Milbank Leads in Satellite Financing
Milbank Recognized as “Law Firm of the Year” By Satellite Finance Magazine for the Second Consecutive Year
NEW YORK, NY, February 27, 2006 – Building on its reputation for unrivalled expertise in space and satellite finance, the international law firm Milbank, Tweed, Hadley & McCloy LLP has been named 2005 “LAW FIRM OF THE YEAR” for satellite financings concluded last year, as compiled by Satellite Finance, a leading industry publication. This is the second consecutive year the magazine has named Milbank the top law firm.
Milbank’s space business group emerged as the leader, having closed the largest volume of deals in all four categories ranked by Satellite Finance: bond offerings, equity placements, mergers & acquisitions and bank credit facilities. In 2005 Milbank closed eleven satellite transactions totaling more than $7.7 billion, including three bond offerings totaling nearly $3.3 billion and five bank credit facilities amounting to nearly $4 billion.
According to Satellite Finance editor Ross Bateson, “Milbank’s dominance was pretty clear across the board, and the space business at Milbank is regarded among its peers as an incredible practice and very difficult to compete with.” Milbank has represented leading financial sponsors, lenders, investors and satellite operators in many of the major satellite deals of the past two years, which have involved significant capital raising activities to support the buyouts of such leading satellite companies as Intelsat, Inmarsat, PanAmSat and Eutelsat.
Commenting on the award, Peter Nesgos, the Milbank partner leading the firm's space business practice, stated “Our preeminence in space and satellite finance results from combining Milbank’s worldwide finance capability and our deep understanding of the space business. This uniquely qualifies us to work with our clients on structuring the most innovative and complex transactions.”
Nesgos added, “The recognition from Satellite Finance, which is widely regarded as the authoritative publication in this field, is a testament to the commitment and strength of our space business team. Over the past two years we have played a key role in a number of the transformational global satellite business transactions and financings resulting from the increased financial discipline and rigor introduced by private equity investors and the public markets. In 2006 we continue to be involved in major industry transactions as the satellite business moves forward to focus on growth strategies based on consolidation and convergence.”
Most recently, in 2006 Milbank’s space business group has been called on to assist with five new satellite projects in Europe and Asia/Pacific
About Milbank
Milbank, Tweed, Hadley & McCloy is committed to providing comprehensive legal services to the space business. Drawing from the diverse capabilities of more than 500 professionals in its global offices, Milbank’s Communications & Space Group delivers experienced advice in finance, commercial contracts, risk management, and trade and regulatory matters to satellite operators, aerospace manufacturers and financial institutions worldwide. The Group’s attorneys represent sponsors, lenders and equipment suppliers in the development and financing of projects involving fixed-line, wireless, cable and satellite systems and the Internet; telecom operators and financial investors in cross-border alliances and acquisitions; as well as satellite manufacturers, launch service providers and communications companies in commercial, financial and regulatory aspects of the space industry.
Milbank, Tweed, Hadley & McCloy LLP is a global law firm headquartered in New York, with offices in Los Angeles, Washington, D.C., London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore. Milbank is a recognized leader in capital markets and corporate finance, project finance, acquisition finance and other major fields of legal practice. Milbank has English, German and U.S. law capabilities, and provides a full range of services to many of the world’s leading financial, industrial and commercial enterprises, as well as governments, institutions and individuals.