Milbank, Tweed, Hadley & McCloy LLP has been recognized by Latin Finance for its role in three 2011 “Deals of the Year” – Best Primary Equity Issue, Best Follow-On Equity, and Best Syndicated Loan.
- Best Primary Equity Issue: Arcos Dorados
Milbank represented joint bookrunners, Bank of America Merrill Lynch and Morgan Stanley, in a US$450 million bond offering in the US by Latin America's biggest restaurant operator, Argentina-based McDonald's operator and licensee Arcos Dorados.
- Best Follow-On Equity: Gerdau
Milbank represented the underwriters Itau BBA, BTG Pactual and Bradesco BBI in the sale of shares in Gerdau SA (“Gerdau”), Latin America’s largest steelmaker. he offering contemplated the side-by-side public sale of preferred shares, including in the form NYSE-listed ADS, and the private placement of common shares, with priority subscription rights to existing shareholders. The proceeds will help support Gerdau’s capital structure and to fund its investment plan. The total offering size was 5.54 billion reais (US$3.48 billion), making this offering the world’s fifth largest equity offering and the third largest follow-on offering this year.
- Best Syndicated Loan: Nemak syndicated loan
Milbank represented BBVA Securities, Inc., Citigroup Global Markets, Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc. and Standard Chartered Bank in their role as the Coordinators for the refinancing of approximately US$1.2 billion in existing debt for Mexican automotive parts manufacturer Tenedora Nemak, S.A. de C.V. (Nemak). Nemak, headquartered in Monterrey, Mexico, is the largest aluminum automotive component foundry in the world, manufacturing and distributing aluminum cylinder heads, engine blocks, and transmission parts used by General Motors, Ford, Chrysler, BMW, Fiat and other car makers to build internal combustion engines.
The Latin Finance Deal of the Year Awards recognize excellence in legal advice, investment banking and capital markets issuance.