the gamut of banks and financial institutions and private equity houses, especially in the infrastructure and energy arenas. The practice has expanded considerably with the hires of transactional and finance specialists Andrew Whan and Neeraj Budhwani from Clifford Chance, and Davide Mencacci and John Bona from Linklaters – all based in Hong Kong.

    Practice head(s):

    Key clients

    Korea Trade Insurance Corporation (K-sure)

    Export-Import Bank of Korea (K-Exim)

    HSBC Bank plc

    SACE S.p.A.

    Japan Bank for International Cooperation

    KfW IPEX-Bank

    Deutsche Bank

    Delhi International Airport Limited

    International Columbia US, LLC

    Citigroup Global Markets Inc.

    The Hongkong And Shanghai Banking Corporation Limited

    GMR Hyderabad International Airport Limited

    JSW Hydro Energy Limited

    Work highlights

    • Advised the ECAs and commercial banks on nearly every one of Reliance Industries’ external borrowings in relation to Reliance Industries’ reorganisation of its oil-to-chemicals business into a special purpose vehicle, which is one of the biggest-ever reorganisations in India’s history.
    • Advised Deutsche Bank, Barclays, Citigroup, Credit Suisse, JPMorgan, Société Générale and Standard Chartered Bank as lead managers in connection with a 144A/Reg S project bond to be issued by JSW Hydro Energy Limited (“JSW HEL”).
    • Advised Delhi International Airport Limited (“DIAL”) in connection with its issuance of Rupee denominated non-convertible debentures (“NCDs”) to Cliffton Limited.