Joshua M. Zimmerman is a partner in the Hong Kong office of Milbank, Tweed, Hadley & McCloy and a member of the firm's Securities Group.
Primary Focus & Experience
Based in Hong Kong since 1997, Mr. Zimmerman is a leading corporate finance lawyer in the Asia Pacific region. Widely recognized for his high yield, leveraged finance, liability management and sovereign bond expertise, Mr. Zimmerman also advises underwriters and issuers on IPOs, privatizations, securitizations and investment banking compliance. Mr. Zimmerman has a geographically diverse practice, routinely executing transactions both in established markets, such as the PRC and Indonesia, and in frontier markets, such as Bangladesh, Mongolia, Sri Lanka and Vietnam.
News:Milbank Represents Haichang Holdings Ltd. in its US$316 million IPO in Hong Kong
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First global offering of securities by a theme park operator in Hong Kong - by PRC's largest marine theme park operator
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Recent representative transactions include advising:
- PT Sri Rejeki Isman Tbk, or Sritex, a leading vertically integrated Indonesian textile
manufacturer, on its US$200 million debut offering of 9.00% Senior Notes due
2019. Barclays was Sole Lead Manager.
- The underwriters, led by Credit Suisse, Goldman Sachs and J.P. Morgan, on the US$350 million initial public offering and New York Stock Exchange listing by Nord Anglia Education, Inc., a leading global operator of premium schools. Nord Anglia is a Baring Private Equity Asia portfolio company. Milbank simultaneously represented Joint Lead Arrangers Goldman Sachs, Credit Suisse, J.P. Morgan and HSBC on a senior secured US$515 million Term Loan B and US$75 million Revolving Credit Facility that closed alongside the IPO, refinancing substantially all Nord Anglia’s outstanding indebtedness.
- Haichang Holdings Ltd. on its US$346 million initial public offering and listing on the Hong Kong Stock Exchange. BNP Paribas and Bank of America Merrill Lynch were Joint Sponsors and Joint Lead Managers.
- The Democratic Socialist Republic of Sri Lanka on a US$1 billion offering of 6.00% Bonds due 2019. Citigroup, HSBC, Standard Chartered and UBS were Joint Lead Managers. Mr. Zimmerman has represented Sri Lanka on all its bond offerings since 2009 and is among the most experienced sovereign debt lawyers in Asia, having also executed offerings by Indonesia, Malaysia, the Philippines and Vietnam.
- Joint Lead Arrangers Goldman Sachs, HSBC, J.P. Morgan and Bank of America Merrill Lynch on a senior secured US$250 million Term Loan B and US$30 million Revolving Credit Facility for FCI Asia Pte Ltd, a Bain Capital portfolio company.
- National Savings Bank, a leading Sri Lankan state-owned bank, on its debut US$750 million offering of 8.875% Senior Notes due 2018. Barclays, Citigroup and HSBC were Joint Lead Managers.
- Goldman Sachs, Credit Suisse and HSBC on the US$165 million New York law-governed bridge-to-bond acquisition financing for Nord Anglia Education’s successful bid for the WCL Group.
- Barclays and DBS Bank Ltd. on a US$350 million refinancing by Star Energy Geothermal (Wayang Windu) Limited, an Indonesian geothermal power company, of its 11.5% Senior Secured Notes due 2015 with new 6.125% Senior Secured Notes due 2020.
- Nord Anglia Education, Inc. on its 8.50% / 9.50% Senior Payment in Kind (PIK) Toggle Notes due 2018. Goldman Sachs was Sole Lead Manager. The transaction was recognized as “High Yield Deal of the Year” at IFLR’s Asia Awards 2014.
- Barclays and HSBC on the US$250 million debut offering of 8.0% Notes Due 2017 by Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), the first global bond offering by a Vietnamese state-owned bank.
- Nord Anglia Education (UK) Holdings plc on its US$325 million debut offering of 10.25% Senior Secured Notes due 2017 and “super senior” secured Revolving Credit Facility. Barclays and Goldman Sachs were joint lead managers.
- Deutsche Bank as Dealer Manager of a tender offer by True Move Company Limited, a leading Thai mobile telecommunications company, for its 10.75% Guaranteed Notes due 2013 and its 10.375% Guaranteed Notes due 2014.
- BW Group Limited, a leading international shipping company, on a consent solicitation with respect to its 6.625% Notes Due 2017. Morgan Stanley was Solicitation Agent.
- Hoang Anh Gia Lai Joint Stock Company, a Vietnamese conglomerate, on its US$90 million debut offering of 9.875% Senior Notes due 2016, Vietnam’s first corporate high yield notes offering. Credit Suisse was Sole Bookrunner.
- Goldman Sachs, as financial advisor to the Chairman and CEO of Harbin Electric, Inc., on Harbin’s US$750 million management-led buyout and going private transaction.
- China Liansu Group Holdings Limited, a PRC manufacturer of plastic pipes and pipe fittings, on its US$300 million debut offering of 7.875% Senior Notes due 2016. J.P. Morgan and RBS were Joint Lead Managers.
- BOC International and UBS on the US$250 million debut offering of 13.5% Senior Notes due 2016 by China South City Holdings Limited, a developer of integrated logistics and trade centers in China.
- Central China Real Estate Limited, a Henan-based property developer, on its US$300 million debut offering of 12.25% Senior Notes due 2015. Deutsche Bank, ING and Nomura were Joint Lead Managers.
- Standard Chartered on the US$300 million debut offering of 13.00% Senior Notes due 2015 by Glorious Property Holdings Limited, a leading PRC property developer.
- An ad hoc committee of institutional noteholders on an exchange offer and consent solicitation by Titan Petrochemicals Group Limited for its 8.5% Senior Notes due 2012. Goldman Sachs and ING were Joint Dealer Managers.
- Lumena Resources Corp. on its US$250 million debut offering of 12.0% Senior Notes due 2014. BOC International, Credit Suisse and Deutsche Bank were Joint Lead Managers.
- Grameenphone Limited, Bangladesh's leading mobile telecommunications company, on its US$140 million IPO and institutional placement, the largest equity offering in Bangladesh history. Citi was Lead Manager.
- Deutsche Bank as Dealer Manager of a tender offer by Nine Dragons Paper (Holdings) Limited for its 7.875% Senior Notes due 2013.
- PT Matahari Putra Prima Tbk on its contemporaneous US$200 million exchange offer and offering of new 10.75% Senior Notes due 2012. The transaction re-opened the Asian high yield market in August 2009. Citi and UBS were Joint Dealer Managers and Joint Bookrunners.
Recognition & Accomplishments
Mr. Zimmerman is ranked by Chambers Asia-Pacific 2014 as a leading lawyer for Asia high yield.