Milbank > London, England > Firm Profile

Milbank
100 Liverpool Street
LONDON
EC2M 2AT
England

Finance > High yield Tier 1

Milbank has a group of 'high-calibre, driven individuals, who have extensive market knowledge and are commercially astute' and one client remarks that 'challenging, complex and intricate transactions are their cup of tea'. 'There is simply no one else in the London market quite like him, he is an incredibly hard worker who looks to solve pressing issues on a collaborative basis for the benefit of the transaction', say peers of practice head Apostolos Gkoutzinis. He recently acted for initial purchasers in Frigoglass Finance B.V.’s issuance of €260m in senior secured notes. Rebecca Marques handles high yield debt offerings for underwriters, issuers and sponsors in European, US and global financings, including more than £900m in issuance by Together. Tim Peterson, who helped to develop the private high yield precedent, continues to be involved in technically demanding high yield offerings in Europe, including €700m in notes recently issued by SPCM SA. Up-and-coming partners Randy Nahlé and Trevor Truman, along with special counsel Ana Grbec, round a practice known for 'thinking out of the box to propose innovative solutions'.

Practice head(s):

Apostolos Gkoutzinis

Testimonials

‘High-calibre, driven individuals, who have extensive market knowledge and are commercially astute. Challenging, complex and intricate transactions are their cup of tea. Their in-depth understanding of the product and market allows them to structure a solution. Their practical and pragmatically approach is high appreciated.’

‘I think that what makes Milbank unique starts at the top with Apostolos Gkoutzinis. There is simply no one else in the London market quite like him. He is an incredibly hard worker who looks to solve pressing issues with other members on a deal team on a collaborative basis for the benefit of the transaction and clients. Apostolos is a real super star. He has successfully built a team around him who shares his drive and professionalism. So it is a real pleasure to get to work on some of the most complex lev fin transactions across from them. You know that he and his colleagues are honest and fair counterparts.’

‘The team’s strengths are its holistic approach to clients’ needs, outstanding experience, prompt responses, thinking out of the box to propose innovative solutions, and taking care of customer’s protection to provide exceptional customer experience.’

‘Apostolos Gkoutizinis is patient and always available. In-depth market knowledge and team approach are highly valued. Trevor Truman, under the tutelage of Apostolos, is evolving into a highly recognised lawyer in his own right.’

‘Innovation, great negotiation skills, clear view, approach and solution. Opinion with authority and validity based on deep knowledge and outstanding experience.’

Key clients

The Initial Purchasers (Frigoglass)

Rekeep S.p.A

Jaguar Land Rover

Together

BNP Paribas, HSBC Bank plc, KKR Capital Markets Limited, Nomura International plc, UniCredit Bank AG and Unione di Banche Italiane S.p.A. as the Initial Purchasers

SAZKA Group

The Initial Purchasers (Victoria PLC)

Citigroup Global Markets Limited, BNP Paribas, Société Générale and the other initial purchasers

The Initial Purchasers (Ardonagh)

Bridge Lenders

The Friedkin Group, Inc./AS Roma

The Issuer, SPCM SA

Canary Wharf Group

BC Partners

Finance > Transport finance and leasing Tier 1

Led from London by James Cameron and Nick Swinburne, who both 'have a winning combination of market knowledge and technical know-how', Milbank's 'highly commercial' 12-strong team excels in advising investor and creditor-side clients on high-value and complex aviation finance mandates. The group's ability to leverage the resources of the firm's market-leading US offering is also a major draw for clients, ensuring that they are well served across UK and New York-law governed financings, in both new money and restructuring contexts. The fluidity of the team's service, which frequently works in unison with the broader capital markets offering, is also a major selling point to clients, particularly as it relates to work on highly complex structured finance mandates. In spite of the pandemic's impact on new money deals in the market, the team has been well-positioned to pick up work in a distressed/insolvency context, particularly in light of its ability to advise on Chapter 11 procedures both out of London and New York. Special counsel Richard Walton is also recommended.

Practice head(s):

James Cameron; Nick Swinburne

Other key lawyers:

Richard Walton; Siddharth Sharma

Testimonials

They are a go-to firm for high-value or complicated asset finance transactions and the quality of the legal product provided is always excellent. They also have the added advantage of an equally strong New York law practice.’

In depth, and importantly current, market knowledge of financing and leasing practices, close knit and support each other well providing depth of coverage for client.’

‘The partners in the aviation team have put their practice at the forefront of the industry and appear as key advisers in most, if not all, of the landmark aviation deals on financings, M&A and structured transactions.’

A highly commercial team that is involved in most of the major transactions, which gives them a deep understanding of the industry.’

James Cameron and Nick Swinburne have a winning combination of market knowledge and technical know-how, that is unsurpassed among the leading law firms in aircraft finance.’

Nick Swinburne – outstanding industry knowledge, provides clear, decisive and succinct advice in a timely and efficient manner.’

Nick Swinburne is an exceptional lawyer who balances excellent technical legal skills with astute commercial judgement and works extremely hard to deliver the best outcome for his clients.’

Key clients

AerCap

Air France

Ares

Avolon

Bank of China (Aviation)

Barclays

Barings

BBAM/NBB

BNP Paribas

Brookfield

CDB Leasing

Centerbridge

Citibank

Credit Suisse

Crédit Agricole Corporate and Investment Bank

Deutsche Bank

Elix Aviation Capital

Embraer

Export Development Canada

Goshawk Aviation

HSBC

Investec

JP Morgan

KKR

M&G Investments

Magi

Meta

Morgan Stanley

MUFG

Natixis

NCB Capital

Novus Aviation Capital

Oaktree

ORIX

PIMCO

Silverpoint

SMBC

Standard Chartered

Stratos

TrueNoord

TUI

volofin Capital Management Ltd

Work highlights

  • Lead counsel to the arranger/lender in the provision of a $300m secured aircraft warehouse facility to Bleriot Aviation Funding Designated Activity Company (a JV between Airbus and JP Lease).
  • Advised the arranger/lender on the provision of a $750m bridge facility to British Airways.
  • Advised various groups of senior creditors on financings with a combined value of circa $500m in respect of 17 Boeing 737-800 aircraft, in connection with the Norwegian Airlines group examinership and reconstruction processes.

Projects, energy and natural resources > Oil and gas Tier 1

Milbank is singled out for its ‘exceptional technical and market knowledge’  with core areas of strength including LNG-to-power projects, high-value M&A transactions, and project financings. Led by Matthew Hagopian, the team includes  John Dewar , who has expertise in multi-sourced financings, including multilateral and export credit agencies. The group is active across the LNG sector, upstream oil and gas, and petrochemicals — Munib Hussain focuses on the latter. Associate Kilian de Cintré acts for both lenders and sponsors.

Practice head(s):

Matthew Hagopian

Other key lawyers:

John Dewar; Kilian de Cintré; Munib Hussain; Manzer Ijaz; Suzanne Szczetnikowicz

Testimonials

‘Exceptional technical and market knowledge and great depth amongst the partners and associates we have used. Able to coordinate instructions and advise coherently and project manage at all levels within our organisation.’

’The team dealing with our matter have been superb. Led by the incomparable Clive Ransome [consultant] and his encyclopaedic knowledge of energy projects and John Dewar, who has detailed knowledge of the regional marketplace and supported by the responsive Suzanne Szczetnikowicz. All were responsive to our challenging requirements of timescale and never compromised on quality.’

Key clients

JBIC

UKEF

KEXIM

K-Sure

FIEM

Total

US Exim

New Fortress Energy

Public Investment Fund

Work highlights

  • Advised New Fortress Energy in connection with the  combined acquisition of (1) Hygo Energy Transition Ltd., a 50-50 joint venture (“HYGO”) between Golar LNG Limited and a Stonepeak Infrastructure Partners fund and (2) Golar LNG Partners, LP (“GMLP”), a vessel owner with an asset base that includes 6 six FSRUs, four LNG carriers and a 50% interest in both trains of the Hilli FLNG vessel.
  • Advising the lenders in the restructuring of the Damietta LNG project. The SEGAS complex in Damietta, Egypt, exports LNG to the Spanish market.
  • Advised Japan Bank for International Cooperation (JBIC), Public Investment Fund of Saudi Arabia (PIF) and commercial and Islamic banks as the lenders in connection with the financial completion of the Rabigh Phase 2 Project.

Finance > Acquisition finance Tier 2

Led by Suhrud Mehta, Milbank's four-partner team is particularly adept at advising high-profile banking clients, including  Bank of America and Goldman Sachs, on high-value and sophisticated cross-border mandates requiring a cohesive offering on both the European and US loans and high yield front.  Alexandra Grant and Sarbajeet Nag  continue to impress, regularly playing a pivotal part on many of the firm's most significant leveraged finance mandates; including their work, alongside Mehta, for lead arrangers on Lone Star Fund’s €3.17bn acquisition of BASF’s chemical construction business (the largest German deal in the European leveraged finance market). Although the firm's credentials are stronger on the lender side it also regularly picks up work for large corporates and major private equity sponsor clients.

Practice head(s):

Suhrud Mehta

Other key lawyers:

Timothy Peterson; Alexandra Grant; Sarbajeet Nag; Miko Bradford

Testimonials

The Milbank team is across numerous deals in the market. Their advice is always very commercial, well considered and they have a good ability to focus on the points that matter for their clients without wasting time on issues with less impact or value to the clients.’

Miko Bradford and Alexandra Grant are very calm and friendly people to work with. Their advice truly is trusted both on positions in the market but also on their views of valuable and winnable points to negotiate.’

Key clients

Goldman Sachs

Bank of America

Barclays

UBS

BNP Paribas

Citigroup

Crédit Agricole

Wind Hellas Telecommunications S.A.

PSP Investments

Oaktree

RBC Capital Markets

HSBC Bank plc

KKR Capital Markets Limited

Nomura International Plc

UniCredit Bank AG

Credit Suisse

Work highlights

  • Advised the lead arrangers on Lone Star Fund’s €3.17bn acquisition of BASF’s Chemical Construction Business – the largest German deal in the European leveraged finance market.
  • Advised the lead arrangers on Bain’s $2.74bn take-private of Ahlstrom.
  • Advised Wind Hellas, one of the leading telecommunications service providers in Greece, on the financing-related aspects of the combination of its tower infrastructure assets with those of Vodafone Europe B.V. to create the largest tower infrastructure company in Greece.

Finance > Corporate restructuring & insolvency Tier 2

Milbank has developed a superb reputation on behalf of bondholders as creditors in large cross-border distressed scenarios, where it has the flexibility to implement both European and US processes to best serve the client’s needs. Much of the firm’s success in the area can be attributed to ‘fantastic operatorYushan Ng, who is appreciated for his ‘strategic and commercial thinking‘ and ability to ‘strategise, devise action plans and implement them’. Nick Angel co-heads the team with Ng and has a more traditional focus to his practice, which includes advising debtors in cross-border restructurings/insolvencies.

Practice head(s):

Yushan Ng; Nick Angel

Testimonials

Yushan Ng is a fantastic operator.’

Sinjini Saha and Yushan Ng: Whilst their commitment, engagement, communication, speed and friendliness stand out from a competitive landscape, what truly sets them apart is their strategic and commercial thinking – their ability to strategise, devise action plans and implement them. It is a pleasure working with them.’

‘Out-of-the-box thinking. The team always comes up with creative and sophisticated solutions to complex problems’

Finance > Islamic finance Tier 2

Milbank's Islamic finance practice in London is most noted for the use of shari'ah-compliant structures in the context of project finance transactions; this is a key specialism of practice head John Dewar, who is supported by special counsel Munib Hussain. Clients include Islamic financial institutions and funds, with multijurisdictional transactions being coordinated from the London office.

Practice head(s):

John Dewar

Other key lawyers:

Key clients

NCB Capital

Al Rajhi Bank

Alinma Bank

Riyad Bank

HSBC Saudi Arabia

MUFG (Malaysia)

National Bank of Kuwait

Islamic Development Bank

Abu Dhabi Pension Fund

Work highlights

  • Advised Islamic banks, Public Investment Fund of Saudi Arabia (PIF) and Japan Bank for International Cooperation as the lenders in connection with the US$5.2 billion financial completion of the Rabigh Phase 2 Project.
  • Advising the financing sources on the financing connected with CVC Capital Partners’ acquisition of a 30% stake in GEMS Education – the first time a Middle Eastern issuer had elected to tap the US TLB market for a transaction of this size.
  • Advising the senior creditors on the $11bn restructuring and debt reprofiling of the Sadara Chemical Company – the first-ever rescheduling of a project financing involving export credit agencies, Islamic banks and sukuk (bond) holders and the largest Sharia-compliant restructuring in Saudi history and the wider Middle East.

Industry focus > Emerging markets Tier 2

Milbank has 'exceptional technical and market and jurisdictional knowledge and great depth amongst the partners and associates'. The firm's London office has a long history of involvement in emerging markets finance transactions, notably in Africa, the Middle East, Asia and Latin America. Energy and infrastructure projects feature strongly in its work. Practice head John Dewar advises sponsors, project companies, export credit agencies, multilateral development banks and development finance institutions in the power, oil and gas, mining, telecoms and infrastructure sectors, on cross-border matters involving emerging markets. Newly promoted partner Chris Taufatofua has a strong track record in international project financings, with a core focus on the power and renewables sectors, and, together with emerging talent Şeyda Duman, advised the Republic of Turkey and Ziraat Bank on the restructuring of shareholder arrangements and debt facilities and also TWF’s acquisition of control over shares in Turkcell.

Practice head(s):

John Dewar

Other key lawyers:

Chris Taufatofua; Şeyda Duman; Suzanne Szczetnikowicz

Testimonials

‘Exceptional technical and market and jurisdictional knowledge and great depth amongst the partners and associates we have used on a very high profile matter for the company. Able to co-ordinate instructions and advise coherently and project manage at all levels within our organisation.’

‘The team dealing with our matter has been superb. John Dewar has detailed knowledge of the regional marketplace and is supported by the responsive Suzanne Szczetnikowicz. All were responsive to our challenging requirements of timescale and never compromised on quality.’

Key clients

BlackRock

Apollo Global Management

KKR

European Bank for Reconstruction and Development

U.S. Development Finance Corporation

International Finance Corporation

Gas Natural Açu

Total S.A.

New Fortress Energy

Japan Bank for International Cooperation

Nippon Export and Investment Insurance

BPIFrance

KfW IPEX-Bank GmbH

Standard Chartered Bank

Export Finance Australia

African Development Bank

ABSA

EIB

EDC

Akbank T.A.S.

CHEXIM

Nebras Power

UK Export Finance

K-EXIM

K-SURE

Euler Hermes

Work highlights

  • Advised New Fortress Energy in connection with the $5bn combined acquisition of Hygo Energy Transition Ltd and Golar LNG Partners, LP.
  • Acted for TWF and Ziraat Bank in relation to the restructuring of the holding company shareholder arrangements, the related debt facilities provided by Ziraat Bank and TWF’s acquisition of control over, and 26.2% of the shares of, Turkcell İletişim Hizmetleri A.Ş. through its entrance into a series of transaction agreements with, among others, Telia Company, LetterOne, Çukurova Holding and Ziraat Bank.
  • Advising the Senior Creditors on the $11bn restructuring and debt reprofiling of the Sadara Chemical Company – the first-ever rescheduling of a project financing involving export credit agencies, Islamic banks and sukuk (bond) holders and the largest sharia-compliant restructuring in Saudi history and the wider Middle East.

Projects, energy and natural resources > Mining and minerals Tier 2

Milbank’s mining practice has ‘profound knowledge of the industry’, and is active in the Latin American and African markets, advising lenders on large financing structures. Practice head John Dewar handles project financing work across the natural resources and infrastructure spaces, whilst Manzer Ijaz is the name to note for large international financings and project developments in the energy space. Associate Seyda Duman advises commercial banks and multilateral financial institutions on cross-border project financings. The team counts BNP Paribas and Standard Chartered Bank as key clients, and frequently works with its office in New York.

Practice head(s):

John Dewar

Other key lawyers:

Testimonials

‘Profound knowledge of the industry, comprising technical and commercial background and recent developments.’

Great team – very responsive, very detailed.’

Key clients

KfW IPEX-Bank GmbH

Nyrstar

EBRD

IFC

BNP Paribas

Standard Chartered Bank

Export-Import Bank (US)

Export Finance Australia

JBIC

K-EXIM

African Development Bank

ABSA

EIB

EDC

Work highlights

  • Advised the lenders in connection with the $300m project financing for the Kinross-sponsored Tasiast Gold Mine located in Mauritania.
  • Represented KfW IPEX-Bank GmbH as lender in the $75.1m term loan facility for the financing and operation of the Sangdong Tungsten Mine Project in the Republic of Korea.
  • Advised the lending group in a circa $4bn project financing facility for the Oyu Tolgoi Project.

Projects, energy and natural resources > Power (including electricity, nuclear and renewables) Tier 2

Milbank’s ‘superb’ renewable energy and power team has strength advising both lenders and sponsors on large-scale power projects across Asia, the Middle East and other emerging markets. The practice is active in the LNG-to-power sector and is regularly instructed on international mandates across Latin America. Practice head John Dewar advises client across the power sector including oil and gas, and natural resources; he is supported by Chris Taufatofua, who was elevated to the partnership in January 2021. Senior associate Suzanne Szczetnikowicz advises on corporate acquisitions, restructuring transactions, and cross-border projects. Clive Ransome has now retired.

Practice head(s):

John Dewar

Other key lawyers:

Chris Taufatofua; Suzanna Szczetnikowicz

Testimonials

‘Exceptional technical and market knowledge and great depth amongst the partners and associates we have used on a very high-profile matter. They are able to co-ordinate instructions and advise coherently and project manage at all levels within our organisation.’

’The team dealing with our matter have been superb. John Dewar has detailed knowledge of the marketplace, supported by the responsive Suzanne Szczetnikowicz. They were responsive to our challenging requirements of timescale and never compromised on quality.’

Key clients

West African Power Pool

Danica Pension

PFA Pension

ING Sustainable Investments B.V

Stichting Depositary APG Fixed Income Credits Pool

New Fortress Energy

SMBC

EBRD

Société Générale

Norinchukin

JBIC

NEXI

Work highlights

  • Acted for the second lien lenders in the $3bn project financing for the construction of Northvolt AB’s car battery manufacturing project in Skellefteå, Sweden.
  • Advised Actis, a global emerging markets investment firm, on the sale of the Zuma Energía renewable energy portfolio in Mexico to China’s State Power Investment Corp, consisting of 349MW of solar projects (Orejana and Santa Maria) and 474MW of wind projects (Invegenio and Reynosa I-V) in operation and a substantial portfolio of wind and solar projects in development.
  • Acting for the lenders and export credit agencies in connection with the financing of the 500MW Gulf of Suez Wind II Project, located in Egypt and sponsored by Engie, Orascom and TTC.

Dispute resolution > Banking litigation: investment and retail Tier 3

The litigation and arbitration team of Milbank is praised for its 'excellent client service' in UK and international banking disputes. It is increasingly handling transatlantic disputes where it benefits from the ability to leverage its New York practice. 'Great tactician' Julian Stait (who excels in banking disputes with a competition component) leads the team which includes the 'commercially minded' Tom Canning; Charles Evans, who has a strong reputation for handling a range of banking litigation, and Mona Vaswani who has experience acting for both banks and funds in complex, and often cross border, disputes and investigations. The 'very knowledgeable' recently promoted partner William Charles is another key contact.

Practice head(s):

Julian Stait

Other key lawyers:

Testimonials

The Milbank team has done outstanding work for us. The right amount of attention to detail without loading on the billable hours. We have received top-quality advice and service over many years on a variety of matters, including UK-based litigation, international collections and cross-border enforcement. The Milbank team does a great job of seeing things from the client.

Julian Stait – great tactician. Will Charles – very knowledgeable and great with clients. Vasiliki Katsarou – very hardworking with an eye for detail.

Tom Canning is thoughtful and commercially minded. He is practical in his recommendations and does not promote the firm.’

Really excellent client service.’

Key clients

Rabobank

Visa Inc., Visa International Service Association, Visa Europe Limited, Visa Europe Services LLC and Visa UK Limited

Work highlights

  • Defending Rabobank in competition and fraud claims brought by the Federal Deposit Insurance Corporation on behalf of several failed US financial institutions, which claim that they suffered significant losses as a result of an alleged agreement (or collusive and concerted action) between the defendant banks artificially to suppress USD LIBOR rates during the height of the financial crisis.
  • Acting for Visa in proceedings brought by Sainsbury’s alleging infringements of English and European competition law by setting and implementing of multilateral interchange fees associated with the use of Visa branded debit and credit cards.
  • Defending Visa in the Competition Appeal Tribunal in a group claim alleging Visa’s abuse of dominant position and infringements of other English and European competition law by setting and implementing of multilateral interchange fees associated with the use of Visa branded debit and credit cards.

Finance > Derivatives and structured products Tier 3

The alternative investments group at Milbank is 'very service minded, extremely focused on business and commercial risks, and gives genuine advice not just risk assessments'. CLOs make up 50% of the work of the London structured finance practice, though the practice also handles a range of bespoke funding, regulatory and hedging transactions. James Warbey, who handles both structured finance and securitisation, is a key adviser on European CLOs, with Bain Capital Credit, Cairn Loan Investments and KKR Credit Advisors among his clients. John Goldfinch is a prominent adviser on CLOs, and he recently assisted collateral manager and retention holder Invesco European RR L.P. with the €410.025m issuance of CLO notes. Senior associate Jennifer Ellis advises on complex cross-border structured finance transactions with a particular focus on derivatives and structured credit.

Practice head(s):

James Warbey

Other key lawyers:

Testimonials

‘Very service-minded, extremely focused on business and commercial risks and gives genuine advice not just risk assessments. Always fair and to the point on pricing.’

‘John Goldfinch – fast, reliable, great advice not only legally but also commercially. Great to work with and delivers.’

Key clients

Invesco European RR L.P.

Capital Four CLO Management K/S

BNP Paribas

Cairn Loan Investments II LLP

BlueMountain Fuji Management, LLC

KKR Credit Advisors (Ireland) Unlimited Company

PGIM Limited

Bain Capital Credit U.S. CLO Manager, LLC

Rockford Tower Capital Management, L.L.C.

Commerzbank AG, London Branch

AXA Investment Managers, Inc.

Investcorp Credit Management EU Limited

Bardin Hill Loan Advisors (UK) LLP

Brigade Capital Europe Management LLP

Piraeus Bank S.A.

BlackRock

Orchard Global Asset Management LLP

Nassau Re

Work highlights

  • Advised on the migration by PGIM, Cairn and Bardin Hill of their CLO platform from the Netherlands to Ireland, by advising on the substitution of existing Dutch issuer vehicles to Irish CLO vehicles – placing Milbank at the forefront of most Netherlands-to-Ireland CLO migrations, one of the key trends in the 2020 CLO market due to a new Dutch tax.
  • Advised on Cairn CLO XIII DAC’s Euro CLO note issuance – the warehouse stage of which utilised a first-of-kind repo and profit participating note structure to allow the transaction to benefit from favourable regulatory capital treatment.
  • Advised on Avoca CLO XXI Designated Activity Company’s CLO issuance – one of the first European CLOs in the market to include the ‘Loss Mitigation Obligation’ concept, which helped to set the precedent for future deals, now prevalent across all European new issuance CLOs.

Finance > Securitisation Tier 3

Milbank has one of the leading manager-side CLO practices in Europe, and is involved in innovative structures in that market. For example, it recently advised Cairn Loan Investments II LLP on CLO note issuance, which utilised a first-of-kind repo and profit-participating note structure in the warehouse stage so that the transaction could benefit from favourable regulatory capital treatment. James Warbey led that transaction, supported by associate Robert Wyse-Jackson from the firm's alternative investments group. John Goldfinch is the other key partner in the practice and he continues to handle high-value transactions, among them a securitisation providing client Arrow Electronics with access to senior funding of up to €1.2bn annually. The firm also has a prominent role in Greek securitisations and it recently advised Public Power Corporation on the establishment of a landmark asset-backed conduit securitisation – the first of its kind involving the securitisation of energy receivables by a government-controlled electricity supplier in Greece.

Practice head(s):

James Warbey

Other key lawyers:

Testimonials

‘James Warbey and Robert Wyse-Jackson are excellent.’

 

Key clients

Invesco European RR L.P.

Capital Four CLO Management K/S

BNP Paribas

Cairn Loan Investments II LLP

BlueMountain Fuji Management, LLC

KKR Credit Advisors (Ireland) Unlimited Company

PGIM Limited

Bain Capital Credit U.S. CLO Manager, LLC

Rockford Tower Capital Management, L.L.C.

Commerzbank AG, London Branch

AXA Investment Managers, Inc.

Investcorp Credit Management EU Limited

Bardin Hill Loan Advisors (UK) LLP

Brigade Capital Europe Management LLP

Piraeus Bank S.A.

Public Power Corporation S.A.

BlackRock

Orchard Global Asset Management LLP

Work highlights

  • Advised Public Power Corporation on the establishment of a landmark asset-backed conduit securitisation – the first of its kind involving the securitisation of energy receivables by a government-controlled electricity supplier in Greece.
  • Advised Piraeus Bank and Piraeus Financial Holdings on the landmark securitisation, known as Project Vega, of a portfolio of non-performing exposures (NPEs), comprising residential mortgages, SME and CRE debt split across three separate securitisation transactions.
  • Advised PGIM Loan Originator Manager Limited and PGIM Limited in the €369.75m issuance of CLO-rated notes – the first refinancing to account for the substitution of the original Dutch issuer to an Irish DAC.

TMT (technology, media and telecoms) > IT and telecoms Tier 3

Milbank is particularly experienced in technology litigation and large-scale projects, in which it provides advice on global IT, licensing and exploitation agreements, M&A, payments infrastructure and various related matters. It is also well-equipped to provide transactional support to telecoms companies, in addition to representing them in complex commercial disputes. Practice head Joel Harrison has amassed considerable experience in data protection and digital transformation mandates throughout the course of his career. Head of litigation Julian Stait stands out for his role in prominent IT disputes up to the Supreme Court. Tom Canning is also a core member of the firm's IT litigation practice. Laurence Jacobs retired in March 2020.

Practice head(s):

Joel Harrison

Other key lawyers:

Testimonials

‘Good experience in the field and technical knowledge; young and enthusiastic team coupled with greater experience.’

‘Julian Stait – highly experienced and respected litigator.’

‘Joel Harrison is a highly intelligent and knowledgeable partner who provides clear advice on strategic data protection matters. He knows the law inside out and gives an opinion where other lawyers tend to “sit on the fence”.’ 

‘Great team; pragmatic, efficient, at forefront of new law; overall a pleasure to deal with.’

‘Highly recommend Joel Harrison – there is nobody better on privacy issues.’

Key clients

Astellas

Credit Suisse

Direct Line Group

Maxis

SNOMED International

TCS

WPP

Work highlights

  • Advised SNOMED International on the global licensing and exploitation of SNOMED CT, the leading global standard for healthcare IT.
  • Advised EQT portfolio company SUSE on the acquisition of Rancher Labs.
  • Advised OneWeb on its successful exit from Chapter 11 bankruptcy proceedings after receiving a US$1 billion investment.

Dispute resolution > Competition litigation Tier 4

Milbank's 'very good litigation team' acts for large companies as defendants in disputes relating to high-profile cartel investigations. Julian Stait's recent work included representing Visa in all of its disputes relating to interchange fees. Special counsels Emma Hogwood and Cormac Alexander are other key team members.

Practice head(s):

Julian Stait

Other key lawyers:

Emma Hogwood; Cormac Alexander

Testimonials

Fantastic firm, with litigation department headed by Julian Stait, one of the strongest players in the big-ticket commercial litigation space. Currently managing the Visa interchange litigation, which involves hundreds of claims and multiple live proceedings, worth hundreds of millions of pounds. Adds enormous value to any team. His team of associates are extremely accomplished, with standouts Emma Hogwood and Cormac Alexander, both of whom are an absolute delight to work with.

They have strong trial experience and are a very good litigation team.’

Julian Stait is a very impressive individual and runs a strong team. Cormac Alexander and Emma Hogwood are stand out associates.

Key clients

Visa

Rabobank

Brugg Kabel AG and Kabelwerke Brugg AG Holding

Work highlights

  • Acting for Visa in defending proceedings brought by Sainsbury’s alleging infringements of English and European competition law.
  • Acting for Rabobank in defending competition and fraud claims brought in the English High Court by the Federal Deposit Insurance Corporation.
  • Acting for Visa in defending claims pursued by a large group of claimants in the Competition Appeal Tribunal.

Corporate and commercial > Corporate tax Tier 5

Headed by Russell Jacobs , Milbank 's London tax team advises on a broad spectrum of matters, ranging from the tax support aspects of M&A and leveraged finance, to mandates where tax is playing a pivotal role critical to the deal’s success. Since the departure of special counsel Matthew Mortimer, the firm has expanded at the associate level, adding Steven Quinn  and Cosmos Fung  to work alongside James Seddon  and Jacobs.  The team’s workload has increased markedly in line with lateral hiring across the London office more broadly and the practice has notably advised on a number of major restructurings over the last year, often working alongside colleagues in the US.

Practice head(s):

Other key lawyers:

Key clients

OneWeb Global Limited

KKR Otto (GmbH & Co. KG)

Del Monte Fast Logistics

Angelo Gordon, Bain Capital, Bardin Hill, Brigade Capital, BlueMountain Fuji, Cairn Capital,  Capital Four, Commerzbank, EQT, Invesco, Investcorp, KKR, King Street Capital Management, Mackay Shields, Nassau Re, PGIM (Prudential Financial, Inc.)

Avianca Holdings SA

Ad hoc committee of lenders

Seadrill

Goldman Sachs, Credit Suisse, UniCredit, BNP Paribas / Carlyle, Bain Capital, BC Partners, Advent, KKR

Apollo Management

Work highlights

  • Advising Avianca Holdings S.A. in connection with the tax aspects of the restructuring of theAvianca Group, including under chapter 11 of the US Bankruptcy Code.
  • Advised the Otto Group on the tax structuring of the partnership with Advent Internationalfor Hermes UK and Hermes Germany. As a result of the transaction, Advent acquired a 75%stake in Hermes UK and a 25% stake in Hermes Germany.
  • Advised OneWeb Global Limited (“OneWeb” or “the Debtors”), a company developing the first world-wide high-speed internet connectivity network through a low-earth orbiting satellite constellation, to confirmation of its plan of reorganization in its chapter 11 cases.

Corporate and commercial > Financial services: contentious Tier 5

Milbank's contentious financial services experts sit within the firm's litigation and arbitration department, under the leadership of 'expert tacticianJulian Stait; assisting individuals and institutions with a range of regulatory investigations and financial criminal matters. The group is known for its 'strong collaboration between the UK and US offices', enabling it to handle transatlantic investigations seamlessly. 'Superb' Charles Evans is a veteran of the space, supported ably by William Charles, who was promoted to partner in January 2020.

Practice head(s):

Julian Stait

Other key lawyers:

Testimonials

Incredibly hard working with a very keen eye to detail.’

Regulatory investigations: very strong on detail, process and strategy. Excellent communication skills and guiding clients through the process. Thorough approachable. Highly credible with the authorities. Well able to work with other firms. Has a good international network of expert counsel too.’

Julian Stait – expert tactician; Will Charles – great client care.’

Great contentious regulatory team with fantastic strength in depth, very collaborative, great knowledge of the regulators, tactically astute and very good to work with. We regularly recommend the Milbank team to clients when we are unable to act.’

Charles Evans is one of the leading lawyers in the contentious financial services space and is regularly someone we recommend to clients when we are not able to act. He has a first class intellect, fantastic knowledge of financial products, understands how regulators think and is able to anticipate their next move, fights his client’s corner hard but intelligently – getting fantastic results but doing so through compelling argument and persuasion, very good to deal with and a team player.’

Strong collaboration between their UK and US offices, and expertise.’

Charles Evans is a superb lawyer, calm and with a strong expertise and reputation.’

Centred around Charles Evans, the practice is able to take on a broad spread of contentious regulatory matters.’

Corporate and commercial > M&A: upper mid-market and premium deals, £500m+ Tier 5

Milbank's London office is increasingly a destination practice for market-leading asset managers, energy providers, and telecoms companies seeking representation on big-ticket, cross-border deals. The corporate group is noted for its unique capabilities as a London-based adviser on Greek M&A, working with a range of public and private financial sector clients on numerous acquisitions and disposals. Joint practice heads Mark Stamp and Lisa O’Neill are both highly active transactional lawyers, working across a broad range of sectors and jurisdictions. Andrew Reilly is also roundly recommended by clients. Andrej Wolf arrived from Kirkland & Ellis, strengthening the firm's private equity offering.

Practice head(s):

Mark Stamp; Lisa O’Neill

Other key lawyers:

Testimonials

‘Best law firm I have ever worked with. Absolute professionals, always available, always reliable, top notch advice and top quality outputs. Organized, technologically advanced, really nothing to complain about. Would absolutely recommend to all my clients.’

‘Both partners and associates have a clear background of relentless work and education. They are top notch.’

‘Lisa O’Neill and Andrew Reilly, both are amazing and I am looking forward to continuing to work with them.’

Key clients

Piraeus Bank

Actis

Allianz Global Investors

National Bank of Greece

Italgas

United Group

Eurobank Ergasias S.A.

Otto Group

Turkish Wealth Fund

Ziraat Bank

The Cranemere Group

OneWeb

Park Square Partners

Njord Partners

Bardin Hill

Work highlights

  • Advised a consortium of investors led by Apollo Global Management Inc. and its subsidiaries in connection with the long-term strategic investment entered into with The Abu Dhabi National Oil Company.
  • Advised United Group on its acquisition of a significant minority interest in Forthnet S.A.
  • Advised National Bank of Greece on the sale of a portfolio of non-performing secured corporate loans to Bain Capital Credit.

Dispute resolution > Commercial litigation: premium Tier 5

Milbank's litigation and arbitration practice is particularly well-known for financial services and technology sector disputes. The group benefits from strong teams on both sides of the Atlantic and frequently handles cross-border work. Practice head and 'excellent tactician' Julian Stait is strong for technology, banking and competition litigation, while Tom Canning combines financial services, energy and technology sector expertise.

Practice head(s):

Julian Stait

Other key lawyers:

William Charles; Emma Hogwood; Cormac Alexander; Vasiliki Katsarou

Testimonials

Fantastic firm, with litigation department headed by Julian Stait, one of the strongest players in the big-ticket commercial litigation space. Adds enormous value to any team. His team of associates are extremely accomplished, with standouts Emma Hogwood and Cormac Alexander, both of whom are an absolute delight to work with.

Julian Stait – highly experienced senior litigator. Tom Canning – very able and driven.

Julian Stait – excellent tactician. Will Charles – brilliant client service. Vasiliki Katsarou – very knowledgeable and hard working.

Kind, engaged and knowledgeable lawyers, who are experts in their field.

Deep trial experience and attention to detail.

Julian Stait is among the best trial lawyers in the UK.’

Key clients

Rabobank

Visa Inc., Visa International Service Association, Visa Europe Limited, Visa Europe Services LLC and Visa UK Limited

Direct Line Group

Tata Consultancy Services

Dispute resolution > International arbitration Tier 6

With particular strength in the energy, infrastructure and construction sectors, Milbank's 'very dynamic' team acts in highly complex, large-value arbitration proceedings for major corporations and financial institutions, as well as state and federal governments. Handling arbitrations conducted under all the major arbitral rules, Tom Canning heads up the global international arbitration practice, Julian Stait leads the London litigation and arbitration group, and senior associate Peter Edworthy's 'grasp of the legal issues is impressive'.

Practice head(s):

Julian Stait; Tom Canning

Other key lawyers:

Testimonials

The team at Milbank is very dynamic, and picks up interesting engagements across the breadth of the DR spectrum.

High-quality lawyers, great grasp of complex legal and commercial issues, and innovative and practical solutions.

Tom Canning is an excellent and assured operator – someone who manages even the most complex cases with aplomb.

Senior associate Peter Edworthy is extremely user friendly and easy to work with.

Senior associate Peter Edworthy’s grasp of the legal issues is impressive, and his ability to communicate complex legal matters in a simple and methodical way has been crucial.

Corporate and commercial > Equity capital markets – mid-large cap

Crime, fraud and licensing > Fraud: civil

India > Foreign firms Tier 2

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.

The firm: Milbank has been in London for over 40 years, assisting clients with their most complex, high-profile and ground-breaking cross-border transactional and contentious matters. Now the second largest office in Milbank’s global network, the London office has over 150 lawyers providing English and NY law advice on UK, pan-European, Asian, African and other global matters. The strength of its leading UK and US practices provides the firm with a unique ability to handle the most complex and demanding transatlantic mandates for its clients.

Types of work undertaken
Acquisition finance: The firm’s integrated English and NY law team is a leader in the market across loans, bonds, bridges and private debt. Clients include underwriters and financial sponsors, senior and mezzanine lenders, issuers and borrowers.

Capital markets: The London team focuses on servicing areas where the firm is particularly strong, including initial public offerings, high-yield bonds, leveraged acquisitions, emerging market offerings, project bonds, securitisations and other types of highly structured cross-border products. The firm is able to structure and document capital markets offerings under both English and New York law.

Corporate: The London team represents buyers and sellers, private equity investors, strategic partners and financial advisers in the full range of M&A and strategic corporate transactions using English law both in the UK and globally. The focus is on complex, high-end and usually cross-border transactions.

Litigation, arbitration and investigations: This market leading team specialises in the resolution of complex and high stakes disputes and investigations, particularly in the financial services, energy, and technology sectors.

Tax: The practice has expertise across the entire range of corporate, income and related taxation, covering the corporate, investment funds and financial services sectors. It focuses on international, cross-border mergers and acquisitions, financial restructurings. Structured finance and capital market products and product development and, generally, assists clients from these sectors in developing tax-optimal strategies for international consortia, joint ventures and funding structures.

Islamic finance: The firm’s Islamic finance practitioners have wide experience of structuring and documenting Shari’ah-compliant financings with particular expertise in acquisition financing, project financing, Sukuk/Islamic bonds and securitisation.

Project, energy and infrastructure finance: The London team has accomplished high-profile mandates in the power, oil and gas, metals and mining, water, telecoms and satellites, and transport infrastructure sectors, and is ranked among the leaders in the London market.

Restructuring: The London offering of this core practice for the firm focuses on the largest, most complex transactions in the market. The firm represents boards, companies, banks, funds, official and ad hoc committees of creditors, individual creditors, shareholders, and other participants in bankruptcies and out of court restructurings of companies in any industry in the US, Europe, the Middle East, Africa, Asia and around the world.

Securitisation and structured finance: The firm has a market leading practice acting for a range of institutional and fund manager clients.

Outsourcing, technology, data privacy: The firm is recognised as a global leader in technology, outsourcing and data privacy law. The firm advises on the largest and most complex outsourcing and technology projects and fund administration transactions. The firm advises on complex data privacy issues and is widely recognised as being the leading adviser to the satellite and communications industries.

Transportation and space: The firm specialises in all forms of asset related financing in the transportation, satellite, shipping and infrastructure areas, acting on the sector’s largest, most complicated, innovative and often award-winning transactions. The team’s work has a global reach and deals combine finance, export credit, tax structuring, restructuring, acquisitions, competition and capital markets expertise. The range of clients is broad, from investment banks, development institutions, airline leasing companies and manufacturers to specialist funds, carriers, and regulatory bodies, and the team works across the sector from private jets to the largest of container vessels.

Main work contacts
Acquisition finance: Suhrud Mehta, Alex Grant, Miko Bradford, Sarbajeet Nag
Capital markets/high yield: Apostolos Gkoutzinis, Tim Peterson,
Rebecca Marques
Restructuring: Nick Angel, Yushan Ng, Karen McMaster, Jacquie Ingram, Sinjini Saha
Litigation, arbitration and investigations: Julian Stait, Charles Evans,
Tom Canning, Mona Vaswani, William Charles
Corporate & M&A: Mark Stamp, Lisa O’Neill, Andrej Wolf
Technology and outsourcing: Joel Harrison
Data protection: Joel Harrison
Project finance: Matthew Hagopian, John Dewar, Chris Taufatofua
Islamic finance: John Dewar
Structured finance: James Warbey, John Goldfinch
Tax: Russell Jacobs
Transportation and space: James Cameron, Nick Swinburne

International offices:  Frankfurt, Munich, New York, Los Angeles, Washington DC, Singapore, Hong Kong, Tokyo, Beijing, São Paulo, Seoul

PhotoNamePositionProfile
Joel Harrison photo Joel HarrisonJoel is a partner in the Technology Practice who advises on everything…
Russell Jacobs  photo Russell Jacobs Russell is an international corporate tax partner, with over 30 years’ experience…
Lisa O’Neill photo Lisa O’NeillLisa O’Neill is a partner and co-head of the London corporate team,…
Mark Stamp photo Mark StampMark Stamp is co-head of Milbank’s corporate group in London. Mark’s practice…
Andrej Wolf photo Andrej WolfAndrej Wolf is a partner and a member of the firm’s Global…

The Lex 100 Verdict

With a global presence and top client list, Milbank LLP is known for its ‘small intake, quality of work and progression opportunities’ and strong reputation at in the London legal training scene. Trainees applaud the firm’s ‘continued investment into training and educating associates beyond qualification'  and the 'high-quality work, market reputation and know-how of its senior lawyers’. With bespoke training programmes, such as its highly praised ‘Milbank@Harvard’ scheme, it attracts top talent looking for ‘greater responsibility and levels of client contact’ than firms with larger intakes can offer. One trainee noted that ‘my peers often have shorter working days but are less exposed to the high quality of work I have come to expect during my training’. A Lex 100 Winner in two categories (client contact and remuneration), Milbank trainee highlights include 'drafting key documents and liaising directly with clients' and 'assisting on a globally-recognised restructuring deal'. Negatives concerned the IT system plus the long and unpredictable hours, a common gripe among trainees at global firms such as Milbank. Pro-bono work is highly valued; ‘it is heavily encouraged and there are many opportunities to get involved'. The firm, and the project finance practice in particular, are 'often involved in high-quality and important pro bono projects and trainees are often given the chance to contribute meaningfully’.