Specializing in cross-border project finance and development, the global project, energy, and infrastructure finance group at Milbank has cemented itself as go-to for debt and equity investors, private sponsors, and government lenders. The department has a robust offering which, alongside project finance and development, covers energy restructuring, M&A, and joint ventures, as well as investments, dispositions, and greenfield development. With experience advising on a wide variety of energy assets, the team has an impressive client roster comprised of notable names from the financial services, energy, and infrastructure sectors including the likes of Deutsche Bank AG. Co-heading the practice in New York are Daniel Bartfeld and Daniel Michalchuk, both of whom share extensive experience leading on international project financings. Also in New York, Bill Bice and Jeffrey Leider stand out for their aptitude in the development, financing, and acquisition of power generation and transmission projects, while Los Angeles’ Henry Scott is noted for his prowess in handling transactions involving tax credits. Other key practitioners in the group include Michael Duff , Kristine Wang, and Timothy Wendling, all of whom are based in Los Angeles, as well as Sean O’Neill, Micaela McLean, and Rhys Howard, all of whom are based in New York.
Representing BNP, Mizuho, and MUFG in connection with an acquisition financing in which Global Infrastructure Partners will purchase Eversource’s 50% equity interest in the South Fork and Revolution offshore wind projects being developed by Orsted.
Represented BNP Paribas, Crédit Agricole Corporate and Investment Bank, Natixis, New York Branch, and Sumitomo Mitsui Banking Corporation in connection with the financing of a 150 MWAC solar photovoltaic energy generating facility and combined 300 MWAC solar photovoltaic energy generating facility and 1200 MWh battery energy storage system to be developed and constructed in Maricopa County, Arizona.
Recently handling dividend recapitalizations and LBO financings, Milbank is highlighted for its expertise in private credit unitranches. The firm is also geared to handle high-yield, mezzanine, and bridge financing transactions, as well as exit financings. In New York, Marcus Dougherty oversees the practice and has deep experience in cross-border and acquisition financings. Dougherty is also a key contact for Goldman Sachs, Deutsche Bank, Barclays, Morgan Stanley, and HSBC as lead arrangers of syndicated senior secured credit facilities. Lauren Hanrahan often advises lenders in acquisition financings, recapitalizations, exit facilities, as well as special situation financings. Her recent work highlights include a $1.88bn cross-border financing for the $6.5bn merger of BPEA EQT’s firms Vistra and Tricor. Charles Stern is well-versed in acquisition financing, leveraged recapitalizations, mezzanine financings, and debt restructuring. Stern is notably experienced in private credit transactions for both direct lenders and investment banks.
Advised Bank of Montreal as the administrative agent and left lead arranger on the $3+ billion financing of Advent International’s acquisition of Canada-based global payments processor Nuvei Corporation.
Advised private credit financing sources on PAI Partners’ acquisition of Audiotonix.
Advised various financing sources, including Oak Hill Advisors and BMO Capital Markets, in connection with Carlyle’s (NASDAQ: CG) $1.5 billion acquisition of Worldpac, Inc.
Able to draw on support from the firm’s global platform, Milbank is a key port of call for clients across the energy, insurance, and real estate sectors. Notably, the firm is vastly experienced in acquisition financing, jumbo unitranches, and initial leveraged buyouts. Marcus Dougherty oversees the firm’s leveraged finance practice and is knowledgeable of financing surrounding private equity LBO transactions, he is also a key port of call for leveraged buyouts, exit facility financing, and company loans. Lauren Hanrahan acts for banks and other direct lenders in debtor-in-possession, recapitalizations, and secured lending transactions, while Charles Stern is versed in holding company loans, leveraged recapitalizations, and private credit transactions. All individuals mentioned operate in New York.
Advised private credit financing sources on a $1.5 billion debt package for PAI Partners’ acquisition of Audiotonix.
Advised GoldenTree Asset Management on a strategic refinancing transaction for global biotech company Alvotech, involving a senior secured first lien term loan facility of up to $965 million.
Advised various financing sources, including Oak Hill Advisors and BMO Capital Markets, in connection with Carlyle’s (NASDAQ: CG) $1.5 billion acquisition of Worldpac, Inc.
Milbank continues to be a destination firm for high-end banks, financial services providers, and financial sponsors seeking counsel on a range of domestic and international project financings, acting on both early stage and operational assets. Across power and energy developments (including conventional and renewable energy), oil and gas projects, and natural resources the practice is at the forefront of financing matters, acting in some of the highest-value projects using innovative structures. Infrastructure matters also take up a substantial share of the workload for the global project, energy and infrastructure finance department. Data centers remain a strong focus for the team, with transport hubs also frequently seen in its slate of work. Dan Bartfeld ‘stands out as a preeminent figure in the project finance sector’ and acts on a wide range of power, digital infrastructure, transport, and energy-related matters. He co-leads the group with Dan Michalchuk, whose focus is on the energy and power side. Veteran of the energy project finance scene, Bill Bice is also a key figure, and Jeffrey Leider has project and structured finance expertise, with notable activity in conventional power projects. Digital infrastructure is a focus for Jaime Ramirez, and Roland Estevez is a further contact to note for financial institutions, multinationals and developers. Talia Lake departed to Herbert Smith Freehills Kramer LLP in Sydney in March 2024, and Javad Asghari left in April 2024.
‘What sets Milbank apart is its deep understanding of both legal intricacies and the technological landscape of modern infrastructure projects. Potential clients would be impressed by the team’s ability to structure innovative financing solutions that address the specific challenges of data center development and operation. The practice’s key strengths lie in its multidisciplinary approach, combining expertise in project finance, real estate, technology law, and regulatory compliance.’
‘Dan Bartfeld stands out as a preeminent figure in the project finance sector. His work with us on various portfolio company financings exemplifies his expertise and the value he brings to complex transactions. What sets Dan apart is his exceptional ability to navigate intricate financial structures while maintaining a keen understanding of the energy industry’s nuances. His approach combines deep legal acumen with strategic business insight, allowing him to provide solutions that are not only legally sound but also commercially viable. I would also like to call out Jaime Rodriguez, who has been a great partner as well.’
Key clients
Barclays
Santander Mexico
Morgan Stanley
BNY Paribas
MUFG Band Ltd
Royal Bank of Canada
Valia Energia
LS Power
Tiger Infrastructure Partners LP
First-Citizens Bank & Trust Company
Macquarie
InfraRed
Invex Capital
CoBank, ACB
BBVA Mexico
Citibank
JPMorgan Chase Bank
Bank of Nova Scotia
Banco Santander
Sumitomo Mitsui Banking Corporation
Credit Agricole
MUFG Bank, Ltd.
TD Securities
Mizuho Bank, Ltd.
Banco Bilbao Vizcaya Argentaria, S.A.
Work highlights
Represented Barclays, BBVA Mexico, Santander Mexico, SMBC, NAFIN and Bancomext as lenders and BBVA Mexico as hedge coordinator in the acquisition by the Mexican Government of 12 CCGT power plants.
Represented MUFG Bank, Ltd. as Administrative Agent and Coordinating Lead Arranger in the refinancing of an existing credit facility supporting an operating natural gas-fired, combined cycle power generation facility with a nominal rating of 819 MW located in Oxford, Connecticut.
Advised the lenders and the initial purchasers on a $500m secured bond offering and related $440m loan extended to Aeropuertos Dominicanos Siglo XXI, S.A., a subsidiary of Vinci Airports S.A.S., in connection with the operation and expansion of airports in the Dominican Republic.
Milbank is a market leader in corporate restructurings and Chapter 11 cases, both domestic and cross border. It advises a range of companies, creditors’ committees, financial institutions, funds and trustees. It is particularly strong in representing creditors’ committees and ad hoc groups of lenders and note holders, though continues to make headway in advising companies. It is also further noted for its bankruptcy court experience and continues to land substantial Chapter 11 cases, despite a recent slowdown across the market. Recent landmark restructurings and Chapter 11 cases for the firm include GOL Airlines, Enviva and Steward Healthcare. It has an established team spread across its New York, Washington DC and Los Angeles offices. Practice group leader of the financial restructuring group Dennis Dunne, has a long history of representing companies and creditors in large restructurings and out-of-court workouts. Co-leader of the global financial restructuring group, Evan Fleck is another big name, who represented Avianca Airlines in its Chapter 11 reorganization and $2bn debtor-in-possession financing. Samuel Khalil continues to earn accolades from the market, particularly for company-side matters, while Nelly Almeida, Matthew Brod and Michael Price are also key members of the team. Jaimie Fedell has joined from Kirkland & Ellis LLP, while Atara Miller is noted for bankruptcy litigation. All named individuals are based in New York.
Milbank‘s team’s workload spans the range of telecoms-related transactions, with a notable specialism in the power sector. Primarily based in New York, the team is well-placed to advise a diverse range of clients across the industry, from developers and operators to institutional investors and infrastructure funds. Acquisitions, investment in new tech and asset-backed securitizations are just a few examples of the mandates frequently handled by the firm. Dan Bartfield heads the global project, energy and infrastructure finance practice and undertakes transactional matters for an impressive roster of financial institutions, investment firms, multinational companies and developers. Jaime Ramirez specializes in acquisition and the development work, particularly in relation to energy and infrastructure projects, particularly digital infrastructure. Roland Estevez advises financial institutions, multinationals and developers on the broad range of transactional matters. Tim Fitzpatrick undertakes matters on project development and limited recourse financings and Sean O’Neill covers domestic and cross-border financings and investment transactions within the industrial sector. In Washington DC, Patrick Campbell handles transactional matters within the digital infrastructure sector and Dara Panahy leads the transportation and space group.
Represented Switch, Inc. in connection with a $4.25bn borrowing base facility, the proceeds of which will be used to finance the ongoing development of its data center platform in the US.
Represented Société Générale in connection with the financing of the construction and operation of an additional 16MW data center facility in Quebec, Canada, drawing nearly 100% hydroelectric power, bringing the total Vantage QC Campus to 53MW of critical IT Load.
Represented the Lenders and Agents in connection with the financing of the development, construction and operation of a data center in Santa Clara, CA, which will have a capacity of 72 MW.
Milbank is highly regarded for its expertise in corporate criminal investigations, representing both individuals and corporations. The firm handles government investigations in sectors like securities, commodities, banking, and financial services, dealing with cases involving antitrust violations, bribery, money laundering, data breaches, and sanctions violations. The firm is experienced in regulatory and court proceedings, representing clients in interviews, testimony, and trials before U.S. and international regulators. Many attorneys have significant trial experience. The practice also excels in corporate internal investigations, advising companies and boards on governance and compliance. Notable attorneys include George Canellos , who represents financial institutions in investigations and litigation, and James Cavoli , who handles complex internal investigations and parallel matters from multiple agencies. Nola Heller represents institutional clients in high-stakes investigations, including cryptocurrency-related cases. Tawgiq Rangwala focuses on defending clients in regulatory and criminal enforcement proceedings, as well as managing internal investigations involving sensitive workplace matters. Gurbir Grewal , Olivia Choe and Joshua Sterling joined the firm in 2024.
‘The team is highly talented and often takes a leading role when multiple legal firms are involved. The entire team’s responsiveness is unmatched. Thoughtful. Their commercial knowledge is extremely valuable.’
‘Their team is exceptionally well-regarded by their peers in the industry. James Cavoli dives deep into the critical elements of the case to understand them completely. He takes the time to understand your perspective and advocates for you. George Canellos proactively manages the legal themes and path for your situation. He effortlessly delivers his experience, insight, and legal acumen while advocating for you.’
‘Incredibly knowledgeable with industry defining case experience. A combination of brilliance and experience helped position the Millbank team in a differentiated and leadership position within the case. The partners had held leadership positions in the respective government agencies. The partners made themselves incredibly available throughout the case working on every level of the work-streams which left me with complete faith in their abilities to defend my corner.’
‘James Cavoli was exemplary throughout the case. He had an incredible grip on all the key work streams and was in the details such that he knew the content and law frankly better than the agencies we were up against. He was tenacious while also being able to collaborate well with other counsels to our benefit. His experiences at the other agencies were hugely differentiating and really aided our ability to deliver the outcome of choice. And finally, his work ethic was second to none.’
Key clients
PLDT, Inc.
CQC Impact Investors LLC
Infinity Q Capital Management
Binance.US
Off-Channel Communications Matters (Royal Bank of Canada; Fitch Group; First Trust; Guggenheim)
SEC Highlights
Work highlights
Represented CQC in a pathbreaking investigation that resulted in the first-ever federal prosecution and enforcement action connected to the newly emerging carbon markets, and the indictment of CQC’s former CEO by the US Attorney’s Office for SDNY on commodities, securities and wire fraud charges
Advised on an internal investigation into the circumstances surrounding elevated levels of capital expenditure commitments disclosed by PLDT—one of Asian’s largest telecommunications companies—to the market.
Represented Infinity Q in DOJ, SEC, and CFTC investigations, and continues to represent the firm in ongoing class action litigation and other civil actions, concerning allegedly inflated valuations of the assets of the Infinity Q Volatility Alpha Fund (“VAF” or the “Hedge Fund”) and the Infinity Q Diversified Alpha Fund (“DAF” or the “Mutual Fund”) (collectively, the “Funds”).
Successfully represented an individual accused of criminally possessing stolen handwritten lyrics to songs from the Eagles’ 1976 album “Hotel California.”
Represented a former KPMG partner in a high-profile matter brought by the U.S. Attorney’s Office for the Southern District of New York.
Subsumed within the firm’s broad-based litigation and arbitration practice group, which is headed from New York by Alexander Lees, Milbank‘s securities litigation offering is very well-placed to represent issuers, underwriters, individuals and an increasing number of accountants to advise on core rule 10-b 5 and section 11 fraud-related claims. Much of the work also regularly involves parallel regulatory scrutiny, which the firm is well-placed to handle by virtue of having a number of former agency officials in its ranks, including New York-based Gurbir Grewal, whose arrival in January 2025 from the SEC follows on the heels of his former colleague at the agency Olivia Choe, who joined the Washington DC office in October 2024. The team is also adept at handling work on the outskirts of core securities litigation, including 40 Act matters and ERISA-related class actions regarding fiduciary breaches, both areas that the well-respected New York-based litigator Sean Murphy handles as part of his broad-based securities/shareholder defense practice. New York-based attorney Scott Edelman combines his duties as chairman of the firm with a strong litigation practice that sees him regularly handle securities litigation matters and derivative actions. Also located in New York, Jed Schwartz continues to develop a very strong securities practice, including for underwriters on statements made in offering documents accompanying IPOs and secondary offerings.
Underwriters of NIO, Inc. (incl Morgan Stanley.; GoldmanSachs (Asia); J.P. Morgan Securities; Merrill Lynch, et al)
Universal Entertainment Corporation
Work highlights
Represents Michael Sievert, President and CEO of T-Mobile US, Inc., who has been sued in connection with breach of fiduciary duty claims concerning the 2020 merger between T-Mobile and Sprint Corporation and surrounding financial transactions.
Engaged to conduct an internal investigation into the circumstances surrounding elevated levels of capital expenditure commitments disclosed by PLDT to the market, with a focus on identifying whether there is any evidence of fraudulent conduct relating to investments in capital projects, accounting irregularities that would necessitate a restatement of PLDT’s historical financial statements, or any false or misleading statements by the Company relating to capital expenditures.
Represents Gary Cohn, previous President and Chief Operating Officer of the Goldman Sachs Group, in connection with a securities class action relating to Goldman’s role in transactions involving the Malaysian sovereign wealth fund 1Malaysia Development Berhad. The case alleges that Goldman and certain of its executives made false or misleading statements as news emerged concerning the illegal diversion of proceeds raised by the 1MDB bond issuances underwritten by Goldman.
Milbank remains at the forefront of the capital markets space in Latin America. Marcelo Mottesi, chair of the firm’s corporate finance and securities group and co-head of the firm’s Latin American practice, has a strong track record advising domestic and foreign companies in the energy, financial services, telecoms, forestry, tech, and real estate spaces, among others, as well as US and international banks. With great experience handling Latin American transactions, Carlos Albarracin plays a key role in the team; he is noted particularly for his experience in the energy, infrastructure, and telecoms sectors. Andres Osornio Ocaranza regularly represents domestic and foreign companies, private equity firms, and banks on international capital markets and liability management transactions. Gonzalo Guitart is also a key contact.
Milbank is a go-to firm for distressed commercial real estate, specializing in high-profile UCC foreclosures and distressed debt workouts. The firm has been advising on a growing stream of distressed mandates, particularly in the office sector. Erwin Dweck leads the New York-based practice, leveragin deep experience in commercial real estate. Dweck is trusted for top-rate advice throughout the entire capital stack, sought after by leading asset managers for commercial real estate acquisitions, financings and loan modifications. Kevin O’Shea provides expert counsel on mezzanine loan foreclosures, while Yaakov Sheinfeld is lauded for handling the full breadth of real estate investments, dispositions, and foreclosures. Focusing chiefly on data center financing, Jonathan Karl is adept at advising institutional lenders on debt and equity transactions. Supporting Karl on high-profile data center-related matters is stand-out Nicolette Sullivan.
A leading firm in the defense of cost of insurance rate litigation, Milbank boasts a successful track record in contractual disputes. Its diverse complex commercial litigation practice sees the New York-based team represent corporations, institutions and individuals. Scott Edelman focuses his practice on the entertainment industry and excels in music-related disputes, while Stacey Rappaport specializes in cases related to financial transactions. Representing clients in federal and state courts, Atara Miller is active in commercial and bankruptcy litigation. David Gelfand also represents financial institutions and corporations in bankruptcy cases, as well as class actions and securities litigation. With a clientele of both companies and individuals, Jed Schwartz‘s practice ranges from shareholder disputes to regulatory investigations.
Represented Lincoln National Corporation and The Lincoln National Life Insurance Company in two cost of insurance rate class action litigations in the United States District Court for the Eastern District of Pennsylvania.
Advised ChemImage Corporation in connection with a litigation against Johnson & Johnson and its subsidiary Ethicon, including in a confidential mediation, stemming from Defendants bad faith breach and termination of the research, marketing, and licensing agreement between the parties, and their failure to pay the contractually negotiated amounts due for termination without cause.
Represented BMI against an attempt by the U.S. broadcast radio industry to bring a joint rate court proceeding against BMI and its competitor the American Society of Composers, Authors and Publishers (ASCAP).
Specializing in cross-border project finance and development, Milbank‘s global project, energy, and infrastructure finance group is instructed by debt and equity investors, private sponsors, and government lenders on power and energy projects, oil and gas projects, and infrastructure and telecoms projects. The team is also adept at handling restructuring, development, and financing matters. With a robust offering, the department has amassed an impressive client roster predominantly comprised of businesses from the banking and finance sector. Co-leading the practice are project development expert Dan Bartfeld and project financing specialist Daniel Michalchuk, both of whom share extensive experience advising financial institutions and investment firms on financing and M&A. Jeffrey Leider is another notable name in the team due to his aptitude for leading on both project and structured finance matters for financial institutions and project developers. Other key contacts in the practice include Bill Bice, Sean O’Neill, and Kristine Wang.
Represented LS Power in connection with its $480 million refinancing of three natural gas electric generation assets located in ERCOT with a combined capacity of 2.1 GW.
Advised Valia Energía in connection with a USD 810M bank/bond financing by Buffalo Energy Mexico Holdings, S.A. de C.V., Buffalo Energy Infrastructure, S.A. de C.V. and Buffalo Energy, S.A. de C.V., as co-issuers.
Milbank’s varied debt capital markets expertise spans senior note, SEC-registered, and Rule 144A/Reg S offerings, among other kinds. The group is also noted for its experience when it comes to green bonds and green perpetual subordinated notes, with its representation of the underwriters in connection with Verizon’s sixth $1bn green bond offering a recent highlight. With broad experience in the energy, infrastructure, telecoms, tech, pharma, and aviation sectors, Jonathon Jackson oversees the corporate finance and securities group. Rod Miller regularly represents issuers, underwriters, and investors; he is noted particularly for handling debt offerings for investment banks, including those related to M&A financings and other strategic transactions. Brett Nadritch has a strong track record advising banks, issues, borrowers, and sponsors.
Displaying vast knowledge across the insurance, energy, and pharma sectors, Milbank fields a team of lawyers specializing in high-value issuances of senior unsecured notes and complex asset-backed securitizations. The practice is well versed in advising both public and private companies on SEC compliance measures, high-yield debt offerings, and IPOs. Operating out of New York, Jonathon Jackson leads the outfit, being an expert in corporate governance and hybrid capital issues, Rod Miller predominantly represents issuers, underwriters, and investors, while Brett Nadritch is highly knowledgeable in investment grade and structured finance transactions.
Milbank‘s antitrust team is well-versed in multi-jurisdictional cartel investigations, representing clients before enforcement agencies in the US, EU, and other key jurisdictions. The group also excels in criminal and civil cartel litigation, including class actions and market manipulation claims. Spearheading the team is Fiona Schaeffer, who frequently represents clients in FTC and DOJ investigations, as well as follow-on class actions both in the US and abroad. Adam Di Vincenzo is noted for his focus on government reviews of mergers and acquisitions, antitrust investigations, and litigation.
The growing antitrust practice at Milbank boasts a merger control team experienced in managing international merger clearance mandates, and draws on the strength of its antitrust litigation experts. The group has notable expertise in the energy, pharmaceuticals, healthcare, and financial services industries, representing clients in merger investigations before the Department of Justice, FTC, European Commission, and member states. Fiona Schaeffer heads the practice from New York, with expertise in the full spectrum of antitrust issues and notable experience handling emerging AI and ESG related issues. In Washington DC, Adam Di Vincenzo focuses his practice on representing clients in government reviews of mergers, often representing private equity sponsors and their portfolio companies. Also in DC, Richard Parker is recommended for both advisory and trial expertise, and James Weingarten joined the team in June 2024, a former FTC Chief Trial Counsel.
Milbank has deep expertise in oil and gas transactions, advising on project development, financings, M&A, and regulatory matters across the value chain. Dan Bartfeld heads the team and is highly regarded for his energy M&A expertise, acting as a longstanding advisor to financial institutions, investment firms, and developers. Co-head Dan Michalchuk works with a range of sponsors and lenders on complex, large-scale project financings, with extensive experience in oil and gas and petrochemical ventures. Roland Estevez has recently been active on significant greenfield and brownfield financings in the upstream and midstream, while Sean O’Neill also comes recommended. All individuals are based in New York.
‘Incredibly strong group. Can effectively deliver across products. For financial sponsors they deliver a complete solution. We would highlight Roland Estevez.’
‘Milbank’s Project and Energy Finance Law practice stands out as a powerhouse in the industry. This practice is distinguished by its deep expertise in complex, large-scale energy projects and its ability to navigate intricate financial structures. Potential clients would be particularly interested in the team’s proven track record of handling high-value transactions, their global reach, and their comprehensive understanding of both traditional and renewable energy sectors. The practice’s key strengths lie in its multidisciplinary approach, combining top-tier legal expertise with in-depth industry knowledge. This allows them to provide holistic solutions that address not just legal concerns, but also commercial and regulatory challenges.’
‘Dan Bartfeld, a distinguished partner at Milbank, stands out as a preeminent figure in the project finance and energy sector. His work on various portfolio company financings exemplifies his expertise and the value he brings to complex transactions. What sets Dan apart is his exceptional ability to navigate intricate financial structures while maintaining a keen understanding of the energy industry’s nuances. His approach combines deep legal acumen with strategic business insight, allowing him to provide solutions that are not only legally sound but also commercially viable.’
Key clients
MUFG Bank, Ltd.
Mizuho Bank, Ltd
Truist Securities, Inc
Banco Bilbao Vizcaya Argentaria, S.A. New York Branch
ACB
Emerald Storage Holdings LLC
Carlyle
Investec Bank plc
KeyBank National Association
UIF GP, LLC / Ullico’s Infrastructure Fund’s
Work highlights
Represented MUFG Bank, Ltd. as Coordinating Lead Arranger, Initial Term Loan Facility Agent, Intercreditor Agent and Lender, and each other Lender participating in the financing in connection with the design, development and operation of the Woodfibre LNG facility, which includes large-scale natural gas treatment, processing and liquefaction facilities in Squamish British Columbia, Canada.
Represented Emerald Storage Holdings LLC, in connection with the incremental financing of an amount of $50 million to its existing Revolving Facility, also involving TD Bank entering the financing as a lender.
Milbank's private equity team advises funds, sponsors, and portfolio companies on transactions, structuring, and financing, drawing upon expertise in M&A, tax and regulatory matters to advise a variety of funds, sponsors and portfolio companies. Dean Sattler heads the team in New York and is a key advisor to some of the globe's largest asset managers, often instructed on complex middle market deals. Co-head Richard Presutti focuses on joint ventures and restructurings alongside M&A, and Derek Winokur is highly proficient in both leveraged buyouts and growth equity deals. Shannon Footer, Benjamin Fidler and Paul Bennett also come recommended.
‘The full-service nature and integration between practices is what makes the customer experience at Milbank stand out. ’
‘The understanding of what drives a deal, and ability to help take difficult situations across the finish line is what truly differentiates Derek Winokur from others in the industry. A special mention to Paul Bennett for incredible work on very complex situations over the years.’
Key clients
One Equity Partners
Willow Bay and Bob Iger
Riverspan Partners LP
EMH Partners GmbH
Mythics Emergent
Vitruvian Partners
Work highlights
Advised One Equity Partners in its agreement to acquire TechnipFMC’s Measurement Solutions business, a leading provider of liquid meters, integrated load management metering systems and digital solutions for materials transfer through infrastructure.
Represented Willow Bay, Dean of the USC Annenberg School for Communication and Journalism, and Bob Iger, CEO of the Walt Disney Company, in connection with the acquisition of a controlling interest in Angel City Football Club, the Los Angeles women’s professional soccer team.
Represented Mythics Emergent in the acquisition of Three Wire Systems, a provider of information technology consulting and infrastructure services.
Milbank advises a wide range of blue-chip corporates. Nicholas Smith handles complex structures as part of financing transactions and large corporate restructurings and is noted for his deep technical expertise in tech and services procurement and management, corporate transformation initiatives, and matters concerning information security, data protection, and the use of data as a strategic asset. He has advised clients in a range of industries, but has particularly experience in ITO and BPO in the financial services, private equity, insurance, healthcare and pharma sectors.
Practice head(s):
Nicholas Smith
Key clients
Omnicom
Molina Healthcare
Embraer S.A.
Work highlights
Represented Omnicom on a number of software licensing and IT services projects, including negotiations of enterprise-wide agreements with Microsoft.
Represented Molina Healthcare in its negotiation of an outsourcing services agreement for insurance claim processing services.
Represented an ad hoc group of creditors to Anagram in connection with the restructuring of Anagram and its parent company, Party City. Advised on a suite of interrelated licenses, services agreements, and product supply agreements to put in place sustainable and effective operations and outsourcing arrangements.
Milbank advises on executive compensation and employee benefits, particularly in corporate restructurings, bankruptcies, and M&A. The firm’s ECEB group is well-versed in structuring compensation arrangements in public company deals, private equity transactions, spin-offs, and IPOs. Manan Shah, based in New York, counsels boards and compensation committees on executive compensation matters, including employment, separation, and change-of-control agreements. He regularly advises on compensation structures in corporate restructurings and M&A. Also in New York, Joel Krasnow specializes in ERISA fiduciary rules and provides guidance on compensation and benefits issues in financial restructurings and mergers.
A key choice for domestic and global private equity firms, Milbank advises on a range of multi-billion-dollar transactions, leveraging its strength in funds, tax, and regulatory matters. Dean Sattler leads the practice and has a strong track record advising major sponsors on high-value acquisitions, particularly in the aviation industry. Co-head Richard Presutti is regularly sought out by a host of global investment firms for his skill in M&A, while Andrew Fadale is active for client across numerous sectors. Lowell Dyer was a key advisor to Veritas alongside Presutti in Bain Capital Private Equity’s $5.3 billion acquisition of Veritas’ portfolio company Guidehouse Inc. Derek Winokur also comes recommended.
Advised Vertias and Veritas-backed Guidehouse in the $5.3 billion acquisition of Guidehouse by Bain Capital Private Equity.
Represented Apollo Global Management in connection with the €1.5 billion investment by Apollo-managed affiliated entities, funds and clients into an Air France-KLM operating affiliate holding the trademark and most of the commercial partners contracts related to Air France and KLM’s joint loyalty program (Flying Blue).
The firm: For over 150 years, Milbank has provided innovative legal solutions advising on the largest, complex, ‘first-ever’ corporate transactions and disputes. Milbank’s clients are prominent multinational financial, industrial and commercial enterprises, governments, institutions and individuals. Milbank is a global firm with offices in New York, Los Angeles and Washington, DC in the US
Types of work undertaken Capital markets/securities: Representing sellers, purchasers and financial intermediaries in international debt/equity offerings, derivatives/synthetic products, public utility financings, financial institution financings, project financings in capital markets and domestic and foreign government financings, Milbank advises on some of the largest and most complex deals globally.
Corporate/M&A/private equity: Milbank counsels clients on negotiated and hostile transactions in mergers and consolidations, stock/asset acquisitions and dispositions, strategic alliances, joint ventures, proxy contests/tender offers, leveraged/management buyouts, restructurings/bankruptcy reorganizations and corporate governance and executive compensation matters. The firm represents participants in private equity investing, structuring, negotiating, executing and financing private equity, ‘going-private’, recapitalizations and exit transactions. A key component of the firm’s M&A practice is its broad understanding of the corporate governance aspects of transactions. Milbank’s M&A corporate and litigation teams effectively counsel boards of directors in difficult and sensitive situations, with particular expertise providing defense advice to public companies.
Executive compensation and benefits: Milbank advises on corporate transactions and financial restructurings, including advising the boards of directors and compensation committees on the design and implementation of compensation and change-in-control programs.
Financial restructuring: Milbank is known for prominent corporate restructurings and groundbreaking chapter 11 cases. The firm is at the forefront of most of the largest, most complex corporate restructuring matters in the world, and this group’s representations have earned it numerous industry awards. The key to the firm’s long-standing success is its unique ability to advise companies, creditors’ committees, financial institutions, funds and trustees in domestic and cross-border restructurings while providing perspective from all aspects of a case.
Gaming and hospitality: Milbank has represented the world’s most well-known names in gaming and hospitality, private equity, restructuring, bankruptcy, private/public financings, joint ventures and long-term management deals. The firm represents lenders, bondholders, opportunity funds, private equity funds, management companies, institutional investors and owners of hotel, resort and gaming properties.
Global leveraged finance: Clients from around the world come to Milbank for advice on their most significant financing transactions. Advising financial institutions, direct lenders, companies and private equity clients on leveraged finance transactions, including senior secured loans (both syndicated term loan Bs and direct lender unitranche facilities), asset based loans, subordinated/mezzanine debt transactions, bridge financings and high yield bond offerings, Milbank has experience structuring complex debt instruments used in multi-jurisdictional transactions, including financings for cross-border acquisitions and multi-currency credit facilities..
Latin America: Milbank has extensive experience in project financings, capital markets, privatizations, mergers and acquisitions, debt-for-equity conversions, corporate and public sector restructurings and banking and financial services across every industry and region in Latin America.
Litigation and arbitration: Milbank’s litigators serve as lead counsel in some of the largest, most high-profile disputes in the world. The firm represents clients in multi-jurisdiction securities litigations, white-collar/regulatory investigations and complex disputes involving intellectual property, insurance, mergers and acquisitions, antitrust and commercial litigation. Cases involve federal securities laws, patent infringement, corporate control contests, accounting fraud and financial restructurings. Unrivalled in mutual fund class action and derivative litigation, the team has been involved in more 1940 Act cases than any other law firm in the US.
Project, energy and infrastructure finance: Recognized by the market globally as a leading firm in the area of PEIF, Milbank represents leading players, such as debt and equity investors, private sponsors and government lenders, in the financing and development of the world’s most critical and pioneering infrastructure projects. In the past three years, the group has acted as legal advisor in hundreds of energy and infrastructure-related matters worldwide and raised billions of dollars of capital for a wide variety of transactions, including power (renewable and conventional), oil/gas, energy, transportation (roads, airports, subways, ports) and other infrastructure projects.
Real estate: Milbank’s real estate group advises leading financial institutions, investment banks, private equity funds, hedge funds, pension funds, REITS and sovereign wealth funds. The group has extensive experience with complex deals including structuring, negotiating and closing all varieties of equity and debt transactions.
Structured credit: Milbank represents both lenders and borrowers in debt financings involving distressed credits, asset-based loans secured by illiquid pools of collateral and loans to private investment funds secured by specified investments and/or capital commitments. Year after year, the firm is consistently recognized as the leading CLO manager counsel by prominent ranking publications.
Structured finance and securitizations: Milbank advises on an array of non-traditional financial investments, products and strategies: specialty finance (including distressed and special situations investment), structured finance, derivatives/commodities, credit arbitrage, fund formation and institutional finance/private placements.
Tax: Milbank’s tax lawyers are leaders in developing innovative financial products and arrangements for corporations raising and investing funds in the international capital markets and structures for mergers and acquisitions, joint ventures and both majority and minority equity investments.
Technology and outsourcing: A leader in information technology and outsourcing transactions, Milbank has advised in more than 600 transactions in over 90 countries, with a combined deal value exceeding $150bn.
Transportation and space: Milbank is a premier provider of legal services to the aviation industry worldwide, having innovated many of the structures and techniques that have become standard-bearers. Our lawyers frequently handle the largest and most innovative transactions in the field, including acquisition and warehouse financings, secured portfolio financings, ABS, loyalty program financings, private placements, structured financings, AFIC financings and ECA financings, aviation mergers and acquisitions, IPOs, joint ventures, MBOs and aircraft portfolio acquisitions and disposals. The firm is a global leader in aviation capital markets transactions and has been involved in virtually every US and international EETC offering. The team also has significant experience in the restructuring of aircraft leases and financings in bankruptcy.
Trusts, estates and exempt organizations: Milbank serves prominent individuals and institutions in estate planning, trust and estate administration and litigation, and charitable giving. This group advises institutional fiduciaries and exempt organizations.
In its 40th anniversary in London, Milbank London co-heads Suhrud Mehta and Julian Stait talk about the dramatic development of the Wall Street leader’s City business The office has made a series of bold lateral hires in the last three years. What is behind this? Suhrud Mehta (SM), co-London managing partner, Milbank: At one level …
