$450 Million Leveraged Financing
NEW YORK, June 20, 2006 – The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partner Jonathan Green, the head of Milbank’s Leveraged Finance Practice Group, represented Dresdner Kleinwort Wasserstein Ltd. and Royal Bank of Canada, as Lead Arrangers, in the $450 million financing of the acquisition of US water utility Aquarion Company by affiliates of Macquarie Utilities, Inc.
Mr. Green noted, “The Aquarion acquisition indicates the continued attractiveness of stable infrastructure assets in the United States and is another example of Milbank’s leadership position in financings related to both regulated and non-regulated infrastructure industries. Macquarie’s expertise in the regulated utility industry together with the sophisticated approach of each of the Lead Arrangers resulted in the successful completions of a complex financing in a very short period of time.”
In addition to Mr. Green, the Milbank team representing the lenders included associates Alexander K. Borisoff and Temitope Makinwa in the New York office.
About the Acquisition
Aquarion Company and its affiliates operate regulated and unregulated water utility services in Connecticut, Massachusetts, New York and New Hampshire. Aquarion is the largest privately owned utility in New England, distributing water and related services to almost 700,000 people. Prior to the acquisition, Aquarion was owned by UK-based Kelda Group plc. Subject to regulatory approval, including from the Public Utility Commissions in Connecticut, New York and New Hampshire, the transaction is expected to close in the fourth quarter of 2006.
Milbank's Leveraged Finance Group is one of the most experienced among the world’s major law firms. Milbank is a leader in some of the most innovative leveraged financing techniques, and consistently ranks among the top international law firms by industry trade publications.
Milbank, Tweed, Hadley & McCloy LLP is a preeminent 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 and transactions, 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 Los Angeles, Washington, DC, London, Frankfurt, Munich, Tokyo, Hong Kong and Singapore.