Firm Profile > Milbank > London, England

Milbank
10 GRESHAM STREET
LONDON
EC2V 7JD
England

Emerging markets Tier 1

The London office of Milbank has been involved in emerging markets transactions since the 1970s and maintains a strong standing in the market. Its main areas of focus are the Middle East, Africa, Eastern Europe, Turkey and Asia, where it is involved in banking and finance, capital markets, restructuring, derivatives and project finance. Head of the London project, energy and infrastructure finance group Matthew Hagopian counts standout partners in his practice including project finance expert John Dewar; Manzer Ijaz who advises sponsors, lenders, export credit agencies and development finance institutions on large-scale, international energy and infrastructure projects; oil and gas sector specialist Clive Ransome who has extensive experience advising ECAs, banks, borrowers and multi-laterals and respected high yield partner Apostolos Gkoutzinis, who joined in 2018 from Shearman & Sterling LLP, whose work includes cross-border equity and debt offerings by Greek issuers. Senior associates Seyda Duman, who handles projects in Turkey, and Chris Taufatofua, who focuses predominantly on power projects, are also recommended.

Leading individuals

Next Generation Partners

Key clients

Albilad Bank

Alimna Bank

AfDB

Athens International Airport

BNP Paribas

BPIFrance

Citibank

Commercial International Bank of Egypt

Credit Suisse

Delek

Deutsche Bank

Emerging Africa Infrastructure Fund

EBRD

EDC

Engie

Euler Hermes

Goldman Sachs

HSBC

IFC

ING

JBIC

K-Exim

KfW

K-Sure

NEXI

Nomura

Noble

Oi

O3B Satellite Company

Qatar Solar Technologies

Reliance Industries Ltd

SACE

Société Générale

Seaborn

Standard Chartered Bank

Total

UKEF

US-Exim

Woodside

High yield Tier 1

Milbank is a growing force in the high yield market and climbs the ranking this year. Practice head Apostolos Gkoutzinis is 'highly commercial and a trusted adviser,  providing clear, sensible and straightforward advice' and one client notes that he has 'a strong reputation and an icon in the world of high yield bonds'. He joined the firm in early 2018 from Shearman & Sterling LLP, along with Rebecca Marques , who is 'technically excellent, a "hands on" partner'. They joined experienced high yield partner Tim Peterson to create a practice with both experience and depth, with special counsels Trevor Truman, Randy Nahlé and the 'highly responsive and technically excellentAna Grbec all playing key roles. Since its expansion, the practice has grown the number of large financial institutions and high-profile issuers for which it acts, while it continues to act for the likes of Barclays, BNP Paribas, KKR and Jaguar Land Rover. Its work encompasses some of the largest and most complex deals in the market, which included leading the offering by Fire of €410m of senior secured floating rates notes role for Goldman Sachs, BNP Paribas, Citigroup and Crédit Agricole.

Testimonials

“The team brings an excellent combination of commercial astuteness, reputation, high yield knowledge and great client management, including responsiveness and interaction.”

“The team works very well as a unit and we have the ability to pick up the phone to anyone of them. We have a strong trusted relationship with the team, which knows our business and personalities very well.”

“We have worked with Apostolos Gkoutzinis and Trevor Truman, who have strong coordinating, analytical and communications skills, and in-depth knowledge of legal issues.”

“Overall impression of the firm is that it is well organised with highly professional personnel.”

“Rebecca Marques shows strong client engagement and responsiveness.”

“Rebecca Marques has been building her own standalone profile recently – she is hugely dedicated and committed to her role.”

“Ana Grbec has always had the ability to form strong client relationships at all levels, even when she was at an early stage of her career, as well as the ability to explain complex concepts in layman terms.”

“Milbank is one of the firms in London that combines quality high yield and loan advice, and this key in a market where both products are converging.”

“Rebeccas Marques demonstrates detailed knowledge and is extremely prompt in addressing requests.”

Key clients

Together/Bracken Midco1

Goldman Sachs International

BNP Paribas

Citigroup Global Markets

Jaguar Land Rover Automotive

KAEFER

KKR

Bank of America Merrill Lynch

Barclays

HSBC

Entertainment One

Acquisition finance Tier 2

Recently strengthened by a number of high-quality hires in the capital markets space, including Sarbajeet Nag  , who joined as a partner from Allen & Overy LLP  in summer 2019 , Milbank is able to provide a compelling high yield and bank finance offering to investment banks and credit funds. According to clients it is 'increasingly taking market share' from competitors. Led by the 'technically very strongSuhrud Mehta, the team 'has a well-rounded knowledge of the leveraged finance market' and excels at handling big-ticket cross-border deals where the firm is seamlessly able to mobilise bank and bond expertise out of London, as well as being able to tap into the expertise of a strong finance presence in the US. 'Excellent at acting for clients utilising non-commoditised and bespoke parts of the capital structure', the team recently advised the lead arrangers on a complex Term Loan B financing (containing a combination of more traditional loan-style maintenance covenants and high yield style incurrence covenants) to facilitate Jacobs Holding's acquisition of Cognita. The 'very effective and skilledAlexandra Grant is gaining increased visibility in the market as a result of her involvement in many of the team's highest profile cross-border leveraged finance transactions.

Leading individuals

Next Generation Partners

Testimonials

The team provides provides effective solutions on how to structure terms to protect junior lenders.

It is one of the strongest legal counsel providers for direct lending.

Suhrud Mehta has excellent communication and negotiation skills.

Key clients

Goldman Sachs

Deutsche Bank

Credit Suisse

Barclays Bank

Bank of America Merrill Lynch

Unicredit

HSBC Bank

BNP Paribas

Citigroup Global Markets

Crédit Agricole

KKR

HPS

Hayfin

DNB

Natixis

IT and telecoms Tier 2

Milbank's technology and outsourcing practice has a breadth of experience in transactional, regulatory and contentious matters. The group has particular expertise in advising financial services and insurance clients and other corporates on global IT transformation agreements; in the telecoms sector, it handles a range of projects, particularly in emerging markets. Practice head Laurence Jacobs is a name to note for complex IT transactions while Julian Stait and Tom Canning focus on disputes, and Joel Harrison combines IT, data protection and information security expertise.

Leading individuals: IT

Key clients

Astellas

AstraZeneca

Barclays

BHP Billiton

Credit Suisse

Direct Line Group

Maxis

TCS

Mining and minerals Tier 2

The London mining team at Milbank was recently boosted by the arrival of a four-partner restructuring team from Cadwalader, Wickersham & Taft LLP including its former global financial restructuring co-chair Yushan Ng and partners Jacqueline Ingram, Karen McMaster and Sinjini Saha. The firm's wide-ranging mining finance capabilities were also bolstered by the addition of capital market partners Apostolos Gkoutzinis and Rebecca Marques and another nine lawyers from Shearman & Sterling LLP. Project finance veteran Phillip Fletcher retired at the end of 2018.

Key clients

Absa Bank

African Development Bank

BNP Paribas

EBRD

EFIC

EIB

Emerging Africa Infrastructure Fund

KfW

IFC

Yellow Cake plc

US-Exim

Bacchus Capital

JBIC

KEXIM

Ivanhoe Mines

Oil and gas Tier 2

Milbank's London-based energy and natural resources team works with lenders and other financial institutions, private equity and hedge funds, energy companies, other sponsors and developers, and government institutions on their highest-profile energy and natural resources mandates, both at home and abroad. Matthew Hagopian and Manzer Ijaz jointly head the oil and gas team with particular expertise in project development and financing.

Leading individuals

Key clients

HSBC

SACE

The Hongkong and Shanghai Banking Corporation

First Abu Dhabi Bank PJSC

MUFG Bank

BNP Paribas Fortis

DZ BANK

Delek Drilling

Noble Energy

Gás Natural Açu

Next Decade

Power (including electricity, nuclear and renewables) Tier 2

Milbank's energy team works with a broad range of clients, including lenders, private equity and hedge funds, energy companies, sponsors and developers and government institutions, both in the UK and internationally. The US firm's full-service offering has particular expertise in the field of financing as showcased by its work for Centrais Elétricas de Sergipe on the financing for the Porto de Sergipe I Thermoelectric Complex in Brazil. The firm recently significantly bolstered its restructuring and capital markets capabilities with a flurry of high-profile lateral hires from rival firms. Key partners include respected project finance expert John Dewar.

Leading individuals

Key clients

Mercuria Energy Trading

Santander

Natixis

ING

Centrais Eléctricas de Sergipe

Patria

Transport finance & leasing Tier 2

Led by the 'high-calibreJames Cameron and Nick SwinburneMilbank's 'very impressive' two-partner team excels in handling highly structured aviation finance and leasing transactions, where it can add value through its ability to draw upon the firm's strong UK and US capital markets capability, as well as complementary practice areas including tax, finance and M&A. In a complex matter which involved JOLCO equity, the team advised Citibank, as arranger, on British Airways' $608.5m Enhanced Equipment Trust Certificate (EETC). Aircraft trading projects and portfolio acquisitions/dispositions also remain a real strength of the firm, where as well as partner involvement it is also able to call upon a 'very capable and high performing team of associates'Although the team is undoubtedly best known for its aviation sector strength it also continues to develop a burgeoning presence in the shipping sector, particularly in relation to capital markets mandates and portfolio acquisitions. Associate Jonathan Cripps is noted for his ship finance expertise and is a key member of the team, which also includes 'highly commendable' special counsel Richard Walton, who is recognised for his ability to handle complex, structured financing transactions, including the growing non-US EETC market.

Leading individuals

Next Generation Partners

Rising stars

Testimonials

The team is very impressive‘.

The associate bench is consistently high performing which means that there is no “hit and miss” when it comes to day-to-day work‘.

James Cameron is an excellent lawyer to have on your side‘.

James Cameron is commercial and pragmatic; he cuts to the chase and is able to identify and focus on key risks in a transaction‘.

Ben Andrews is very good at transaction management and client communication‘.

Mark Leverkus is commercially minded and understands what is important to the client and what is not‘.

Key clients

Aercap

AirAsia

Altavair AirFinance

Avolon

BBAM

BNPP

BOC Aviation

CDB Leasing

Centerbridge

Citibank

CMIG

Deutsche Bank

Development Bank of Japan

Doric Asset Finance

DVB

Goldman Sachs

Goshawk

Highbridge

Investec

NCB Capital

KfW

KKR

Macquarie Bank

Mizuho

Natixis

Novus

Oaktree

Shawbrook International

SMBC

TerraFirma

TrueNoord

TUI Travel Plc

Vantage Drilling International

Vueling

Commercial contracts Tier 3

Outsourcing specialist Milbank has experience in global IT and business process agreements, as well as advising major financial services and pharmaceutical companies on global outsourcing projects. The practice is also known for its work in public sector projects. Laurence Jacobs leads the team and has expertise in the outsourcing and technology fields. Also notable is the firm's head of data privacy, Joel Harrison.

Leading individuals

Key clients

Astellas

AstraZeneca

Barclays

Northern Trust

DXC

GroupM

Direct Line Group

Kantar Media

Standard Chartered Bank

TCS

WPP

QBE

Corporate restructuring & insolvency Tier 3

Galvanised since the arrival of the 'superbYushan Ng and several other practitioners from Cadwalader, Wickersham & Taft LLP at the beginning of 2018, Milbank's six-partner team continues to pick up market share on the creditor front on behalf of funds clients. Often working alongside and feeding off the firm's 'impressive' front end bank and bond practices, the team excels at handling complex distressed investment/special situations work, where it can also add value by virtue of being able to structure deals implementing both UK and US-governed financing documents. Nick Angel co-heads the team with Ng and is more debtor focused in his practice, as evidenced by his recent work both for Avanti Communications on the amendment of its $323m senior secured notes through a consent solicitation, and on a debt for equity swap of Avanti’s $557m senior secured notes through a scheme of arrangement.

Leading individuals

Testimonials

‘Incredibly well synced team with a combination of very solid experience and can-do mentality.’

‘The team is commercially oriented and always puts clients’ interest at the forefront.’

‘They have the right balance of legal knowledge and commercial judgement that fits clients needs in crucial execution moments.’

‘Yushan Ng has a fantastic following among the fund community.’

Key clients

GSO Capital Partners

Angelo Gordon

Searchlight Capital

Avenue Capital Group

Marathon Asset Management

SVP Global

Pimco

TPG Sixth Street Partners

Och-Ziff Capital Management Group

EQT

Lodbrok Capital

Warwick Capital Partners

Alchemy

Centerbridge

KKR

Anchorage Capital Partners

Oaktree

Canyon Capital Advisors

Njord Partners

Monarch Alternative Capital

CQS

Alcentra

Derivatives (including commodities) Tier 3

Milbank has a full-service transactional derivatives practice that acts for a range of issuers, dealers and end-users in repos, stock loans, structured notes and finance-linked hedging, as well as advising on the evolving regulatory environment. A key focus areas for the London group is loan portfolio financing structures used by investors to create customised leverage and gain exposure to economic risk in relation to a portfolio of loans without having to purchase those loans. The team also handles bespoke funding and regulatory capital transactions involving the transfer of portfolio credit risk to one or more investors. James Warbey is head of the firm’s alternative investments group and has an exceptional track record in structured finance and derivatives. Partner John Goldfinch frequently handles credit-linked notes, credit default swaps and loan portfolio total return swap financings. Rising star senior associate Jennifer Ellis also plays a key role in the practice.

Leading individuals

Rising stars

Key clients

Bain Credit

BlueMountain

Cairn Loan Investments

Commerzbank AG

KKR

PGIM (formerly Pramerica)

AXA Investment Managers, INC

Rockford Tower

Deutsche Bank

Bardon Hill (formerly Halcyon)

Investcorp Credit Management EU Limited

Athens International Airport S.A.

Infrastructure (including PFI and PPP) Tier 3

Active across a variety of industries, the team at Milbank offers comprehensive advice on the development, construction and financing of infrastructure projects. It is instructed to assist in procurement, M&A and restructurings by sponsors, investors, lenders, and governmental authorities in particular. Matthew Hagopian heads up the firm's London projects, energy and infrastructure finance group, in which John Dewar is a well-versed member. Clive Ransome has considerable experience in various jurisdictions. Manzer Ijaz is another highlighted individual.

Testimonials

Milbank has a team of great people.’

Islamic finance Tier 3

Milbank's London office houses a couple of lawyers with notable Islamic finance capabilities, who as a team make up a key part of the firm's project finance practice throughout EMEA and into Asia. In particular, the team has experience of multi-source financing transactions in the context of natural resources and infrastructure developments, which have often involved Islamic institutions and export credit agencies. John Dewar is recommended.

Structured products and securitisation Tier 3

Milbank joins the ranking due to its prominent position in the CLO market. The firm's alternative investments group is among the leading advisers to  manager counsel globally, and it was the first to handle a CLO 2.0 transaction following the financial crisis. The practice acts for collateral managers, arrangers, issuers, derivative counterparties and anchor investors in a large number of credit arbitrage transactions, with the London group acting for prominent market participants including PGIM, BlueMountain, KKR, Bain Credit, Deutsche Bank and Cairn Loan Investments. The firm also has a strong structured products practice and recently advised on a number of total return swap platforms and synthetic securitisations. James Warbey is the key partner.

Leading individuals

Key clients

Bain Credit

BlueMountain

Cairn Loan Investments

Commerzbank AG

KKR

PGIM (formerly Pramerica)

AXA Investment Managers, INC

Rockford Tower

Deutsche Bank

Bardon Hill (formerly Halcyon)

Investcorp Credit Management EU Limited

Attica Bank S.A.

Banking litigation: investment and retail Tier 4

Milbank is experienced in complex, big-ticket banking litigation involving international financial institutions. The practice stands out for its cross-border experience and US capabilities in banking disputes. Julian Stait heads the firm's London litigation and arbitration team, and Charles Evans has substantial expertise in contentious regulatory proceedings and investigations. Other names to note are Tom Canning and senior associate William Charles.

Leading individuals

Rising stars

Key clients

AllianceBernstein

Visa

Rabobank

Deutsche Bank

Lloyds Bank

HSBC

Barclays

Visa International Service Association

Commercial litigation Tier 5

Milbank advises some of the world’s leading corporates and financial institutions on large and complex business disputes. The practice has significant cross-border experience and stands out for its ability assisting with commercial disputes on both sides of the Atlantic. Co-managing partner of the London office Julian Stait leads the London litigation team, and has a track record for commercial litigation that involves banking, financial services, IT, competition disputes, and investigations. Tom Canning is also widely praised.

Leading individuals

Key clients

AllianceBernstein

Visa

Rabobank

HSBC

Deutsche Bank

Barclays

Lloyds Bank

Ziraat Bankasi

Financial services: contentious Tier 5

Milbank is known for transatlantic experience acting for global financial institutions and senior industry individuals. The firm has expertise in investigations, enforcement proceedings and disputes in the financial services sector. Charles Evans leads the team and specialises in financial services and banking matters.

International arbitration Tier 6

Milbank 'has a very strong group in arbitration'; it has particular strength in the finance, TMT, energy, infrastructure, satellite and transportation sectors. Julian Stait heads the litigation and arbitration group in London and Tom Canning heads the London international arbitration team, which also includes senior associate Peter Edworthy.

Testimonials

The group has an impressive client profile and is taking on some very large cases‘.

Tom Canning is a very strong performer and a good leader within the practice‘.

Senior associate Peter Edworthy’s advice incorporates sensible solutions to problems and practical recommendations for ways forward‘.

M&A: upper mid-market and premium deals, £500m+ Tier 6

Milbank regularly handles multi-jurisdictional M&A transactions, with matters originating from the Middle East, Asia, continental Europe and both sides of the Atlantic. Particularly notable has been the firm's strength in UK/US/Germany transactions, on which the London office collaborates with the New York and Munich offices, such as Advent International's  on the $3.25bn  acquisition of General Electric's distributed power business. Key industry sectors include financial services, energy and natural resources, leisure and gaming and technology. The practice is co-headed by Mark Stamp and Stuart Harray; both of whom have experience acting for private equity clients, in addition to Stamp's expertise representing financial institutions and Harray's specific sector strengths in energy and natural resources and mining and minerals. Lisa O’Neill joined the team from McDermott Will & Emery UK LLP in early 2019, and multiple hires across the finance and restructuring departments over the past year have added strength to the corporate department, although Daniel Wayte departed for Orrick, Herrington & Sutcliffe (Europe) LLP.

Testimonials

One of my first choices for commercial matters in London. A very well balanced  and client-orientated firm.’

Stuart Harray is very commercial, insightful and pragmatic. His ability to communicate difficult points in a positive way enables constructive negotiation.’

Key clients

Yellow Cake plc

Eurobank Ergasias SA

Eldorado Resorts Inc.

EQT

Terra Firma

ProSiebenSat.1 Media SE

Sahara US Corporation

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 & 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 & 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 & 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 & 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
Capital Markets/High Yield: Apostolos Gkoutzinis, Tim Peterson, Rebecca Marques
Restructuring: Nick Angel, Yushan Ng, Peter Newman, Karen McMaster, Jacquie Ingram, Sinjini Saha
Litigation, Arbitration & Investigations: Julian Stait, Charles Evans, Tom Canning
Corporate & M&A: Mark Stamp, Stuart Harray
Technology & Outsourcing: Laurence Jacobs
Data Protection: Joel Harrison
Project Finance: Matthew Hagopian, John Dewar, Clive Ransome, Manzer Ijaz
Islamic Finance: John Dewar
Structured Finance: James Warbey, John Goldfinch
Tax: Russell Jacobs
Transportation & Space: James Cameron, Nick Swinburne

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