Milbank > London, England > Firm Profile

Milbank
100 Liverpool Street
LONDON
EC2M 2AT
England

Finance > High yield Tier 1

Milbank has ‘a team of exceptional individuals who are distinguished by their in-depth knowledge of the high yield market and their ethos and professionalism‘. One client notes that ‘the people are friendly, helpful and set and achieve quick deadlines to make the deals smoother‘. Though not the largest group in the market, the practice focuses on the most complex and high-value deals, often cross-border in nature. Practice head Apostolos Gkoutzinis is ‘the guru of the high yield market‘ and one client says that ‘there is no other high yield partner in London with greater and deeper connections inside the Greek market‘. Gkoutzinis and Rebecca Marques advised the underwriters of the $5bn bond and loan financing for Brookfield’s acquisition of Modulaire Group. Key partner Tim Peterson acted for Ferroglobe PLC in the restructuring of the company’s senior notes, which included extensions of maturity and additional debt and equity capital. Part of the transaction was a private placement of $40m of super senior notes. Emerging partner talents Randy Nahlé and the ‘star addition to the partners’ group‘ Ana Grbec play pivotal roles in the practice.

Practice head(s):

Apostolos Gkoutzinis

Testimonials

‘It’s a team of exceptional individuals who are distinguished by their in-depth knowledge of the HY market and their ethos and professionalism. It’s the team with the deepest knowledge and greatest connections in the Greek market as well as strong connections with sponsors. It is comprised of an extremely hard-working and diverse group of people.’

‘Apostolos Gkoutzinis is the guru of the high yield market. There is no other HY partner in London with greater and deeper connections inside the Greek market. He is super-commercial, knows how to identify clients’ needs early on and address them smoothly and efficiently. He has a natural gift in communication and an exceptional knowledge of the HY market. You can count on Apostolos for swift execution of any deal, no matter how difficult it is!’

‘Ana Grbec is undoubtedly the recent “star” addition to the partners’ group. She is an exceptional individual and combines all the best qualities sought for as a practitioner and a colleague. She has in-depth knowledge of a broad range of securities laws and leveraged finance as well as of past and current trends in the market.’

‘Milbank are fantastic at keeping in touch both on and off deals. They provide additional support and training and are always available to answer ad hoc questions. On deals, they have great market knowledge and provide excellent advice on current positions and experience with our counterparts.’

‘Ana Grbec and Rebecca Marques are the partners I work with the most. All of them are stand out – their advice is excellent, they are supportive and helpful to all members of our team, they are collegiate and any questions they will find the right person to answer you quickly or share our comments in their team so we don’t have to repeat ourselves on deals that cover various departments.’

‘At the partner/counsel level, the Milbank high yield team is among the top in the market. They always make time for us, are responsive and good at tackling complex problems.’

‘Apostolos Gkoutzinis is among a handful of the top high yield practitioners in the London market. I value his creative and commercial approach to solving problems, in a way that adds value to our business.’

‘What makes the practice is unique, in my view, is the leadership of Apostolos Gkoutzinis. He has done an excellent job assembling a group of hard working, commercial and pragmatic lawyers who work well as a team with opposing counsel (and companies/investment banks on their matters).’

Key clients

Portfolio companies of ION Investment Corporation S.à r.l. and its subsidiaries

SAZKA Group

Together Financial Services Limited

Jaguar Land Rover Automotive plc

Public Power Corporation S.A.

Ferroglobe PLC

Canary Wharf Group

PeopleCert Wisdom Issuer plc

Goldman Sachs

BNP Paribas

HSBC Bank plc

Morgan Stanley

Citigroup

BofA

JP Morgan

Work highlights

  • Advised the initial purchasers in connection with Zenith Finco Plc’s offering of £475 million 6.500% Green Senior Secured Notes due 2027.
  • Advised the lenders in connection with an approximately $2.07B cross-border Euro and US Dollar loan and bond financing comprising a €375 million EUR senior term loan facility, an $850 million senior term loan facility and a €200 million cross-border ABL facility and €430 million of 5.25% Senior Notes due 2029.
  • Advised the initial purchasers in connection with a bond financing comprising €250 million Floating Rate Sustainability-Linked Senior Secured Notes due 2026 and €380 million 4.625% Sustainability-Linked Senior Secured Notes due 2026 and a €100 million senior secured revolving credit facility.

Finance > Transport finance and leasing Tier 1

Milbank is a ‘heavy-hitter‘ in the aviation space and handles a range of financing and corporate work for a varied mix of stakeholders including airlines, lessors, banks, manufacturers and funds. On the financing front, the team, which is led by ‘market-leaders’ James Cameron and Nick Swinburne, is well versed in advising on bank and bond financings (including on New York-law governed high yield), as well as on often highly structured mandates, including as they relate to asset backed securities. Much of the recent work the team has handled has been informed by the liquidity crisis facing aviation stakeholders as a consequence of reduced passenger demand following on from the pandemic; some of this has been in the context of new money financings, however, a considerable amount has been in relation to major distressed scenarios, where the team is particularly well placed to assist by virtue of its ability to work seamlessly with the firm’s overarching restructuring group, as well as its top notch US Chapter 11 offering.

Practice head(s):

James Cameron; Nick Swinburne

Other key lawyers:

Tom Jackson; Mark Leverkus

Testimonials

The firm is a heavy-hitter in the aviation sector.’

James Cameron and Nick Swinburne are market leaders.’

Key clients

AerCap

Air France

Ares

Avolon

Bank of China

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

Genesis Leasing Limited

Carlyle Aviation Partners

Castlelake

FitzWalter Capital

China Development Bank

ALAFCO

Deutsche Bank

ING

Societe Generale

Muzinich & Co., Ltd

Work highlights

  • Advising SMBC Aviation Capital on its acquisition of Goshawk, which includes a portfolio of approximately 160 owned aircraft and 15 managed aircraft.
  • Acting for Silverpoint Capital on the Chapter 11 filing for NAC DAC and its subsidiaries in connection with NAC’s debt restructuring.
  • Advised Fortress Investment Group on the sale of Falko Regional Aircraft to Chorus Aviation.

Finance > Acquisition finance Tier 2

Led by Suhrud Mehta, the ‘friendly and helpful’ team at Milbank has ‘great market knowledge’, developed as a result of many years’ experience advising a lender-focused client base across a range of  complex multi-jurisdictional acquisition finance mandates, frequently incorporating sophisticated intercreditor relationships. In this context, one of the team’s core strengths is its ability to advise on both European and US law governed loans and high yield bonds, a corollary of which is also its effectiveness at structuring deals in light of the continued convergence of covenant structures on both sides of the Atlantic. Alexandra Grant provides ‘excellent advice’ to many of the firm’s highest-profile investment bank clients as underwriters on large cap cross-border mandates. Other recommended practitioners include Sarbajeet Nag and Miko Bradford, both of whom provide expert guidance to the firm’s core banking clients, as well as to private equity sponsors on pan-European and transatlantic leveraged finance transactions.

Practice head(s):

Suhrud Mehta

Other key lawyers:

Alexandra Grant; Sarbajeet Nag; Miko Bradford; Timothy Peterson; Laura Bonamis

Testimonials

‘The firm is fantastic at keeping in touch both on and off deals. They provide additional support and training and are always available to answer ad-hoc questions.’

‘They have great market knowledge and provide excellent advice on current positions and experience with our counterparts. The people are friendly, helpful and set and achieve quick deadlines to make the deals smoother.’

‘Miko Bradford and Alexandra Grant provide excellent advice – they are supportive and helpful to all members of our team, they are collegiate and will quickly find the right person to answer questions’

Key clients

Goldman Sachs

Bank of America

Barclays

UBS

BNP Paribas

Citigroup

Credit Suisse

RBC / NatWest

Jefferies

SoftBank

Park Square

KKR Credit

Carlyle Credit

HPS

CVC Credit

Work highlights

  • Advised the underwriting banks in relation to the financing for Brookfield’s acquisition of Modulaire Group for approximately $5bn.
  • Advised the lenders in connection with a c.$2.07bn cross-border Euro and US Dollar Loan and Bond financing comprising a €375m senior term loan facility, an $850m senior term loan facility and a €200m cross-border ABL facility and €430m of high yield notes.
  • Advising the mandated lead arrangers in relation to the £1.2bn  senior secured term loan B and senior secured revolving credit facility financing for Carlyle’s acquisition of Altadia Group, the largest global manufacturer of intermediate products for ceramic tile production, from LoneStar.

Finance > Corporate restructuring & insolvency Tier 2

Co-headed in London by Nick Angel, Milbank 's restructuring practice remains best-known for its creditor /bondholder work, where clients benefit from ‘tremendous knowledge’ of  the underlying financing documents, including New York law-governed high yield, and a ‘very creative mindset’, which is primarily focused on securing value for clients without having to go into a formal insolvency process. Fellow joint practice head Yushan Ng remains pivotal to the firm’s success on the bondholder side, which continues to thrive on behalf of hedge fund clients but is also increasingly picking up mandates from CLOs and traditional asset managers. In addition, the team also continues to generate some opportunistic bank side instructions in core sectors for the wider firm, for example, in the aviation finance space. It is also increasingly gaining traction on the debtor side, driven largely off private equity relationships (for portfolio entities).

Practice head(s):

Nick Angel; Yushan Ng

Other key lawyers:

Karen McMaster; Sinjini Saha; Jacqueline Ingram; Kate Colman

Finance > Islamic finance Tier 2

Milbank‘s ‘clever, hardworking and knowledgeable’ team is well versed across the spectrum of Islamic finance structures, which it deploys to good effect on behalf of funds and banks engaged in work across firmwide sector and practice area strengths, including project finance, asset finance and restructuring. In this regard, the team, which is headed by John Dewar, is very effective at knitting together both conventional and Islamic finance structures to satisfy all stakeholders on a deal. Dewar recently had a key role in relation to the firm’s work for 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 bondholders, and the largest Sharia-compliant restructuring in Saudi history and the wider Middle East. Special counsel Munib Hussain provides ‘practical legal solutions‘ in the project finance space, and also regularly provides Islamic finance input when the firm’s market leading aviation finance practice requires input necessitating Sharia-compliant structures.

Practice head(s):

John Dewar

Other key lawyers:

Testimonials

‘The lawyers are clever, hardworking and knowledgeable. Their lawyers are diverse, use the latest technology and ensuring that all parties collaborate in order to get the deal across the finish line.’

‘John Dewar and Munib Hussain provide clear and concise advice and communications, and always have practical legal solutions to any issues.’

‘They (i) deliver on or before agreed timing; (ii) provide clear and concise advice and communications; and (iii) always have practical legal solutions to any issues.’

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

Emirates Islamic Bank

ADCB

Work highlights

  • Advised Islamic banks, Public Investment Fund of Saudi Arabia and Japan Bank for International Cooperation, as the lenders, on the $5.2bn financial completion of the Rabigh Phase 2 Project.
  • Advising the senior creditors on the $11bn restructuring and debt reprofiling of the Sadara Chemical Company.

Industry focus > Emerging markets Tier 2

The London office of Milbank has a track record in emerging markets financing transactions that stretches back to the 1970s, and it continues to be a key adviser on deals in Africa, Latin America, the Middle East and Asia. It has worked on more Brazilian deals than many other London firms, particularly in the LNG-to-power sector, and is prominent in both conventional and nuclear power projects in the Middle East. Lead partner John Dewar advises sponsors, project companies, export credit agencies, multilateral development banks and development finance institutions in the power, oil and gas, mining, telecommunications and infrastructure sectors. He acted for Societe Generale, SMBC, Norinchukin Bank and various ECAs in the $560m financing of the 500MW Gulf of Suez Wind II Project, which will play a key role in Egypt's renewable energy transition. Şeyda Duman and Chris Taufatofua are up-and-coming partners in the practice, while special counsel Munib Hussain focuses on multi-sourced financings involving ECAs, multi-laterals, commercial and Islamic banks.

Practice head(s):

John Dewar

Other key lawyers:

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

Nippon Export and Investment Insurance

Work highlights

  • Acted as international counsel to the Senior Creditors on the restructuring and debt reprofiling of the Sadara Chemical Company, which operates the Sadara Complex in Jubail, The Kingdom of Saudi Arabia, designed to produce approximately 3,300 kta of finished chemicals and plastic products for export within The Kingdom, Middle East and the rest of the world.
  • Advised lenders on the comprehensive restructuring of financing and ownership arrangements for the US$8.8 billion Ambatovy nickel and cobalt mine in Madagascar.
  • Acting for the lenders and export credit agencies in connection with the US$690 million financing of a 500MW onshore wind farm located in Red Sea, Egypt. The project is sponsored by AMEA Power and Sumitomo Corporation.

Projects, energy and natural resources > Oil and gas Tier 2

Milbank is well known in the market for its considerable experience of high-profile and high-value financing deals in the oil and gas, renewables and power sectors. It advises lenders and sponsors and works closely with its New York office to advise on New York and English law. The team is jointly led by Matthew Hagopian and John Dewar, with Hagopian experienced in the development and financing of major international cross-border projects, and Dewar recommended for transactional matters EMEA, Asia and emerging markets. Special counsel Munib Hussain is well versed in international energy and infrastructure projects; Manzer Ijaz retired.  

Practice head(s):

Matthew Hagopian; John Dewar

Other key lawyers:

Kilian de Cintré; Munib Hussain; Suzanne Szczetnikowicz

Key clients

JP Morgan

Standard Chartered bank

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank

Nippon Export and Investment Insurance,

Japan Bank for International Cooperation and International Finance Corporation

Societe Generale

Norinchukin Bank

Green Investment Group (Macquarie Capital)

World Bank-PPIAF

West African Power Pool

OnCorp

New Fortress Energy

European Bank for Reconstruction and Development

Overseas Private Investment Corporation

International Finance Corporation

Gas Natural Açu

Export-Import Bank of Korea

Public Investment Fund, Saudi Arabia

Total S.A.

Rio Energia

EIG

BPIFrance

Apollo Investment Management

OMERS

Carlyle

Sovereign Fund of Egypt

Work highlights

  • Advised JP Morgan in connection with the $1.8bn financing of the acquisition by Mubadala Capital of the owner of the Landulpho Alves refinery, the primary supplier of gasoline, diesel, VLSFO, bunker, jet fuel, naphtha, LPG, asphalt, petrochemical naphtha, paraffin, and other oil-refined products in the Northeast and North regions in Brazil.
  • Advising OnCorp on all aspects of the structuring and negotiation of all project documents required for a bid to develop an LNG import and regasification terminal to be located at the port of Suape, Pernambuco, Brazil. This will be Brazil’s first private LNG Import Terminal within the Suape Port complex.
  • Ated as international counsel to the global coordinators and joint bookrunners on connection with the with EIG Pearl Holdings S.À R.L.’s (“Issuer”) issuance of $1.25bn 3.5% Senior Secured Bonds due 2036 and $1.25bon 4.4% Senior Secured Bonds due 2046.

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

The project, energy and infrastructure finance team at Milbank is led by John Dewar who is heavily involved in cross-border matters across EMEA and emerging markets. The practice has expertise in renewables and gas-to-power deals with particular capabilities in handling Americas work with several projects undertaken in Brazil. Chris Taufatofua is experienced in advising lenders, sponsors and contractors on a variety of international project financings while associate Suzanne Szczetnikowicz has been involved in green ammonia matters.

Practice head(s):

John Dewar

Key clients

JP Morgan

Standard Chartered bank

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank

Nippon Export and Investment Insurance

Japan Bank for International Cooperation and International Finance Corporation

Societe Generale

Norinchukin Bank

Green Investment Group (Macquarie Capital)

World Bank-PPIAF

West African Power Pool

OnCorp

New Fortress Energy

European Bank for Reconstruction and Development

Overseas Private Investment Corporation

International Finance Corporation

Gas Natural Açu

Export-Import Bank of Korea

Public Investment Fund, Saudi Arabia

Total S.A.

Rio Energia

EIG

BPIFrance

Apollo Investment Management

OMERS

Carlyle

Sovereign Fund of Egypt

Work highlights

  • Acted for the lenders and export credit agencies in connection with the US$690 million financing of a 500MW onshore wind farm located in Red Sea, Egypt.
  • Advised the Green Investment Group on the negotiation of corporate power purchase agreements in connection with the development of a portfolio of greenfield solar and wind power projects in Brazil.
  • Acted for World Bank-PPIAF and West African Power Pool in connection with the negotiation of PPAs and TSAs for electricity trading, through the Côte d’Ivoire-Liberia-Sierra Leone-Guinea regional power transmission interconnector.

Corporate and commercial > Equity capital markets – mid-large cap Tier 3

Stand-out’ partner David Dixter joined Milbank in 2021 and brought expertise in equity and debt capital markets and liability management transactions, as well as securities law and corporate governance matters. The firm’s experience runs the gamut of corporate finance transactions, notably IPOs and international equity offerings. The firm has particular strength in ECM matters in the EMEA market. Other specialisms include US securities law, high-yield matters and liability management transactions, advising issuers and underwriters across the space. Under Dixter’s lead, the practice has also established itself in the Nordic markets.

Practice head(s):

David Dixter

Other key lawyers:

Apostolos Gkoutzinis

Testimonials

‘David Dixter is exceptionally good.’

‘Easy to work with, experienced, high availability.’

‘David Dixter stands out. He is easy to work with, has high availability and is very familiar with local practices.’

Key clients

Kalera AS

Storskogen Group AB

Acast AB

Goldman Sachs Bank Europe SE

J.P. Morgan AG

Carnegie Investment Bank AB

Danske Bank A/S

Jefferies

ABG Sundal Collier AB

Goldman Sachs Bank Europe SE

Citigroup Global Markets Europe AG

Nordea Bank ABP

Swedbank AB

Credit Suisse

BNPP

BofA

Deutsche Bank

Dispute resolution > Banking litigation: investment and retail Tier 3

Milbank has a broad banking litigation practice, with a noteworthy focus on acting for wholesale and retail banks in competition-related litigation. The practice is also regularly engaged by lenders to handle disputes related to the financing of transactions and projects, as well as by committees of noteholders. The group also draws on its links to the US to handle matters with transatlantic elements. Julian Stait heads up the group and leads on disputes involving competition issues, while Mona Vaswani has recently been engaged on a number of claims related to distressed financial instruments. Tom Canning and William Charles are also key partners in the team, with broad practices in this space.

Practice head(s):

Julian Stait

Other key lawyers:

Key clients

Rabobank

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

Work highlights

  • Acting for Visa  defending claims pursued by Dune Group Limited and more than 600 other claimants in the Competition Appeal Tribunal, alleging that Visa abused its dominant position and breached other aspects of English and European competition law in relation to the setting and implementation of multilateral interchange fees associated with the use of Visa branded debit and credit cards and the imposition of other rules and fees.
  • Acting for Visa in multiple further sets of proceedings in the High Court and Competition Appeal Tribunal in which various Visa entities are being sued for alleged infringements of competition laws in various continental European jurisdictions in relation to the setting and implementation of multilateral interchange fees associated with the use of Visa-branded debit and credit cards.

Finance > Derivatives and structured products Tier 3

Milbank has a full-service derivatives practice that frequently advises the firm’s clients in the projects, leverage finance and aviation finance sectors across Europe and Asia on large-scale hedging transactions and the negotiation of bespoke regulatory capital and equity derivatives. The firm has also become a key adviser on loan securitisation platform sales. Lead partner James Warbey is a recognised expert in European CLO transactions, and John Goldfinch focuses on CLOs, securitisations and portfolio manager M&A deals. Claire Bridcut also played a key role in that work. Jennifer Ellis – Linklaters.

Practice head(s):

James Warbey

Other key lawyers:

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

King Street Capital Management

Commerzbank AG, London Branch

AXA Investment Managers, Inc.

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

Angelo, Gordon Europe LLP

Nassau Corporate Credit (UK) LLP

Assured Investment Management LLC

White Star Asset Management

Cross Ocean Partners

CBAM CLO Management Europe, LLC

Aeon Investment Management

Work highlights

  • Advised Assured Investment Management on the sale of in excess of $100,000,000 of LLC interests in its first-of-kind series LLC “Fuji” originator manager vehicle to Blackstone.
  • Advised Cross Ocean on the structuring and establishment of their new third-party CLO originator fund.
  • Advised Aeon Investments in respect of their innovative commercial real estate warehouse, involving a new-to-market £250,000,000 financing, origination and servicing platform in partnership with Arbuthnot Latham.

Finance > Securitisation Tier 3

Milbank has one of the leading Euro CLO transaction practices in London. It frequently acts as transaction counsel for leading CLO market participants such as PGIM, KKR and Cairn as collateral managers, and BNP Paribas as arranger. In 2021 and early 2022, the firm handled 47 transactions for numerous major CLO clients, including Nassau Re and Angelo Gordon. Practice head James Warbey and key partner John Goldfinch are widely recognised as leading lawyers in the European CLO market. Warbey assisted Angelo Gordon with the €407m issuance of CLO notes by Northwoods Capital 23 Euro Designated Activity Company, which featured a triple-A loan note tranche, requiring extensive investor and trustee negotiation. Goldfinch advised Assured Investment Management LLC as investment manager and retention holder on the €359m issuance of CLO notes by Bluemountain EUR 2021-2 CLO DAC. Associate Chris Burke also focuses on CLOs and frequently acts for prolific asset managers and arrangers in both the US and Europe.

Practice head(s):

James Warbey

Other key lawyers:

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

King Street Capital Management

Commerzbank AG, London Branch

AXA Investment Managers, Inc.

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

Angelo, Gordon Europe LLP

Nassau Corporate Credit (UK) LLP

Assured Investment Management LLC

White Star Asset Management

Cross Ocean Partners

CBAM CLO Management Europe, LLC

Aeon Investment Management

Work highlights

  • Advised BNP Paribas as arranger and Initial Purchaser in connection with the €415.6 million issuance of CLO notes by Sculptor European CLO IX DAC.
  • Advised Cairn Loan Investments II LLP investment manager in connection with the €378.3m issuance of CLO notes pursuant to the Cairn XII-R reset transaction.
  • Advised KKR Credit Advisors Unlimited Company in the €407 million issuance of CLO-rated notes – the first new issue KKR transaction to incorporate a AAA loan tranche in the transaction capital stack, requiring extensive investor negotiation.

Projects, energy and natural resources > Mining and minerals Tier 3

Milbank has a strong focus on project financing work and advises clients on a range of international mining projects as well as tangential areas such as battery factories and aluminium smelting. The team is well placed to handle international work with the utilisation of its global network and often works closely with its team in New York. John Dewar heads the team and is experienced in a range of mining projects, including tungsten, copper and gold mines. Manzer Ijaz retired.

Practice head(s):

John Dewar

Other key lawyers:

Seyda Duman

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

National Bank of Greece

Alpha Bank

Piraeus Bank

Work highlights

  • Advised the second lien lenders and agent in relation to the project financing for the construction of Northvolt’s electric vehicle battery manufacturing plant in Skellefteå, Sweden.
  • Acting for the second lien lenders in connection with the financing of the H2 Green Steel Project in Sweden, a first-of-a-kind in the market and aims to produce steel on an industrial scale using hydrogen instead of fossil fuels.
  • 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, one of the largest tungsten mines in the world.

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

Milbank‘s team handles complex, large-scale projects and renegotiations, especially those with a contentious IT element. The practice is also active in mandates involving licensing, cybersecurity, joint ventures, and cloud computing elements, as well as advising clients from the financial services, pharmaceuticals, media and advertising sectors on the development of AI, regulatory issues and commercial matters. Julian Stait is head of the litigation practice, with a focus on high-profile and significant IT disputes, and Tom Canning is also a notable member of the litigation group. Former practice head Joel Harrison  left for Gibson, Dunn & Crutcher  in summer 2022.

Other key lawyers:

Key clients

Astellas

Credit Suisse

Direct Line Group

Maxis

SNOMED International

TCS

WPP

Drax Group plc and Drax Energy Solutions Limited

Dispute resolution > Competition litigation Tier 4

Milbank‘s disputes group is entrusted by some of the world’s leading corporations and financial institutions for the strength of its defendant-side competition practice. Recently, the team has continued to act for multinational payment service providers in high-value proceedings at the High Court and the CAT, as well as handling third-party cartel defence work in the industrials sector. Julian Stait is recommended for his capabilities in cross-border competition matters and cases before the English courts. Special counsels Emma Hogwood and Cormac Alexander are also noted.

Practice head(s):

Julian Stait

Other key lawyers:

Emma Hogwood; Cormac Alexander; Andrea Hamilton

Key clients

Visa

Rabobank

Brugg Kabel AG and Kabelwerke Brugg AG Holding

Work highlights

  • Acting for Visa in defending abuse of dominance claims before the Competition Appeal Tribunal.
  • Acting for various Visa entities before the High Court and Competition Appeal Tribunal with respect to alleged infringements of English and European competition law from the setting and implementation of multilateral interchange fees.

Corporate and commercial > Corporate tax Tier 5

Milbank is instructed on complex corporate transactions, including M&A, joint ventures, and securitisations. The group has niche expertise in aviation taxation, which draws key clients from the sector such as Carlyle Aviation Partners. Lead partner Russell Jacobs is experienced in the gamut of corporate tax matters. Andrew Callaghan and Alan Rafferty joined the firm as special counsel in 2021, with Callaghan coming from Vinson & Elkins RLLP and Rafferty from Freshfields Bruckhaus Deringer. They join associate Cosmos Fung, who came from Gibson, Dunn & Crutcher in 2020.

Practice head(s):

Russell Jacobs

Other key lawyers:

Andrew Callaghan; Cosmos Fung; Allen Rafferty

Work highlights

    Corporate and commercial > Financial services: contentious Tier 5

    Milbank represents both individuals and institutions, including those involved in cross-border and FCA-led investigations. Julian Stait leads the team which is home to William Charles, an up-and-coming partner, and Charles Evans, the key port of call for several prominent global financial companies.

    Practice head(s):

    Julian Stait

    Other key lawyers:

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

    Roundly praised for their knowledge and expertise, the fast-growing team at Milbank works closely with the firm’s robust international network on a diverse mix of multi-billion dollar deals. The highly experienced practice co-chair Mark Stamp is especially well-versed in transactions with a strong Greek or Cypriot dimension, while fellow co-chair Lisa O’Neill is regularly engaged by a mix of listed corporates, international energy companies, and investment funds. Andrej Wolf is noted for his expertise in upper mid-market private equity deals and growth capital investments, handling transactions for clients invested in IT, aviation, sport, and real estate. The team’s lateral hiring streak continued with the arrival of Andrea Hamilton, an antitrust and FDI expert who worked for McDermott Will & Emery UK LLP until December 2021. Special counsel Andrew Reilly is recommended for his wide-ranging corporate finance acumen.

    Practice head(s):

    Mark Stamp; Lisa O’Neill

    Testimonials

    ‘Excellent practice with a good reputation.’

    ‘Their knowledge and expertise was unmatched. Strong knowledge of the clients they work with, great coordination, able to put a large team together to get a complex situation solved, and able to process multiple transaction documents in parallel whilst maintaining competitive dynamics. Very collaborative with all the advisors.’

    ‘Lisa O’Neill and Andrew Reilly are friendly, flexible experts. Very technical and give the best advice at all times.’

    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

    Summit Partners

    Sun European Partners

    Fortress

    Carlyle Aviation Partners

    Avianca

    PeopleCert International

    Work highlights

    • Advised Maverick Aviation Partnership LP, an investment vehicle managed by Carlyle Aviation Partners, in connection with an agreement to acquire AMCK Aviation’s (“AMCK”) portfolio of aircraft.
    • Advised Italgas S.p.A. in connection with signing definitive agreements to acquire a 100% stake in DEPA Infrastructure S.A. for €733m.
    • Represented PPC in its competitive auction process for the sale of a 49% stake in the Hellenic Electricity Distribution Network Operator.

    Dispute resolution > Commercial litigation: premium Tier 6

    Milbank is able to leverage the joint power of capable teams on both sides of the Atlantic to act in complex, multi-jurisdictional disputes for some of the world’s leading corporates and financial institutions. In London, Julian Stait is the key senior practitioner to note.

    Practice head(s):

    Julian Stait

    Other key lawyers:

    Emma Hogwood; Cormac Alexander; Vasiliki Katsarou

    Key clients

    Rabobank

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

    Work highlights

    • Defending Visa against proceedings brought by Sainsbury’s in relation to the setting and implementation of multilateral interchange fees associated with the use of Visa branded debit and credit cards.
    • Acted for Alafco, as lessor, in two proceedings against Hong Kong Airlines, as lessee, in disputes arising out of the leasing of two aircraft.

    Dispute resolution > International arbitration Tier 6

    Acting for major corporations and financial institutions, as well as state and federal governments, Milbank‘s international arbitration practice regularly acts in high-stakes, large-value arbitration proceedings; and handling all its own advocacy, the practice has particular strength in the energy, infrastructure and construction sectors. The track record of global international arbitration head Tom Canning includes leading arbitrations conducted under all the major arbitral rules, while Julian Stait leads the broader disputes team. Peter Edworthy is the senior associate to note.

    Practice head(s):

    Julian Stait; Tom Canning

    Other key lawyers:

    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.

    Latin America: International firms > Projects and energy

    Milbank's leading position in Latin America energy and infrastructure financings is undiminished. Its broad-based practice incorporates a wide range of energy and power, and mining and natural resources projects, as well as oil and gas, and roads and other transport infrastructure projects. The firm continues to impress in project bonds and hybrid financings involving bank and bond debt. It is also making an impression in green and sustainability-linked financings, along with portfolio acquisitions of renewables and power assets. The highly rated Daniel Bartfeld leads the global project, energy and infrastructure finance practice and has a longstanding focus on Latin America. Carolina Walther-Meade is another hugely experienced Latin America specialist with a focus on power, oil and gas, and mining projects. Jaime Ramirez has become an especially integral member of the team, leading many of the firm’s key engagements in the region; and London partner Matthew Hagopian has a strong focus on power and oil and gas, especially LNG. Roland Estevez is an established name in Latin America renewable energy project financings, while Alec Borisoff is another key partner. All named individuals are based in New York unless stated otherwise. Jonathan Green retired in December 2021.

    Practice head(s):

    Daniel Bartfeld

    Work highlights

    • Advised Ferrovial and its project subsidiary in connection with the $146m green-loan project financing for the development and operation of the Centella and Tap Mauro power transmission projects in Chile.
    • Advised Matrix Renewables Chile, as issuer, in connection with the $290m USPP financing for the construction of a 328MW PMGD portfolio in Chile.
    • Advised Cementos Progreso Holdings on its $335m agreement to acquire Cemex’s operations in Costa Rica and El Salvador.

    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 JacobsRussell 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…