Milbank > Hong Kong, Hong Kong > Firm Profile
Milbank Offices
30/F ALEXANDRA HOUSE, 18 CHATER ROAD
CENTRAL
HONG KONG
Hong Kong
Milbank > The Legal 500 Rankings
Hong Kong > Banking and finance Tier 2
The addition of Davide Mencacci and John Bona has significantly boosted Milbank’s presence in the market, effectively capitalising on the firm’s extensive finance capabilities across the US and Europe to the benefit of a clientele with a focus on lenders. Mencacci, who leads the practice, holds strong and longstanding relationships on both the creditor and debtor side, frequently advising private equity firms, investment banks, lenders, and credit funds. Bona’s arrival, aligned with a focus on private equity, has propelled the firm’s leveraged and acquisition practice to a prominent position in the market. Both lawyers have recently been involved in valuable creditor-side work across Asia and Europe, securing roles on prominent LBO transactions in the Asian market and bringing their sophisticated expertise in European and NY financial products to Asian creditors. The team’s proficiency across a wide range of financial products, including bank/bond, bridge to bond, unitranche, and processes involving the US Term Loan B market, is another notable advantage, offering a level of adaptability highly sought after in the market.Practice head(s):
Davide Mencacci
Other key lawyers:
John Bona; Daniele Sutto
Testimonials
‘Expert knowledge, deep experience, commercial and solutions-focused’.
‘The practice is led by Davide Mencacci, working with his long-time lieutenant John Bona, with a prior strong track record of working together at Linklaters. Davide and John have successfully expanded the scope of their practice to India and SEA over the past few years. They are both highly-experienced, very knowledgeable and thoughtful, as well as commercial in their approach to negotiations and strong focus on finding consensus to be able to get transactions over the line.’
Key clients
Permira
BPEA EQT (formerly Barings Private Equity Asia and EQT Asia)
CVC
Carlyle
Hillhouse
KKR and KKR Credit
PAG
Goldman Sachs (IBD and MBD)
HSBC
JP Morgan
Canada Pension Plan Investment Board (CPPIB)
Partners Group
Pierfront Capital
Digital Edge (a Stonepeak fund)
BNP Paribas
Deutsche Bank
DBS
Bank of China
China Construction Bank
Nomura
Work highlights
- Advising the mandated lead arrangers in connection with the US$1.66bn US Term Loan B acquisition financing to BPEA EQT (formerly Barings Private Equity Asia) for the merger of Vistra Group and Tricor Group.
- Acted for the lenders in the US$605m financing for the acquisition of HCP Packaging, a major PRC-based global cosmetics packaging company.
- Advised a lender group of international financial institutions as the mandated lead arrangers in relation to the US$220m term loan and US$40m revolving facility financing of Platinum Equity’s acquisition of Hop Lun Limited, a Hong Kong-headquartered women’s fashion company.
Hong Kong > Capital markets (debt) Tier 2
The ‘professional and efficient’ team at Milbank handles a range of DCM work for issuers and underwriters both in relation to Hong Kong and China, as well as across numerous other Southeast Asian capital markets regimes. Alex Tao has been pivotal to growing the amount of China-related work handled by the firm and since arriving in mid-2020 has effectively targeted real estate high yield issuers, as well as handling an increasing volume of investment grade mandates. James Grandolfo co-heads the team alongside Tao and continues to thrive on behalf of underwriting banks, in particular, on Philippines-related DCM work.Practice head(s):
James Grandolfo; Alex Tao
Other key lawyers:
Paul Pery; York Wu
Testimonials
‘The team is professional and efficient.’
‘They provide us with the latest legal advice on the latest market conditions at any time.’
‘Alex Tao has deep industry knowledge and provides high-quality advice.’
Key clients
JPMorgan
Morgan Stanley
UBS
Deutsche Bank
Barclays
Goldman Sachs
HSBC
BPI Capital
CLSA
Credit Suisse
Citigroup
Bank of America Merrill Lynch
Mizuho Securities
SMBC Nikko
Standard Chartered Bank
BNP Paribas Securities (Asia) Limited
Australia and New Zealand Banking Group Limited
Haitong Securities
Yanlord Land (HK) Co., Limited
Limak İskenderun Uluslararası Liman İşletmeciliği A.Ş.
Glory Land Holdings
GCL New Energy Holdings Limited
Shandong Gold Group Co., Ltd
SMC Global Power Holdings Corp.
China Vanke
Work highlights
- Represented BPI Capital and Credit Suisse with respect to an all cash tender offer for 5.125% guaranteed undated notes issued by Ayala Corporation up to a tender cap of $100m.
- Representing Shandong Gold Financial Holdings Group (Hong Kong) Co., Limited on the proposed issuance of USD perpetual bonds by its wholly-owned SPV which will be guaranteed by Shandong Gold Group Co., Ltd.
- Acted for Vanke Real Estate (Hong Kong) in the 2022 annual update and drawdown offerings under its $9.5bn medium term note programme.
Hong Kong > Private equity Tier 3
The team at Milbank is known for handling a broad range of issues for investors in a number of industries, including financial services, e-commerce, and telecoms. Praised for being ‘solid and dependable', Andrew Whan has longstanding expertise in advising clients on public take-private deals concerning unicorn companies, and digital infrastructure transactions in the Philippines. Neeraj Budhwani is a ‘strong lawyer' who is noted for his expansive knowledge in leveraged buyouts, PIPE disposals, and structured exits, often acting for investment banks and private equity funds.Practice head(s):
Andrew Whan; Neeraj Budhwani
Other key lawyers:
James Feng
Testimonials
‘Neeraj Budwhani is a strong lawyer and counsellor.’
‘Andrew Whan and Neeraj Budhwani are both good lawyers.’
‘Andrew Whan and Neeraj Budhwani are solid and dependable.’
Key clients
CVC Capital Partners
Baring Private Equity Asia
Permira
Goldman Sachs
The Carlyle Group
PAG Capital
AGP International Holdings Ltd
Maso Capital Partners Limited
Advantage Partners
Platinum Equity
ADV Partners
Caisse de dépôt et placement du Québec
Green Transition Partners Limited
Trustroot Internet Private Limited
Nexus Point Capital
Work highlights
- Advised telecommunications provider PLDT Inc. and its subsidiaries Smart Communications, Inc. and Digitel Mobile Phils., Inc. on the PHP9.2 billion sale of 650 telecom towers and related passive infrastructure to Unity Digital Infrastructure Inc., a joint venture between AboitizInfraCapital, Inc. and private markets firm Partners Group.
- Advised GTP Holdings Limited on its sale of Green Transition Partners Limited, an asset manager dedicated to energy transition infrastructure in Asia, to HSBC Global Asset Management (Hong Kong) Limited.
- Advised Globe Telecom Inc. in connection with a joint venture partnership with ST Telemedia Global Data Centres and Ayala Corporation for the development, construction and operation of data centre projects in the Philippines.
Hong Kong > Projects and energy Tier 3
Based across Beijing and Hong Kong, Milbank's projects team acts for Chinese and international companies, excelling in providing representation for lenders and sponsors across South America, Europe, Africa, and Asia. The team also plays a role in the decarbonisation of the industry, advising on a number of government ventures to advance renewables projects. Leading the team are Desiree Woo, focusing on power generation and natural resources, and Beijing-based Shephard Liu, who is especially prominent in acting for Chinese lenders and export credit agencies. Both admitted to practice in New York, associates Jenny Zhang and Marco Ying are also notable members of the practice.Practice head(s):
Shepard Liu; Desiree Woo
Other key lawyers:
Testimonials
‘Strong communication skills for the benefit of clients.’
‘Desiree Woo has been working with us for many years, which has been reflected in timely and efficient communication and effective submission of proposals.’
‘Experienced in projects.’
‘Desiree Woo and Jenny Zhang are very rational and their understanding was very clear. Their responses were also prompt, and they consistently made an effort to ensure that they provided us with the understanding we expected.’
‘The team’s capabilities to provide an understanding of the project, legal and financial areas, and offer suggestions, were impressive. They consistently made efforts to persuade counterpart lawyers and parties.’
Key clients
The Export-Import Bank of China
Industrial and Commercial Bank of China
Shandong Electric Power 3
Asian Development Bank
PT Amman Mineral Industri
GNPower Ltd
BOC
PT Supreme Energy Rantau Dedap
HTG Development Group
S. Alam Group
Nebras Power
Work highlights
- Advising CEXIM on the EUR190m financing of the Dabar hydropower project in the Republic of Srpska, Bosnia and Herzegovina.
- Advising Asian Development Bank and other lenders on the Monsoon 600 MW wind project, a greenfield wind power project which will sell power from Lao into Vietnam under a long term PPA with EVN as off-taker.
- Advising The Export-Import Bank of China on the US$200m term loan facility to Banco do Brasil S.A.
Hong Kong > Capital markets (equity) Tier 4
Under the leadership of James Grandolfo, Milbank has developed a strong and successful practice advising issuers and underwriters on capital markets work in various venues throughout Southeast Asia. On the ECM front, the ‘personable, professional, relentless and trustworthy’ Hong Kong team has been particularly active advising on Philippines-related work, with the ‘outstanding’ Paul Pery and counsel Ari Singzon key members of the team.Practice head(s):
James Grandolfo
Other key lawyers:
Testimonials
‘The team has a top-notch Philippines equity practice.’
‘The team are personable, professional, relentless and trustworthy. You won’t make a mistake recommending them to clients tapping the Philippine equity markets.’
‘Paul Pery and Ari Singzon are outstanding and always helpful and responsive.’
Key clients
BofA Securities
Morgan Stanley
Deutsche Bank
China Bank Capital
HSBC
BPI Capital
CLSA
Credit Suisse
BDO Capital
Bank of America Merrill Lynch
Nomura Singapore Limited
CIMB Investment Bank Bhd,
Macquarie Capital Securities (Singapore) Pte Limited
Maybank Kim Eng Securities Pte. Ltd.
PNB Capital and Investment Corporation
Standard Chartered Bank
BNP Paribas Securities (Asia) Limited
Investment & Capital Corporation of the Philippines,
RCBC Capital Corporation
Monde Nissin Corporation
Filinvest Land, Inc. and Filinvest REIT Corp.
Australia and New Zealand Banking Group Limited
DDMP REIT, Inc
Synergy Grid & Development Phils., Inc.
MREIT, Inc.
Citicore Energy REIT Corp.
Masan Group Corporation
Work highlights
- Advised the joint global co-ordinators and joint domestic underwriters on the PHP40bn stock rights offering by UnionBank of the Philippines.
- Advised the joint bookrunners on the $125m Regulation S IPO of Citicore Energy REIT Corp.
Hong Kong > Corporate (including M&A) Tier 5
Milbank’s ‘deeply experienced' team handles a broad range of private equity driven transactions across the Southeast Asian region, with an emphasis on the healthcare, e-commerce, and leisure and lifestyle product sectors. ‘Highly skilled advisor' Andrew Whan co-leads the team alongside Neeraj Budhwani. Whan primarily focuses on transactions within the telecoms sector, and often acts for private equity funds and corporates in take-privates; and Budhwani handles numerous leveraged buyouts and public to private transactional matters, with emphasis on the financial services sector. James Grandolfo is noted for having broad knowledge spanning SPAC mergers, and de-SPAC issues within the consumer goods and banking sectors. Dual qualified in the US and the Philippines, Paul Pery assists clients with issues relating to US securities law, with a strong focus on the oil and gas sector within the Philippines, Singapore, and India.Practice head(s):
Andrew Whan; Neeraj Budhwani
Other key lawyers:
James Grandolfo; Paul Pery; James Feng
Testimonials
‘A team of deeply experienced practitioners who go way beyond providing simple legal advice.’
‘Andrew Whan is a highly skilled adviser and is great to work with. Provides advice in clear, simple terms even when dealing with complex matters.’
‘The team has unparalleled technical ability and experience across all sectors in the market. They give you every confidence that your transaction will be handled quickly and efficiently with them at the helm.’
‘Neeraj Budhwani and Andrew Whan are exceptional operators in this field. Again, their technical abilities, market experience and client service are excellent.’
Key clients
PLDT Inc.
Globe Telecom Inc.
Unispace
Union Bank of Philippines
Galaxy Entertainment Group Limited
Hong Kong Broadband Limited
Goldman Sachs
Green Transition Partners Limited
Trustroot Internet Private Limited
CVC Capital Partners
Baring Private Equity Asia
PAG Capital
Okada Manila International, Inc.
AGP International Holdings Ltd
Maso Capital Partners Limited
Nexus Point Capital
Work highlights
- Advised telecommunications provider PLDT Inc. and its subsidiaries Smart Communications, Inc. and Digitel Mobile Phils., Inc. on the PHP9.2 bn sale of 650 telecom towers and related passive infrastructure to Unity Digital Infrastructure Inc., a joint venture between Aboitiz InfraCapital, Inc. and global private markets firm Partners Group.
- Advised GTP Holdings Limited on its sale of Green Transition Partners Limited, an asset manager dedicated to energy transition infrastructure in Asia, to HSBC Global Asset Management (Hong Kong) Limited.
- Advised Globe Telecom Inc. in connection with a joint venture partnership with ST Telemedia Global Data Centres and Ayala Corporation for the development, construction and operation of data centre projects in the Philippines.
Philippines > Foreign firms Tier 1
Milbank covers the full spectrum of transactional work involving the Philippines from corporate and capital markets work to advising on major projects, which often have a significant cross-border dimension. Clients include top international financial institutions, and the firm regularly acts for the sponsors and lenders on these landmark deals. Hong-Kong-based James Grandolfo has a wealth of experience in capital markets, M&A, and private equity matters across Asia, and leads the team together with James Murray, who is based at the Singapore office and is particularly active in the Philippines on major power projects. Paul Pery plays a pivotal role in significant capital markets transactions. Another notable member of the practice is Desiree Woo who is active in the project, energy and infrastructure finance group and is based at the Hong Kong office.Practice head(s):
James Grandolfo; James Murray
Other key lawyers:
Paul Pery; Desiree Woo; Jenny Zhang
Testimonials
‘What makes Milbank unique is their unwavering commitment to understanding our project inside and out. Their specialisation provides us with unparalleled access to legal expertise.’
‘We have worked with the infrastructure team who are well conversant with the industry practice and have high negotiation skills. Milbank uses cutting-edge technology that ensures efficiency and informed decision-making, while their collaborative culture means we benefit from a collective pool of knowledge.’
‘We also appreciate their commitment to diversity, which fosters client-centred and focused solutions customised for the client. Overall, Milbank’s blend of expertise, innovation, and client-centric values sets them apart in the legal world.’
‘The individuals I work with at Milbank truly stand out. Their expertise in our industry, like Desiree Woo and Jenny Zhang, and their dedication to our needs have been impressive. They explain complex legal matters clearly and work seamlessly together as a team. ‘
‘They are highly knowledgeable and hardworking and respond very timely. They also embrace new ideas and solutions that work best for us, staying ahead of the curve. Overall, it’s their industry knowledge, teamwork, and commitment that make them our trusted legal partners.’
‘Understand the requirements, thorough but easy to understand, and always find solutions.’
Key clients
Bank of America Merrill Lynch
Citi
Credit Suisse
CLSA
CLSA Exchange Capital, Inc.
Union Bank of the Philippines
HSBC
J.P. Morgan
DBS Bank Ltd.
ING Bank
Standard Chartered Bank
UBS
Asian Development Bank
GNPower Dinginin Ltd. Co
GNPower Kauswagan
PLDT Inc.
Globe Telecom Inc.
Filinvest Land, Inc.
Filinvest Land REIT Corp.
Monde Nissin Corporation
International Container Terminal Services, Inc.
BPI Capital Corporation
Atlantic Gulf & Pacific Group
DDMP REIT, Inc.
Okada Manila International, Inc.
Megaworld
SMC Global Power Holdings Corp.
Citicore Energy REIT
Synergy Grid & Development Phils., Inc.
AYC Finance Limited
ACEN Finance Limited
Work highlights
- Advised telecommunications provider PLDT Inc. and its subsidiaries Smart Communications, Inc. and Digitel Mobile Phils., Inc. on the sale of 650 telecom towers and related passive infrastructure to Unity Digital Infrastructure Inc. for a consideration of approximately PHP9.2bn.
- Advised telecommunications provider PLDT Inc. and its subsidiaries Smart Communications, Inc. (“Smart”) and Digitel Mobile Philippines, Inc. in the sale of 5,907 telecom towers and related passive infrastructure to subsidiaries of international groups, edotco Group and EdgePoint Infrastructure for PHP77bn.
- Advised Globe Telecom Inc. in connection with a joint venture partnership with ST Telemedia Global Data Centres and Ayala Corporation for the development, construction and operation of data centre projects in the Philippines.
China > Projects and energy: foreign firms
Milbank has established a robust presence in representing both commercial banks and state-owned entities, including acting for Chinese export credit agencies in projects spanning Latin America, Africa, and Europe, and acting for project companies and contractors across regions like Europe, the Middle East, and parts of Asia. Shepard Liu, a ‘true leader’ renowned for his work with Chinese lenders and export credit agencies, heads the practice. Desiree Woo, operating from the Hong Kong office, handles matters involving Chinese sponsors and financial institutions across Asia with ‘professionalism, efficiency and effectiveness’, and extends her expertise to sponsors in Southeast Asia. Associate Jenny Zhang brings to the table her vast experience in advising various project participants in large-scale infrastructure projects across oil and gas, transportation and other sectors. Recent addition Associate Marco Ying, formerly of White & Case Hong Kong, has a strong background in infrastructure finance, representing a wide spectrum of clients from international banks to private equity sponsors.Practice head(s):
Shepard Liu
Other key lawyers:
Desiree Woo; Jenny Zhang; Marco Yang
Testimonials
‘Milbank has a set of team members across various specialisations like corporate financing, project financing, EPC projects in mining, power and its related infrastructure. This helps clients with such diverse needs access legal advice in one place. This helps in sharpening the various agreements, documentation leading to effective results.’
‘These individuals uniquely stand out as they are able to precisely identify the client needs and work to provide high-quality solutions in the shortest possible time.’
‘Shepard Liu and his team have been working with us for many years. The team is capable, diligent and considerate. The team is responsive to our requests and needs. We are very impressed with the team’s creativity in resolving difficult legal and commercial issues.’
‘Shepard Liu is one of the few top legal experts we have ever worked with. He is a true leader in acting for our interest and resolving difficult issues creatively. He is commercially wise, legally able, and hands-on.’
‘Excellent quality of legal work, responsiveness on requests, and combined high legal skills and sound commercial sense.’
‘Desiree Woo has been working with us with her professionalism, efficiency and effectiveness for many years.’
‘The work is efficient, the partners and team lawyers are very professional, and they can quickly respond to customer needs and provide legal advice and services.’
‘I have worked with Shephard Liu and associate Marco Yang. The team’s strengths include high work efficiency, strong comprehension ability, and well-developed local law firm resources, all of which enable them to quickly respond to our needs and provide professional legal services.’
Key clients
The Export-Import Bank of China (CEXIM)
Industrial and Commercial Bank of China
Shandong Electric Power 3 (SEPCOIII)
Asian Development Bank
PT Amman Mineral Industri
GNPower Ltd
BOC (Central and Eastern Europe)
PT Supreme Energy Rantau Dedap (SERD)
HTG Development Group
S. Alam Group
Nebras Power
Work highlights
- Advising CEXIM in connection with EUR 190 million financing of the Dabar hydropower project in the Republic of Srpska, Bosnia and Herzegovina.
- Advising Asian Development Bank and other lenders in connection with the Monsoon 600 MW wind project, a greenfield wind power project which will sell power from Laos into Vietnam under a long-term PPA with EVN as offtaker. The EPC contractor is PowerChina International.
- Advising The Export-Import Bank of China (CEXIM) on the US$200mln term loan facility to Banco do Brasil S.A..
India > Foreign firms
Acting for global financial institutions and domestic and international companies in the steel, energy, and infrastructure sectors, Milbank’s India practice stands out for its expertise in capital markets, projects, and financing work. Practice co-head James Grandolfo, in Hong Kong, has a broad debt and equity practice and leads on corporate and M&A instructions, while co-head John Dewar takes point on project finance from the firm’s London office. In Singapore, Giles Kennedy and new partner Terrence O’Donnell are recommended for their IPOs, share placements, and high-yield bonds expertise.Practice head(s):
James Grandolfo; John Dewar
Other key lawyers:
Terrence O’Donnell; Giles Kennedy
Key clients
Citigroup Global Markets Inc.
Deutsche Bank
HSBC
JP Morgan
Credit Suisse
MUFG
Mizuho Securities
Barclays
Standard Chartered Bank
Société Générale
Axis Bank
BNP Paribas
State Bank of India
Trustroot Internet Private Limited
Delhi International Airport Limited
GMR Hyderabad International Airport Limited
JSW Infrastructure Limited
JSW Steel Limited
JSW Hydro Energy Limited
AGP International Holdings Ltd
Korea Trade Insurance Corporation (K-sure)
Export-Import Bank of Korea (K-Exim)
SACE S.p.A.
Japan Bank for International Cooperation
KfW IPEX-Bank
Columbia Pacific Management, Inc.
Work highlights
- Advised HSBC as the facility agent, and other participating commercial banks, with respect to US$750 million facilities for Reliance Jio Infocomm Limited for its project to update India’s wireless network to 5G.
- Advised the Atlantic Gulf & Pacific Group in relation to an equity investment by Osaka Gas and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development of up to US$120 million in AG&P’s city gas joint venture business known as AG&P City Gas.
- Advised JSW Infrastructure Limited in connection with its debut Rule 144A/Regulation S offering of US$400 million 4.95% senior secured notes due 2029.
Vietnam > Foreign desks
Milbank’s 9-strong Vietnam practice, jointly led by Jacqueline Chan in Singapore alongside Hong Kong-based James Grandolfo, has considerable experience handling high-end transactions in Vietnam. The firm has a strong presence in the Asia Pacific region, including in Singapore, Hong Kong, Beijing, and Tokyo, and continues to gain traction in Ho Chi Minh City, specialising in energy and infrastructure, capital markets, technology, aviation, and commercial mandates. Chan regularly acts for financial institutions, corporates, investment funds, and private equity funds in relation to cross-border matters throughout Asia. With capital markets, M&A, and private equity expertise, Grandolfo heads the firm’s Hong Kong office and having helped launch the firm in the Philippines, is now active in Vietnam.Practice head(s):
Jacqueline Chan; James Grandolfo
Testimonials
‘Jacqueline Chan is very experienced and pragmatic, she finds resolutions instead of creating issues.’
‘Jacqueline Chan is a sophisticated attorney with a depth of knowledge on a broad range of critically important matters.’
‘Not only is Milbank good in respect of subject matter knowledge, but they’re also great in client relations. They are very responsive and business-friendly.’
Key clients
Masan Group Corporation
UBS
ADB
Australia and New Zealand Banking Group, Ltd
Emergent Capital Partners
VietJet
Work highlights
- Advising Asian Development Bank and other lenders in connection with the Monsoon 600 MW wind project, a greenfield wind power project which will sell power from Lao into Vietnam under a long term PPA with EVN as off-taker.
- Advised Masan Group Corporation in its US$65m investment in Trusting Social Company JSC, a Singapore and Vietnam-based credit scoring startup.
- Advising ANZ, HSBC, KEXIM and K-SURE in connection with a US$1bn term loan facility for LG Display Vietnam Haiphong Co., Ltd.
Lawyer Profiles
Photo | Name | Position | Profile |
---|---|---|---|
James Grandolfo | Partner | View Profile | |
Paul Pery | Partner | View Profile | |
Alex Tao | Partner | View Profile | |
Desiree Woo | Of Counsel | View Profile |
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Firm Rankings
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