Milbank > London, England > Firm Profile
Milbank Offices
100 Liverpool Street
LONDON
EC2M 2AT
England
Milbank > The Legal 500 Rankings
Finance > High yield Tier 1
Milbank's high yield practice is 'at the top of the London market' and clients remarks that the lawyers are 'commercial thinkers who provide outstanding client service'. A leading firm for corporate issuers, it also advises lenders on leveraged buyouts, particularly when there is a complex bond financing structure. The practice led by Apostolos Gkoutzinis is also sought after for its advice on bond restructurings. Gkoutzinis and key partner Rebecca Marques advised initial purchasers on a €725m offering of senior secured floating rate notes and €300m in senior secured notes by Fiber Bidco S.p.A., the proceeds going towards the funding of the acquisition of Fedrigoni. 'Creative problem solvers' Gkoutzinis and Randy Nahlé acted for initial purchasers, placement agents and lenders in a €690m offering by Italmatch Chemicals as part of the company's debt refinancing process. Tim Peterson, who is an innovator in the private high yield market, and 'extremely knowledgeable and efficient' partner Ana Grbec are both highly regarded by both clients and peers. Grbec assisted Castor S.p.A. with the €1.4bn financing of its take-private leveraged buyout of Cerved Group.Practice head(s):
Apostolos Gkoutzinis
Other key lawyers:
Rebecca Marques; Tim Peterson; Randy Nahlé; Ana Grbec; Trevor Truman
Testimonials
‘Ana Grbec is an invaluable member of the Milbank HY team. Extremely knowledgeable, stays up-to-date with all market trends and cares deeply about her clients. She is efficient and knows how to be practicable and commercial.’
‘Milbank’s High Yield team is at the top of the London market. They are commercial thinkers and have outstanding client service.’
‘Apostolos Gkoutzinis and Randy Nahlé treat us as if we were their best client. They are creative problem solvers, and work commercially on deals (as opposed to some other firms, who run up fees fighting over unimportant points).’
‘I think that the Milbank team is simply a top capital markets team in europe, with key language skills in the key geographies and fantastic amount of experience from which to draw to solve complex issues on their transactions.’
‘Apostolos Gkoutzinis and Ana Grbec are top top professionals in the market. In addition, Trevor Truman and Randy Nahle are also very strong capital markets lawyers. Each of the foregoing are not only excellent lawyers but great human beings and a pleasure to work across from on transactions.’
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 underwriting banks on the $2.5 billion bond offering by EIG Pearl Holdings S.à r.l. in connection with its acquisition of a minority stake in Aramco Oil Pipelines Company, a subsidiary of Saudi Arabian Oil Company.
- Represented the initial purchasers in connection with an offering of €725,000,000 senior secured floating rate notes due 2027 and €300,000,000 11.00% senior secured notes due 2027 by Fiber Bidco S.p.A.
- Advised Athens International Airport S.A. as issuer on over €1.1 billion of bond loans made available to it for the management and operation of Athens International Airport. National Bank of Greece S.A., Piraeus Bank S.A., Alpha Bank S.A. and Eurobank S.A. acted as, amongst other roles, underwriters and mandated lead arrangers.
Finance > Islamic finance Tier 1
Regularly forming part of a cross-disciplinary team which centres on new money and restructuring mandates in key areas of firmwide strength, including projects, energy and aviation, Milbank excels in structuring high-profile, multi-jurisdictional transactions, often involving complex inter-creditor arrangements involving conventional and Islamic finance structures. The vastly experienced John Dewar is pivotal to much of the firm's success in the area, acting for sponsors and lenders on big-ticket multi-source project finance transactions, many of which require highly bespoke structures. Alongside Munib Hussain, Dewar recently advised the underwriting banks in a first-of-kind $11.5bn Global Medium Term Note (GMTN) programme and a unique $1.5bn sukuk issuance, the proceeds of which were used to refinance the original bridge facility utilised by a BlackRock-led consortium to fund its minority interest in Aramco Gas Pipelines.Practice head(s):
John Dewar; Munib Hussain
Other key lawyers:
Bader Thabti
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 the underwriting banks on a first of a kind $11.5bn GMTN Programme (including a Formosa tranche) and an innovative first of a kind $1.5bn sukuk issuance which utilised a proportion of the shares owned by GreenSaif Pipelines SARL (a Blackrock entity) in Aramco Gas Pipelines Company LLC (owned 51% by Saudi Aramco and 49% by GreenSaif Pipelines) as the assets in a wakala-murabaha sukuk issuance.
- Advised Abu Dhabi Commercial Bank PJSC in relation to the restructuring of the NMC Healthcare Group, the largest private healthcare provider in the United Arab Emirates and previously a FTSE 100 listed group. The restructuring was structured to facilitate Islamic lenders.
- Advised Islamic banks, Public Investment Fund of Saudi Arabia (PIF) and Japan Bank for International Cooperation as the lenders in connection with the $5.2bn financial completion of the Rabigh Phase 2 Project.
Finance > Transport finance and leasing Tier 1
Drawing upon the core sector expertise of 'market leading, top-tier partners and exceptional associates', and also able to leverage the firm's impressive capital markets, insolvency prowess and US offices, Milbank is, according to one client, 'the best team in the market for complicated and high-value aviation finance transactions'. The tone is set by the leadership at the team, with James Cameron able to bring a 'wealth of experience and practical nous to any deal he works on' for a varied mix of stakeholders including lessors, funds and banks. 'At the top of his game', Nick Swinburne co-heads the team alongside Cameron and is recognised as 'a great person to have on highly complicated and structured transactions', including EETC matters. At an associate level, Mark Leverkus is 'head and shoulders above many of his peers', and Tom Jackson has 'a bright future ahead of him'.Practice head(s):
James Cameron; Nick Swinburne
Other key lawyers:
Tom Jackson; Mark Leverkus
Testimonials
‘Milbank possesses a team of market leading, top-tier partners and exceptional associates working to a consistently high standard.’
‘It is the best team in the market for complicated and high-value aviation finance transactions.’
‘Jim Cameron is an excellent negotiator and deal maker and a great individual to have in your corner when a transaction needs to get done. He brings a wealth of experience and practical nous to any deal he works on.’
‘Nick Swinburne is a superb lawyer, offering clear-headed, technically astute but pragmatic advice. He is a great person to have on highly complicated and structured transactions.’
‘Nick Swinburne is at the top of his game – exceptionally bright, pragmatic and focused. He is a brilliant problem solver who is trustworthy and highly respected.’
‘Mark Leverkus is an excellent senior associate – head and shoulders above many of his peers.’
‘Tom Jackson is a stellar senior associate with a very bright future.’
Key clients
Abelo (formerly Elix Aviation Capital)
AerCap
Aergo
Aircastle
Air France
Ares
Avolon
Bank of China (Aviation)
Barclays
Barings
BBAM/NBB
BNP Paribas
Brookfield
CDB Leasing
Centerbridge
Citibank
CMB Financial Leasing
Credit Suisse
Crédit Agricole Corporate and Investment Bank
DeucalionDeutsche Bank
Embraer
Export Development Canada
HSBC
Investec
JP Morgan
KKR
M&G Investments
Magi
Meta
Morgan Stanley
MUFG
Natixis
Novus Aviation Capital
Oaktree
ORIX
PIMCO
Silverpoint
SMBC
SNB Capital
Standard Chartered
Strategic Value Partners
Stratos
TrueNoord
TUI
volofin Capital Management
Genesis Leasing
Carlyle Aviation Partners
Castlelake
China Development Bank
ALAFCO
Deutsche Bank
ING
Societe Generale
Work highlights
- Advised Fortress Investment Group on the sale to Chorus Aviation Inc. of Falko Regional Aircraft Limited.
- Advised SMBC Aviation Capital in relation to its acquisition of Goshawk Management Limited which included a portfolio of approximately 160 owned aircraft and 15 managed aircraft.
- Advised Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC, as placement agents, in connection with British Airways’ $299.5m private placement for the financing of two new Airbus A320neo aircraft, and two new Airbus A350-1000 aircraft, structured within an enhanced equipment trust certificate (EETC) financing with an ESG-linked ratchet
Finance > Acquisition finance Tier 2
Led by the ‘astute and tenacious’ Suhrud Mehta, the ‘very knowledgeable’ team at Milbank ‘has a good understanding of the market’ across both bank and bond financings, as well as on direct lending products. Consequently, it is a popular choice among leading banks (UBS and Goldman Sachs) and credit funds (KKR Credit and CVC Credit), where it is appreciated for its European and US high yield and loans expertise, in particular. Sarbajeet Nag continues his upward trajectory in the market, and is noted for his technical and commercial nous for lenders utilising debt products throughout the credit spectrum to facilitate sponsor-backed and corporate-led acquisition finance deals. As well as her conventional leveraged finance prowess, Alexandra Grant is well regarded for infrastructure financings.Practice head(s):
Suhrud Mehta
Other key lawyers:
Alexandra Grant; Sarbajeet Nag; Laura Bonamis
Testimonials
‘The professional team is very knowledgeable and has a good understanding of the market.’
‘It is a very impressively built team covering bank and bond products and has good market penetration.’
‘An astute and tenacious operator, Suhrud Mehta is on top of current market trends.’
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
- Advising lenders providing the debt financing package in support of Bain Capital’s joint ownership agreement for Fedrigoni with BC Partners.
- Advising the financing sources on Brookfield Infrastructure’s £4bn acquisition of Homeserve plc.
- Advising the lenders on Energy Capital Partners £1.3bn acquisition of Biffa plc.
Finance > Corporate restructuring & insolvency Tier 2
The ‘creative and dynamic’ team at Milbank remains best-known for its creditor-side excellence on behalf of an enviable roster of funds clients, where it is able to execute ‘technical and commercially excellent’ strategies, both in and out of formal insolvency processes. Praised for its ‘ability to appreciate commercial dynamics, and push the envelope of legal documents and court processes to drive a restructuring’, this manifests itself both in the context of European or US restructuring processes. Yushan Ng, who now heads the team on his own following the recent retirement of Nick Angel, has deep market penetration among hedge fund clients, in particular, while also continuing to generate work from CLOs and traditional asset managers. Karen McMaster has deep knowledge of restructuring processes and the underlying finance products (including high yield debt, TLBs and loans), consequently she is a popular choice among clients both at a contingency planning stage and in relation to the implementation of complex workout strategies, as well as realising value through new money led solutions.Practice head(s):
Yushan Ng
Other key lawyers:
Karen McMaster; Sinjini Saha; Kate Colman; Sarah Levin
Testimonials
‘Milbank’s restructuring team is the only one where it doesn’t matter which partner you get. They are all technical and commercially excellent, with a deep breadth of knowledge.’
‘What makes them stand out is their ability to appreciate commercial dynamics, and push the envelope of legal documents and court processes to drive a restructuring. They are creative and dynamic.’
‘Very connected across the market. Both CLO players and distressed and fast money hedge funds. Knowledgeable and creative. They care about a fair outcome for all participants.’
Key clients
The Lenders to Schur Flexibles Group
Varde Partners Europe Limited, Teide Ltd and Mulhacen Pte Ltd
Ad Hoc Group of Noteholders of Officine Maccaferri SpA
Avanti Communications Group
Abu Dhabi Commercial Bank PJSC
Cerberus European Investments, LLC
Ad hoc group of secured creditors made up of lenders participating in a senior secured term loan facilities of circa $300m arranged by BNP Paribas.
Frigoglass Group
Ad Hoc Group of Noteholders of Adler Group SA
Lenders under a senior facilities agreement borrowed by Cinema City Finance (2017) BV, a subsidiary of Cineworld Group PLC
Ad hoc group of majority bondholders of senior secured stock issued by Intu Debenture plc
Work highlights
- Advised a co-ordinating committee of lenders on the comprehensive debt-for-equity restructuring, new money financing and the consensual transfer of equity in Schur Flexibles Group (from the former shareholders to a lender-controlled vehicle).
- Advised Teide, Mulhacen and the Sponsor as owners of Spanish regulated bank, WiZinkon, othe restructuring of Mulhacen’s approx. €560m senior secured PIK toggle notes and the raising of €280m new capital for the group.
- Advised the ad hoc group holding the majority of outstanding notes of Officine Maccaferri on a ground-breaking restructuring, being the first successful court-supervised restructuring of a high yield bond and distressed debt-to-equity restructuring led by noteholders in Italy.
Industry focus > Emerging markets Tier 2
Milbank's London office 'has an impressive ability to lead transaction mandates in an efficient and collaborative manner, with clients and the deal as the priority'. Clients appreciate that the team 'strongly collaborates with local counsel in emerging markets to provide seamless integrated services'. Active across Africa, Latin America, the Middle East and Asia, the firm is frequently involved in the development of mega-projects, and handles high-value project bond transactions, ESG-related financings, and matters related to energy transition. Lead partner John Dewar 'has an impressive ability to marry strategic priorities of clients and the deal to the nitty gritty of the detail', and newly promoted partner Munib Hussain is 'a superb legal technician who is excellent on Islamic finance transactions'. Together, they acted for underwriting banks including JP Morgan and HSBC, on a first-of-kind $11.5bn GMTN programme and an innovative $1.5bn sukuk issuance. Emerging partner talents Şeyda Duman and Chris Taufatofua also play key roles in the practice. Taufatofua recently advised OnCorp on the structuring and negotiation of project documents in a bid to develop an LNG import and regasification terminal at the port of Suape, Pernambuco, Brazil.Practice head(s):
John Dewar
Other key lawyers:
Seyda Duman; Chris Taufatofua; Munib Hussain
Testimonials
‘The Milbank team have an impressive ability to lead transaction mandates in an efficient and collaborative manner, with clients and the deal as the priority. A solutions-driven ethos means they have been able to navigate emerging market challenges, coordinate disparate partiesand achieve precedent setting deal completions.’
‘They strongly collaborate with local counsel in emerging markets to provide seamless integrated services to clients.’
‘John Dewar is a leading partner in the Middle East on complex energy projects and FDI transactions. John has an impressive ability to marry strategic priorities of clients and the deal to the nitty gritty of the detail. A calm, firm presence in the frequent maelstrom of client mandates.’
‘Munib Hussain – superb legal technician and a valuable addition to the Milbank partnership. Excellent on Islamic finance transactions.’
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
EKN
Abu Dhabi Pension Fund
Nippon Export and Investment Insurance
Work highlights
- Advised the Underwriting Banks on a first of a kind US$11.5bn GMTN Programme (including a Formosa tranche) and an innovative first of a kind US$1.5bn sukuk issuance which utilised a proportion of the shares owned by GreenSaif Pipelines SARL (a Blackrock entity) in Aramco Gas Pipelines Company LLC (owned 51% by Saudi Aramco and 49% by GreenSaif Pipelines) as the assets in a wakala-murabaha sukuk issuance.
- Advised a lender group of export credit agencies and international financial institutions in financing a high voltage direct current (“HVDC”) subsea transmission system in the United Arab Emirates issued by Abu Dhabi National Oil Company (“ADNOC”) and Abu Dhabi National Energy Company PJSC.
- Advised the agency lenders, commercial banks, equity bridge lenders, facility and security agents and trustees and hedge providers in the project financing of the greenfield 505MW Amunet onshore wind farm project located in the Gulf of Suez, Egypt.
Projects, energy and natural resources > Infrastructure: Project finance and development Tier 2
A tour-de-force in the energy market with projects experience in the Americas, Europe and the Middle East, Milbank excels at advising lenders and sponsors on large-scale, complex financings, with extensive experience advising on first-of-its-kind funding structures across the full array of assets, particularly traditional energy enterprises. Wider work includes a significant aiport expansion in Greece, financing subsea electricity transmission networks across Europe and Asia, as well as overseeing the document drafting and negotiations for a new LNG import terminal in Brazil. Team head and market veteran John Dewar is a frequent port-of-call for financial institutions and export credit agencies for power, oil and gas and mining projects, with significant experience in the Middle East and Northern Africa. Chris Taufatofua has an active presence across a wide-array of mandates, working with stellar sponsor-side clients. Munib Hussain – who was recently promoted to partner – is also recognised for his project finance expertise, particularly in relation to petrochemical . Energy transition specialist Matthew Brown joined from Latham & Watkins in May 2022, alongside special counsel Rachel Croft. Kilian De Cintré is a well-regarded up and coming solicitor within the group, playing a support role on a number of key oil and gas infrastructure mandates.Practice head(s):
John Dewar
Other key lawyers:
Chris Taufatofua; Matthew Brown; Munib Hussain; Rachel Croft; Kilian de Cintré
Testimonials
‘The Milbank team have an impressive ability to lead transaction mandates in an efficient and collaborative manner, with clients and the deal as the priority. A solutions driven ethos means they have been able to navigate infrastructure deal challenges, coordinate disparate parties and counsels and achieve precedent setting deal completions. Strongly collaborate with local counsel to provide seamless integrated services to clients.’
‘John Dewar is a leading partner in the Middle East on complex energy projects and FDI transactions. John has an impressive ability to marry strategic priorities of clients and deal with the nitty gritty of the detail. A calm, firm presence in the frequent maelstrom of client mandates. Munib Hussain is a superb legal technician and a valuable addition to the Milbank partnership. Excellent on Islamic finance transactions.’
‘Matthew Brown delivers all the qualities of what a modern law firm partner should be – creative, dynamic, and able to focus on the big picture of getting the deal done , while paying attention to the detail and taking a balanced risk-based approach. He is also proactive and works tirelessly to keep all advisers and clients process-oriented to avoid unnecessary deal lag and ensure efficiency.’
‘Milbank showcases strong and in-depth knowledge of the field.’
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
Blackrock
EBRD
EIB
H2 Green Steel
MIGA
Deutsche Gas
Work highlights
- Advised Athens International Airport S.A. (“AIA”), as issuer of over €1.1 billion bond loans made available to it for the management and operation of Athens International Airport.
- Advised a lender group of export credit agencies and international financial institutions in financing a high voltage direct current (“HVDC”) subsea transmission system in the United Arab Emirates issued by Abu Dhabi National Oil Company (“ADNOC”) and Abu Dhabi National Energy Company PJSC.
- Acted for the agency lenders, commercial banks, equity bridge lenders, facility and security agents and trustees and hedge providers in the project financing of the greenfield 505MW Amunet onshore wind farm project located in the Gulf of Suez, Egypt. Advice covered all aspects of the project financing, including the senior debt and equity bridge debt documentation, the project and construction documentation and hedging documentation.
Projects, energy and natural resources > Oil and gas Tier 2
Experienced energy lawyer John Dewar heads a team at Milbank which sees a full suite of infrastructure, oil & gas, transitional energy, renewables, power, and gas-to-power deals, whilst focusing on lender and sponsor-side representation. The London-based team collaborates closely with its New York counterpart to place considerable emphasis on work arising out of the Americas, particularly Brazil. The team saw a couple of changes with experienced energy and infrastructure lawyer Matthew Brown joining from Latham & Watkins in May 2022, while Matthew Hagopian retired in June 2022. Munib Hussain is a key name on the financing side and was promoted to partner in January 2023.Practice head(s):
John Dewar
Other key lawyers:
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
H2 Green Steel
Deutsche Regas
Nakilat
Work highlights
Projects, energy and natural resources > Power (including electricity, nuclear and renewables) Tier 2
Milbank is noteworthy for its breadth of capabilities in the power space, with a strong reputation for its abilities advising its clients, including renowned banks, on matters involving transitional energy, including battery-related projects; green ammonia projects; green hydrogen matters, as well as on the full scope of renewable, power and gas-to-power work. Its workload in these areas is often multijurisdictional in nature. John Dewar, who ‘exhibits outstanding leadership’, heads up the offering. Battery specialist Matthew Brown joined from Latham & Watkins in May 2022. Climate and sustainability expert Chris Taufatofua is a key name to note, as is Munib Hussain who was promoted to partnership in January 2023.Practice head(s):
John Dewar
Other key lawyers:
Sophie Lawrence; Yi Ming Chan; Chris Taufatofua; Matthew Brown; Munib Hussain; Jenna Darler; Lewis Blundell; Vicky May
Testimonials
‘The team can successfully lead negotiations in a timely manner, reaching agreements within timeframes expected by all parties.’
‘John Dewar has extensive knowledge and experience in the field of renewable energy and energy transition. He exhibits outstanding leadership of the team and guides its members to advise and assist lenders efficiently and effectively.’
‘Vicky May demonstrates huge devotion to clients.’
‘Jenna Darler is a key player in the team. Even in the face of highly complex and political issues, she always tries to build documentation with a simplified structure so that all parties can easily understand and digest the content.’
‘Lewis Blundell is supportive to clients; he always sheds light on legal and commercial points.’
‘A go-to firm for acting as lenders’ counsel on windfarm energy projects. They showcase strong and in-depth and knowledge of the field.’
‘Vicky May, Sophie Lawrence and Yi Ming Chan are always on top of things.’
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
MIGA
Deutsche Gas
Blackrock
Work highlights
- Advised various parties in the project financing of the greenfield 505MW Amunet onshore wind farm project located in Egypt.
- Advised the lenders in relation to the green loan to finance the $736m acquisition of Norwegian-headquartered solar panel maker REC Solar Holdings by Reliance New Energy Solar Ltd.
- Advised a lender group of export credit agencies and international financial institutions in financing a high voltage direct current subsea transmission system in the UAE.
Corporate and commercial > Equity capital markets – mid-large cap Tier 3
Drawing high praise from clients, the ‘exceptionally talented, very commercial and highly experienced team’ at Milbank represents issuers and underwriters, including investment banks, corporates and private equity sponsors on the full spectrum of corporate finance transactions, including IPOs and other international equity offerings. The London-based team is led by David Dixter – noted for his ‘wealth of experience’ – who steers the team as it advises on a range of ECM matters in the EMEA market.Practice head(s):
David Dixter
Testimonials
‘We primarily work with David Dixter and have always been very satisfied with his and his team’s performance. They are hands-on, available, nice to work with and efficient and know what they are doing.’
‘David Dixter stands out for his knowledge and experience in relation to U.S. securities law and Nordic ECM transactions, primarily IPOs.’
‘Exceptionally talented, very commercial and highly experienced team. They are solutions driven.’
‘David Dixter has a wealth of experience mixed with a great ability to always keep an eye on the bigger picture whilst comfortably assisting clients navigate complex issues.’
Key clients
AO World
Barclays Bank
Citigroup
Credit Suisse
Emirates NBD
Goldman Sachs
J.P. Morgan
KKR
Morgan Stanley
Numis Securities
THG
Trustpilot
UBS
Work highlights
- Advised Kalera in connection with a definitive merger agreement with Agrico Acquisition Corp., a special purpose acquisition company.
- Acted as US counsel to Axfood AB in connection with its rights issue in May 2022.
- Acted as counsel to the underwriters in connection with the capital increase of Agilyx ASA.
Dispute resolution > Banking litigation: investment and retail Tier 3
Milbank boasts a team that 'leverages its unique abilities and insights' to lead on high-profile and complex competition law disputes and investigations, with particular expertise in loan and bond-related transactional disputes. Julian Stait leads the team, notably representing Visa and Rabobank in relation to interchange litigation and Libor manipulation matters. ‘Superb banking specialist’ Mona Vaswani is integral to the team, and is a ‘formidable and determined opponent’. Also highly active in the practice are Tom Canning, who provides ‘excellent, practical advice’ for clients, and Peter Edworthy.Practice head(s):
Julian Stait
Other key lawyers:
Testimonials
‘Milbank get some strong disputes mandates in relation to distressed financial instruments.’
‘Mona Vaswani: Mona is one of the outstanding litigators of her generation – a formidable and determined opponent. Outstanding and adept at managing clients and co-counsel.’
‘A small but deadly team who leverage their unique abilities and insights to bring a huge amount of power to banking litigation.’
‘Tom Canning is a simnply outstanding lawyer who gets the best from his team and produces exceptional results even in difficult cases.’
‘Mona Vaswani is a very seasoned litigator.’
‘‘Mona Vaswani is a superb banking specialist.’
‘I would highlight Mona Vasawani, who is a creative and accessible senior partner.’
‘We have used the Milbank litigation team most recently for pre-litigation advice. The team has come up with clever ways of enforcing our contractual rights.’
Key clients
Visa Inc., Visa International Service Association, Visa Europe Limited, Visa Europe Services LLC and Visa UK Limited
Apollo Global Management
Frigoglass Group
Finance > Derivatives and structured products Tier 3
At Milbank, 'the team is very knowledgeable and very willing to help find the best solutions in a complex financing'. Clients praise the firm's 'in-depth knowledge of the derivatives framework, efficient communication, and problem solving'. Lead partner James Warbey is an acknowledged derivatives expert and he recently worked with associate Adrian Kwok to assist Athens International Airport S.A. with its issuance of more than €1.1bn in bond loans, which required extensive hedging arrangements. Key partner Claire Bridcut handles bespoke structured lending deals, together with portfolio total return and credit default swaps. For National Bank of Greece and Piraeus Bank, special counsel Robert Wyse-Jackson assisted Warbey with complex hedging arrangements in connection with the €680m financing for the development and expansion of the Skouries gold minimum project in Greece.Practice head(s):
James Warbey
Other key lawyers:
Claire Bridcut; Robert Wyse Jackson; Adrian Kwok
Testimonials
‘The team has shown themselves to be very knowledgeable and very willing to help find the best solutions in a complex financing.’
‘Very good knowledge of the required documents, understanding on customers needs and proposals are focusing on satisfaction of customer, quick response to customers’ queries and generally efficient communication with customer and counterparties.’
‘In-depth knowledge of derivative framework and particular issues, efficient communication, problem solving.’
Key clients
Athens International Airport S.A.
Fibre Networks Ireland Limited
Green Investment Group (Macquarie Asset Management) and Norsk Hydro ASA
National Bank of Greece S.A. and Piraeus Bank S.A.
PT Amman Mineral Nusa Tengarra
NBC Capital and Dara Aviation Finance Limited
JBIC, KEXIM, BNP Paribas Fortis SA/NV, Mizuho Bank, Ltd. and SCB
Pimco
Citibank N.A.
DBS Bank, Bank Mandiri, CIMB Bank, ANZ Bank
Standard Chartered, Japan Bank for International Corporation, NEXI, The International Finance Corporation, Egyptian commercial banks, the International Finance Corporation, Sumitomo Mitsu Banking Corporation, Sumitomo Mitsui Trust Bank Limited (London Branch) and Gulf International Bank
Work highlights
- Advised a consortium of lenders and hedge providers in connection with a US$800 million finance package to support the construction and operation of the 505MW Amunet wind farm– the largest wind farm in Egypt, which will help reduce Egypt’s carbon footprint by 1.7 million tons of greenhouse gases annually.
- Advised Athens International Airport S.A. in relation to the derivatives aspects of its issuance of over €1.1 billion bond loans made available to it for the management and operation of Athens International Airport.
- Advised Pimco in connection with its exposure to Russian CDS contracts in relation to the default by the Russian Federation of interest payments under its sovereign bonds.
Finance > Securitisation Tier 3
Milbank has one of the most active Euro CLO transaction practices in London, and it acts for a host of leading players in the market, among them KKR, BNP Paribas, Polus Capital Management, and Bain Capital. Recognised as a leading adviser to European CLO managers, the firm has some of the most prominent partners in this space, notably practice head James Warbey, John Goldfinch, and Claire Bridcut, who is a key member of the firm's alternative investments practice and focuses heavily on CLOs and bespoke structured lending deals. Reflecting its prominent position in the market, the practice continues to be involved in market-leading deals, a prime example being the €324m issuance of CLO notes by Adagio X EUR CLO Designated Activity Company, in which Goldfinch acted for AXA Investment Managers US Inc. Goldfinch also advised Bain Capital Credit U.S. CLO Manager II, LP on a €385m deal, which introduced a new construct into CLO documentation to permit and optimise CLO participation in certain liability-management techniques such as the Asset Priming Transactions and Uptier Priming Transactions.Practice head(s):
James Warbey
Other key lawyers:
Key clients
AXA Investment Managers US Inc.
Bain Capital Credit U.S. CLO Manager II, LP.
Cross Ocean Adviser LLP
Trinitas Capital Management, LLC (WhiteStar)
PGIM Loan Originator Manager Limited and PGIM Limited
Capital Four CLO Management II K/S and Capital Four Management Fondsmæglerselskab A/S
KKR
Bridgepoint Credit Management Limited
BNP Paribas
Park Square Capital, LLP
Polus Capital Management
Work highlights
- Advised AXA Investment Managers US Inc in connection with the €324,750,000 issuance of CLO notes in the tenth CLO transaction on its European CLO platform.
- Advised Polus Capital Management in connection with a €228 million third party capital commitment investment for its second captive collateralised loan obligation equity vehicle, Cairn Loan Investments II.
- Advised Park Square Capital, LLP on its €3,075,000,000 direct lending joint venture fund with Sumitomo Mitsui Banking Corporation for the purposes of acquiring corporate loans in the European and North American markets.
Projects, energy and natural resources > Mining and minerals Tier 3
Milbank‘s London-based mining practice is best known for advising lenders on large scale mandates, including transformative development and financing structures. The team has deep expertise in mining-sector restructurings and places emphasis on work focusing on critical metals and minerals required for the EV battery sector. Global project finance lawyer John Dewar leads the team, possessing particular expertise in multi-sourced financings.Practice head(s):
John Dewar
Other key lawyers:
Seyda Duman
Testimonials
‘Deep mining industry knowledge.’
‘Great to work with the mining team.’
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
Société Générale
ING
HSBC
International Finance Corporation
MIGA
OeKB (Austrian ECA)
Bank of China
Work highlights
- Advised on the Oyu Tolgoi project financing, originally signed in 2015 which involves financing of the underground mine in Mongolia by international financial institutions and export credit agencies (including IFC, EBRD, US Ex-Im, EFIC, and EDC), along with a large number of commercial banks.
- Advised National Bank of Greece S.A. and Piraeus Bank S.A in connection with the provision of €680 million financing to Hellas Gold Single Member S.A., a wholly owned subsidiary of Eldorado Gold Corporation, for the development of the copper and gold Skouries mining project located within the Halkidiki Peninsula of Northern Greece.
- Represented KfW IPEX-Bank GmbH as lender in the US$75,100,000 term loan facility, the US$20,000,000 cost overrun facility and the $9,800,000 debt service 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 is noted for its expertise in technology-related disputes, applying its knowledge of the IT industry. Practice leader Julian Stait specialises in the resolution of high-stakes business and regulatory disputes, in addition to representing clients in investigations, with extensive experience of litigation before the English Courts. Tom Canning, who is well-versed in the field of IT litigation and arbitration, is another key contact in the group.Practice head(s):
Julian Stait
Other key lawyers:
Tom Canning; Emma Hogwood
Testimonials
‘They have a professional, thorough and strategic approach to IT project disputes.’
‘Julian Stait is a master strategist, who is always ready to challenge perceived wisdom and to ensure that the right strategic call is taken.’
‘Emma Hogwood is a calm, considered and commercially savvy lawyer.’
Key clients
Credit Suisse
Direct Line Group
Maxis
TCS
WPP
Drax Group plc and Drax Energy Solutions Limited
Work highlights
- Acted for Drax, a FTSE 250 energy supplier, and one of its subsidiaries, Drax Energy, in a high-value commercial dispute arising out of an agreement with Wipro Limited.
- Advised Summit Partners, a global growth investor, in connection with its investment in Akeneo, a French software business.
Transport > Aviation Tier 3
Milbank assists airlines, lessors and financial institutions on the spectrum of commercial aviation matters, including restructuring and insolvency, and M&A. The team has also assisted lessors in regard to Russian sanctions matters and associated insurance claims, while also acting on a range of other disputes and arbitrations. Heading the team are James Cameron, who focuses on transport asset finance and portfolio transactions, and Nick Swinburne, a finance, leasing and restructuring specialist.Practice head(s):
James Cameron; Nick Swinburne
Testimonials
‘The sheer breadth of knowledge and capability is highly impressive.’
‘A stand-out team in aviation on a global scale. James Cameron and Nick Swinburne have built an excellent team of intelligent and diligent associates.’
‘As a client, I have the confidence of knowing whoever is on the deal – they are good. It’s rare to have a large practice of such calibre.’
‘The Milbank transportation team are one of the best in the business. Nick Swinburne is at the top of his game – exceptionally bright, pragmatic, focused. He is a brilliant problem solver and trustworthy and highly respected lawyer.’
‘James Cameron is pragmatic and fantastic at getting the job done. Working through any complex issues and ensuring that teams are adequately resourced with an incredibly capable team of associates and trainees.’
‘Milbank possesses a team of partners and exceptional associates working to a consistently high standard. The best team in the market for complicated and high-value aviation finance transactions.’
‘James Cameron is an excellent negotiator and deal maker, and a great individual to have in your corner when a transaction needs to get done. He brings a wealth of experience and practical nous to any deal he works on. Nick Swinburne is a superb lawyer, offering clear-headed, technically astute but pragmatic advice. Great to have on highly complicated and structure transactions.’
‘Global depth, yet genuine client focus.’
Key clients
Abelo
AerCap
Aergo
Aircastle
Air France
Ares
Avolon
Bank of China (Aviation)
Barclays
Barings
BBAM/NBB
BNP Paribas
Brookfield
CDB Leasing
Centerbridge
Citibank
CMB Financial Leasing
Credit Suisse
Crédit Agricole Corporate and Investment Bank
Deucalion
Deutsche Bank
Embraer N
Export Development Canada
HSBC
Investec
JP Morgan
KKR
M&G Investments
Magi
Meta
Morgan Stanley
MUFG
Natixis
Novus Aviation Capital
Oaktree
ORIX
PIMCO
Silverpoint
SMBC
SNB Capital
Standard Chartered
Strategic Value Partners
Stratos
TrueNoord
TUI
volofin Capital Management Ltd
Genesis Leasing Limited
Carlyle Aviation Partners
Castlelake
China Development Bank
ALAFCO
Deutsche Bank
ING
Société Générale
Work highlights
- Advised Fortress Investment Group LLC and certain of its managed funds on the $855m sale to Chorus Aviation Inc. of Falko Regional Aircraft Limited.
- Advised SMBC Aviation Capital in relation to its acquisition of Goshawk Management Limited, which included a portfolio of approximately 160 owned and 15 managed aircraft.
- Advised Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC, as placement agents, in connection with British Airways’ private placement of $299.6m for the financing of two new A320neo and two new Airbus A350-1000 aircraft.
Corporate and commercial > Private equity: transactions – high-value deals (£250m+) Tier 4
'Well resourced...very efficient...and extremely responsive', the majority of Milbank's nascent London private equity practice joined the firm from Dickson Minto WS in March 2023. The practice is jointly chaired by former Dickson Minto partner Jordan Simpson and former Kirkland partner Andrej Wolf, who also co-heads the London office. The pair steer the team across multi-jurisdictional acquisitions, sales, investment deals, and restructurings. Simpson is a highly experienced transactional lawyer whose recent engagements include cross-border sell-side mandates, while Wolf's capabilities span acquisitions and follow-on investments, acting for both PE houses and their portfolio companies. Other key figures include James McClymont, who boasts particular expertise in shareholder arrangements, and Lara Watt, a 'highly knowledgeable and commercial' adviser with experience across buyouts, carve-outs, and bolt-on acquisitions.Practice head(s):
Andrej Wolf; Jordan Simpson
Other key lawyers:
Testimonials
‘The firm offers a well resourced, highly knowledgeable team to guide a deal from start to finish. The team is very experienced and, as a result, has excellent market awareness. The partners manage their teams very efficiently and tasks are allocated appropriately to different levels of seniority, thus providing an effective, safe and cost efficient service. All individuals are very easy to deal with and extremely responsive.’
‘Lara Watt is highly knowledgeable and commercial in her approach.’
Key clients
A&M Capital Europe
Cerberus European Investments
Charterhouse Capital Partners
Compass Partners
Intermediate Capital Group
Investindustrial
PAI Partners
Park Square Capital
Stirling Square Capital Partners
Summit Partners
Sun European Partners
The Carlyle Group
Värde Partners
Vitruvian Partners
Work highlights
- Advised Vitruvian Partners on its co-investment, alongside EQT, in CFC Underwriting.
- Advised Charterhouse on the sale of SLR Consulting, implemented by private scheme of arrangement.
- Represented Universal Partners on the sale of Dentex Healthcare Group to Portman Healthcare, including in respect of the associated Phase 1 CMA clearance.
Dispute resolution > Competition litigation Tier 4
Milbank houses an ‘absolutely wonderful' team, which often appears in matters before the Commercial Court and the Court of Appeal. Practice head Julian Stait is ‘extremely knowledgeable‘ of cross-border investigations and CPO applications. Special counsel Emma Hogwood frequently acts for clients in claims concerning fraud and abuse of dominance; and special counsel Cormac Alexander is particularly adept at handling regulatory investigations and arbitrations.Practice head(s):
Julian Stait
Other key lawyers:
Emma Hogwood; Cormac Alexander; Mark Padley
Testimonials
‘A Rolls Royce of a team – one of the better teams in the market for big ticket litigation that you are not afraid to take to trial.’
‘Julian Stait is one of the strongest practitioners in the market and his senior team of Cormac Alexander, Mark Padley and Emily Hogwood are all very talented.’
‘These are brilliant and experienced people. They totally get stuck-in for their clients, but they also offer wonderful advice, always putting the client’s position first. Could not be better.’
‘The team is absolutely wonderful. I would always want them in my corner in a scrap. They are also incredibly nice to work with, could not be nicer or more engaged.’
‘In-depth understanding of payments and the complexity of regulation in a litigation context.’
‘Julian is an extremely knowledgeable, very articulate and persuasive advocate – approachable and hardworking. Pragmatic and constructive in his engagements with clients and other parties.’
‘An extremely strong team working on many of the leading competition cases.’
‘Julian Stait is one of the best solicitors in London.’
Key clients
Visa
Rabobank
Brugg Kabel AG and Kabelwerke Brugg AG Holding
Corporate and commercial > Corporate tax Tier 5
Milbank has expertise in M&A and private equity transactions, in addition to notable strength in financial restructuring matters. Aviation taxation is a key niche area for the team. Highly experienced partner Russell Jacobs leads the team, and advises on a diverse range of corporate and finance transactions. Core team members include special counsels Andrew Callaghan, who has a particular focus on private equity transactions, and Alan Rafferty, whose practice includes restructurings, joint ventures, and capital markets transactions. Associates Cosmos Fung and Fareed Muhammed are key names.Practice head(s):
Russell Jacobs
Other key lawyers:
Testimonials
‘I worked with Alan Rafferty on a number of extremely complicated transactions. He was thorough, precise, knowledgeable. He responded quickly and could explain the complexities clearly. I’ve worked with many of the major tax lawyers (including partners at all magic circle firms) and rank Alan Rafferty very highly.’
‘Alan Rafferty is technically superb, very responsive and writes clearly. He is an exceptional performer all round.’
Key clients
Avianca
Maverick Aviation Partnership LP (an investment vehicle managed by Carlyle Aviation Partners)
SKY Leasing
Summit Partners
Fortress Investment Group
Flender
Sartorius
The Lenders to Schur Flexibles Group
Work highlights
- Acted on Avianca Holdings S.A.’s proposed acquisition of an interest in Colombian airline Viva, a proposed merger with Brazilian airline GOL and various other strategic transactions.
- Advised Maverick Aviation Partnership LP in connection with an agreement to acquire AMCK Aviation’s (“AMCK”) portfolio of aircraft and the related regulatory, tax and other structuring considerations.
- Represented The Export–Import Bank of Korea, Korea Trade Insurance Corporation, Euler Hermes, and a consortium of international commercial banks in the US$2 billion financing for SK On’s latest Gigafactory plant in Ivancsa, Hungary.
Corporate and commercial > Financial services: contentious Tier 5
Milbank draws on its established strength in the contentious space to represent key players from the global financial services community in their interactions with the regulators. The firm’s transatlantic presence ensures that it is particularly well positioned to handle mandates with ramifications in both the UK and US. Julian Stait heads up the litigation and arbitration practice, with William Charles regularly leading on regulatory investigations work.Practice head(s):
Julian Stait
Other key lawyers:
Testimonials
‘Great at large team litigation.’
Corporate and commercial > M&A: Upper Mid-Market And Premium Deals, £750m+ Tier 5
Offering a service that advises across European M&A and private equity, the London corporate practice at Milbank often handles matters in the aviation, energy and infrastructure space as well as private equity and growth equity transactions. Significantly strengthening its bench, the team added Dickson Minto WS’s London private equity team to its ranks in March 2023. Advising FTSE 100, Fortune 250, financial institutions, infrastructure funds and energy companies, Lisa O’Neill, co-heads the team and handles a wide range of corporate and M&A transactions. Also heading up the team is former Kirkland & Ellis International LLP private equity specialist Andrej Wolf with fellow buyout specialist , Jordan Simpson, who joined from Dickson Minto, also playing a key role. Former co-chair Mark Stamp retired in January 2023 and is now a consulting partner.Practice head(s):
Lisa O’Neill; Andrej Wolf; Jordan Simpson
Other key lawyers:
Key clients
SKY Leasing
Fortress Investment Group
Maverick Aviation Partnership LP (an investment vehicle managed by Carlyle Aviation Partners)
Sun European Partners
Summit Partners
Flender
Sartorius
Cerberus European Investments, LLC
Varde Partners Europe Limited, Teide Ltd and Mulhacen Pte Ltd
Nebras Power
Work highlights
- Advised SKY, an aviation leasing company and service provider, on the sale by Sky Fund I, LP of Sky Fund I Irish, Ltd. and its subsidiaries to Dubai Aerospace Enterprise Ltd.
- Advised Fortress and certain of its managed funds on the sale to Chorus Aviation Inc. of Falko Regional Aircraft Limited, together with other asset owning entities managed by Falko, in a transaction valued at approximately US$855 million.
Crime, fraud and licensing > Fraud: civil Tier 5
Milbank is home to Mona Vaswani, a 'market leading partner in fraud work' who serves as a key port of call for a number of international and investment banks. Found among her workload are fraud, asset tracing, trust and breach of fiduciary duty claims, among other proceedings.Practice head(s):
Julian Stait
Other key lawyers:
Testimonials
‘Quality of partner.’
‘Mona Vaswani is a key contact. She is strategic, bright and responsive. She understands client needs very well and I thuroughly enjoyed working with her.’
‘An impressive, compact team of lawyers with lots of experience.’
‘Mona Vaswani is an excellent lawyer with a huge amount of experience in civil fraud, an ideal person to have for an international commercial dispute.’
‘Mona Vaswani is a market leading partner in fraud work, who always gets the best results for her clients.’
‘Mona Vaswani is one of the very best in this field.’
‘Mona Vaswani is world-class in terms of judgment, client care and work ethic’
‘The team is highly effective and impressive across the board.’
Key clients
Pierre Mirabaud
Njord Partners SMA-Seal LP
NPSSF Debt Co S.à r.l
AIE III INVESTMENTS, L.P.
Dispute resolution > International arbitration Tier 5
'Massively experienced in international arbitration', Milbank‘s London group is routinely mandated by corporations, financial institutions, and state and federal governments for highly complex arbitration proceedings. International arbitration leader Tom Canning acts in arbitrations under all the major arbitral rules, while Julian Stait specialises in the resolution of large business disputes. Within the firm's associate pool, Peter Edworthy focuses on cases involving energy, construction, infrastructure and telecoms projects-related disputes, and Vasiliki Katsarou is 'an excellent, hardworking and talented lawyer'.Practice head(s):
Julian Stait; Tom Canning
Other key lawyers:
Testimonials
‘Milbank has a first-rate international arbitration practice.’
‘Tom Canning, Peter Edworthy and Vasiliki Katsarou make a potent team – highly experienced in the field of international arbitration.’
‘Tom Canning, Peter Edworthy and Vasiliki Katsarou stand out for their total commitment to the case and innovative legal thinking, coupled with spot-on strategic insight.’
‘Tom Canning is somehow able to make himself immediately available when attention is needed. He gives excellent, practical advice.’
‘Tom Canning and Peter Edworthy are thoughtful in the advice that they provide and are always looking for the right commercial solution.’
‘Vasiliki Katsarou is an excellent, hardworking and talented lawyer.’
‘Massively experienced in international arbitration – a go-to firm for challenging and difficult cases.’
‘Clients can be sure they will present the very best case to the tribunal and use their excellent strategic nous to get the best result.’
Dispute resolution > Commercial litigation: premium Tier 6
Milbank has a ‘growing team of commercial litigators, with a particular emphasis on fraud claims’, and are seen as ‘great at large team litigation’. The team's strengths are exemplified by its work for Visa on significant interchange litigation over the last decade. Julian Stait does a ‘huge proportion of the work for Visa’ and leads the team that consists of ‘incisive, results-oriented’ Mona Vaswani and ‘future star’ Conrad Marinkovic.Practice head(s):
Julian Stait
Other key lawyers:
Testimonials
‘Great at large team litigation.’
‘A growing team of commercial litigators, with a particular emphasis on fraud claims.’
‘Mona Vaswani is a hugely experienced and able commercial litigator, particularly in large international civil fraud claims. A go to person in the field.
‘Julian Stait is utterly meticulous, a very safe pair of hands, who does a huge proportion of the litigation work for Visa’.
‘Conrad Marinkovic is one to watch, a future star’
‘Mona Vaswani is one of the top litigators in the market.’
‘Mona Vaswani is a go-to practitioner for commercial clients with substantial disputes. She is incisive, results-oriented and handles clients brilliantly’
‘Mona Vaswani is one of the outstanding litigators of her generation – a superb strategist. Outstanding and adept at managing clients and co-counsel.’
Key clients
Visa Inc., Visa International Service Association, Visa Europe Limited, Visa Europe Services LLC and Visa UK Limited
Coöperatieve Rabobank U.A.
Drax Group Plc
India > Foreign firms Tier 2
Acting for global financial institutions and domestic and international companies in the steel, energy, and infrastructure sectors, Milbank’s India practice stands out for its expertise in capital markets, projects, and financing work. Practice co-head James Grandolfo, in Hong Kong, has a broad debt and equity practice and leads on corporate and M&A instructions, while co-head John Dewar takes point on project finance from the firm’s London office. In Singapore, Giles Kennedy and new partner Terrence O’Donnell are recommended for their IPOs, share placements, and high-yield bonds expertise.Practice head(s):
James Grandolfo; John Dewar
Other key lawyers:
Terrence O’Donnell; Giles Kennedy
Key clients
Citigroup Global Markets Inc.
Deutsche Bank
HSBC
JP Morgan
Credit Suisse
MUFG
Mizuho Securities
Barclays
Standard Chartered Bank
Société Générale
Axis Bank
BNP Paribas
State Bank of India
Trustroot Internet Private Limited
Delhi International Airport Limited
GMR Hyderabad International Airport Limited
JSW Infrastructure Limited
JSW Steel Limited
JSW Hydro Energy Limited
AGP International Holdings Ltd
Korea Trade Insurance Corporation (K-sure)
Export-Import Bank of Korea (K-Exim)
SACE S.p.A.
Japan Bank for International Cooperation
KfW IPEX-Bank
Columbia Pacific Management, Inc.
Work highlights
- Advised HSBC as the facility agent, and other participating commercial banks, with respect to US$750 million facilities for Reliance Jio Infocomm Limited for its project to update India’s wireless network to 5G.
- Advised the Atlantic Gulf & Pacific Group in relation to an equity investment by Osaka Gas and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development of up to US$120 million in AG&P’s city gas joint venture business known as AG&P City Gas.
- Advised JSW Infrastructure Limited in connection with its debut Rule 144A/Regulation S offering of US$400 million 4.95% senior secured notes due 2029.
Singapore > Asset finance: foreign firms
Described by one client as a ‘skilled team that can handle with ease the most daunting of transactions’, Milbank remains a highly active player in the region’s aviation finance and restructuring scene. Following the departure of Paul Ng in summer 2023, David Paterson, noted for his transaction and leasing experience, is the key point of contact for the Singapore office. Paterson also works with the London Office’s asset and trade finance partners, Nick Swinburne, and James Cameron (the latter is a member of the firm’s transportation and space group.)Practice head(s):
David Paterson
Other key lawyers:
Testimonials
‘Skilled team that can handle with ease the most daunting of transactions.’
‘Knowledge and skill set – concise advice and ability to turn big projects.’
Key clients
Avolon
SMBC Aviation Capital Limited
Nomura Babcock & Brown Co., Ltd
ICBC Leasing
Castlelake LP
China Aircraft Leasing Group Holding Limited
Bank of Communications Financial Leasing
BOC Aviation
Carlyle Aviation
Korean Air Lines
MUFG
Minsheng Financial Leasing
China Construction Bank Financial Leasing
Muzinich & Co
AFIC Insurers
KKR
Aviator Capital
Aircastle
Work highlights
- Handled a series of transactions involving the delivery of 30 737-8 aircraft over the next 5 years.
- Advising ICBCFL in the restructuring of a French tax lease financing involving a Boeing 777-F bearing MSN 65743 being novated from Türk Hava Yollari A.O. to THY’s new cargo company, in a two-phase process.
- Representing Chinese lessors in the Garuda restructuring involving over 250 aircraft and over US$2 billion of assets.
Milbank > Firm Profile
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. We lead the market in advising the world’s leading banks/lenders and sophisticated borrowers on their largest and most complex billion-dollar transactions across Europe and globally.
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. We are leaders in complex high yield bond restructurings. We advise, in particular during periods of disruption in the capital markets, we advise on the capital markets, covenant and structuring aspects of complex, high-profile bond restructurings and noted for our handling of ECM matters in the EMEA market. The firm is able to structure and document capital markets offerings under both English and New York law. We continue to work on the most innovative and first of their kind deals.
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.
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, Laura Bonamis
Capital markets/high yield: Apostolos Gkoutzinis, Tim Peterson, Rebecca Marques, David Dixter, Ana Grbec, Randy Nahlé, Trevor Truman
Restructuring: Yushan Ng, Karen McMaster, Jacquie Ingram, Sinjini Saha, Kate Colman, Sarah Levin
Litigation, arbitration and investigations: Julian Stait, Charles Evans, Tom Canning, Mona Vaswani, William Charles
Corporate and M&A: Lisa O’Neill, Andrej Wolf, Andrea Hamilton, Paul Buchan, James McClymont, Ajal Notowicz, Andrew Nuthall, Jordan Simpson, Lara Watt, Sebastian Heim
Project finance: John Dewar, Munib Hussain, Chris Taufatofua, Matthew Brown
Islamic finance: John Dewar, Munib Hussain
Structured finance: James Warbey, John Goldfinch, Claire Bridcut
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
Lawyer Profiles
Photo | Name | Position | Profile |
---|---|---|---|
Cormac Alexander | Special Counsel, Litigation & Arbitration | View Profile | |
Laura Bonamis | Partner, Global Leveraged Finance | View Profile | |
Claire Bridcut | Partner, Alternative Investments | View Profile | |
Matthew Brown | Partner, Global Project, Energy and Infrastructure Finance | View Profile | |
Andrew Callaghan | Special Counsel, Tax | View Profile | |
James Cameron | Partner, Transportation & Space | View Profile | |
Tom Canning | Partner, Litigation & Arbitration | View Profile | |
William Charles | Partner, Litigation & Arbitration | View Profile | |
Rachel Croft | Special Counsel, Global Project, Energy and Infrastructure Finance | View Profile | |
Kilian De Cintré | Special Counsel, Global Project, Energy and Infrastructure Finance | View Profile | |
John Dewar | Partner, Global Project, Energy and Infrastructure Finance | View Profile | |
David Dixter | Partner, Global Capital Markets | View Profile | |
Seyda Duman | Special Counsel, Global Project, Energy and Infrastructure Finance | View Profile | |
Peter Edworthy | Associate, Litigation & Arbitration | View Profile | |
Cosmos Fung | Associate, Tax | View Profile | |
Apostolos Gkoutzinis | Partner, Global Capital Markets | View Profile | |
John Goldfinch | Partner, Alternative Investments | View Profile | |
Alexandra Grant | Partner, Global Leveraged Finance | View Profile | |
Ana Grbec | Partner, Global Capital Markets | View Profile | |
Andrea Hamilton | Partner, Global Corporate | View Profile | |
Emma Hogwood | Special Counsel, Litigation & Arbitration | View Profile | |
Munib Hussain | Partner, Global Project, Energy and Infrastructure Finance | View Profile | |
Tom Jackson | Associate, Transportation & Space | View Profile | |
Russell Jacobs | Partner, Tax | View Profile | |
Vasiliki Katsarou | Associate, Litigation & Arbitration | View Profile | |
Adrian Kwok | Associate, Alternative Investments | View Profile | |
Mark Leverkus | Associate, Transportation & Space | View Profile | |
Conrad Marinkovic | Associate, Litigation & Arbitration | View Profile | |
Rebecca Marques | Partner, Global Capital Markets | View Profile | |
James McClymont | Partner, Global Corporate | View Profile | |
Karen McMaster | Partner, Financial Restructuring | View Profile | |
Suhrud Mehta | Partner, Global Leveraged Finance | View Profile | |
Fareed Muhammed | Associate, Tax | View Profile | |
Sarbajeet Nag | Partner, Global Leveraged Finance | View Profile | |
Randy Nahlé | Partner, Global Capital Markets | View Profile | |
Yushan Ng | Partner, Financial Restructuring | View Profile | |
Lisa O'Neill | Partner, Global Corporate | View Profile | |
Tim Peterson | Partner, Global Capital Markets | View Profile | |
Alan Rafferty | Special Counsel, Tax | View Profile | |
Jordan Simpson | Partner, Global Corporate | View Profile | |
Julian Stait | Partner, Litigation & Arbitration | View Profile | |
Mark Stamp | Consulting Partner, Global Corporate | View Profile | |
Nick Swinburne | Partner, Transportation & Space | View Profile | |
Chris Taufatofua | Partner, Global Project, Energy and Infrastructure Finance | View Profile | |
Mona Vaswani | Partner, Litigation & Arbitration | View Profile | |
Rosy Villar | Associate, Litigation & Arbitration | View Profile | |
James Warbey | Partner, Alternative Investments | View Profile | |
Lara Watt | Partner, Global Corporate | View Profile | |
Andrej Wolf | Partner, Global Corporate | View Profile | |
Robert Wyse Jackson | Special Counsel, Alternative Investments | View Profile |
Student (Future Lawyers )
The Legal 500 Future Lawyers Verdict
Milbank offers ‘excellent finance work and a growing, ambitious London office’. Recruits make up a small cohort at the US firm; ‘we almost never have more than one trainee on any transaction which means we usually get better quality of work and are much more involved at every stage’. Although ‘formal training is less structured’ at Milbank, trainees appreciate being ‘encouraged to learn on the job and take on responsibility at an early stage’. When choosing where to apply, respondents loved that ‘the recruitment team was approachable and took a genuine interest in us as individuals’ and were enticed by the prospect of being ‘thrown in the deep end from day one’. Milbank is a Future Lawyers Winner for quality of work, client contact, social life, vacation scheme, salary and diversity. Trainees relish ‘being surrounded by very talented and bright professionals’, who are ‘keen to help and make you feel welcome’. What’s more, ‘the offices are pretty great, and the trainee cohort are really good friends, which makes life at work so much better’. That there is an ‘expectation of availability’ at Milbank probably won't come as a surprise. The ‘unpredictable hours’ can make achieving a work/life balance difficult, though trainees were keen to point out that ‘this comes with the nature of the work rather than the firm culture’. Nevertheless, ‘6am finishes’ and ‘working 18 days in a row, which included successive 12-16 hour days’ took their toll. On the plus side ‘pro bono is great at the firm, and there are so many different types of projects you can get involved with’. Trainees were proud of ‘partners telling me they wanted me to qualify into their team’ and ‘being heavily involved in and responsible for signing and closing a multi-billion-pound re-profiling of a gold mine, which involved a complex transfer process and went on for several months!’ For a firm which is high quality in every aspect, from work to people to culture, consider Milbank.Legal Briefings
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The Milbank interview – Taking the plunge
In its 40th anniversary in London, Milbank London co-heads Suhrud Mehta and Julian Stait talk about the dramatic development of the Wall Street leader’s City business The office has made a series of bold lateral hires in the last three years. What is behind this? Suhrud Mehta (SM), co-London managing partner, Milbank: At one level …
Comparative Guides
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United Kingdom: Aviation Finance & Leasing
Published: August 2023
Authors: Siddharth SharmaRichard WaltonCosmos Fung
This country-specific Q&A provides an overview of Aviation Finance & Leasing laws and regulations applicable in United Kingdom.
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United States: Aviation Finance & Leasing
Published: August 2023
Authors: Freyda MechlowiczZachary CroninSteve Goff
This country-specific Q&A provides an overview of Aviation Finance & Leasing laws and regulations applicable in United States.
- Finance > High yield
- Finance > Islamic finance
- Finance > Transport finance and leasing
Top Tier Firm Rankings
- Finance > Acquisition finance
- Finance > Corporate restructuring & insolvency
- Industry focus > Emerging markets
- Projects, energy and natural resources > Infrastructure: Project finance and development
- Projects, energy and natural resources > Oil and gas
- Projects, energy and natural resources > Power (including electricity, nuclear and renewables)
Firm Rankings
- Corporate and commercial > Equity capital markets – mid-large cap
- Dispute resolution > Banking litigation: investment and retail
- Finance > Derivatives and structured products
- Finance > Securitisation
- Projects, energy and natural resources > Mining and minerals
- TMT (technology, media and telecoms) > IT and telecoms
- Transport > Aviation
- Corporate and commercial > Private equity: transactions – high-value deals (£250m+)
- Dispute resolution > Competition litigation
- Corporate and commercial > Corporate tax
- Corporate and commercial > Financial services: contentious
- Corporate and commercial > M&A: Upper Mid-Market And Premium Deals, £750m+
- Crime, fraud and licensing > Fraud: civil
- Dispute resolution > International arbitration
- India > Foreign firms