Milbank Advises Banks in Financing Verizon Wireless' Acquisition of Alltel Corporation
$28 Billion Deal Makes Verizon Wireless the Nation’s Largest Wireless Carrier
NEW YORK, January 9, 2009 – International law firm Milbank, Tweed, Hadley & McCloy LLP represented both the investment bank and commercial bank groups in connection with financing Verizon Wireless’ $28.1 billion purchase of Alltel Corporation. The bank groups were led by Banc of America, Barclays, Citibank, Credit Suisse, Morgan Stanley, The Bank of Scotland and UBS. Verizon Wireless' acquisition of the regional wireless carrier gives Verizon Wireless the top spot in the U.S. wireless service market, nudging out competitor AT&T. The financings included issuance of notes in the capital markets as well as term loans and bridge financings.
“Milbank’s role advising the bank groups in this significant transaction builds upon our tradition of acquisition finance at the highest level,” said Robert W. Mullen, Jr., the Global Securities partner who led the transaction for Milbank.
In addition to Mr. Mullen, the Milbank team included Global Securities associates Andrew Fowler, Wendy Williams and Adlin Castro, as well as Global Finance partners Hugh Robertson and Blair Tyson and associates Cecilio Castillero and Jonathan Brown.
The team prepared, drafted and negotiated the key financing documents for the financing.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a pre-eminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance, project finance, acquisition finance and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The Firm is headquartered in New York with offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, Singapore, Tokyo, and Washington, DC.