Milbank Also Represented Bayerische Landesbank, in its Capacity as a Letter of Credit Issuer
LOS ANGELES, March 31, 2005 - The Los Angeles office of the international law firm of Milbank, Tweed, Hadley & McCloy LLP represented Bayerische Landesbank, in its capacity as a lender and the administrative agent and collateral agent for the lenders, and HSH-Nordbank as a lender in a $11.2 million term loan borrowing with respect to the 80 MW Caprock wind energy project in Quay County, New Mexico. As part of the same transaction, Milbank also represented Bayerische Landesbank, in its capacity as a letter of credit issuer, with respect to the issuance of a letter of credit to Southwestern Public Service Company, the purchaser of output from the Caprock project.
Edwin F. Feo, co-chair of Milbank’s Global Project Finance Department and a member of the firm’s Executive Committee, spearheaded the Milbank team, which included associates Edward Kayukov and John Ha.
Caprock Wind is an affiliate of Austin, Texas-based Cielo Wind Power, the largest developer of wind power in the Southwest. Southwestern Public Service Company, an affiliate of Minneapolis-based Xcel Energy, will purchase power output from the Caprock project for at least 15 years. Through its operating company, Southwestern Public Service Company, Xcel Energy serves approximately one million customers in a 52,000 square-mile area in the Southwest.
Milbank’s Global Project Finance Group includes more than 90 lawyers actively involved in the financing of infrastructure projects in the United States, Latin America, Europe, the Middle East, Africa and Asia. In the past several years, the group has closed more than 140 project financings, valued in excess of $85 billion, and in a range of industries, including electric power, water, mining and metals, petroleum and natural gas, petrochemicals, aerospace, environmental, telecommunications and satellites, timber and paper processing, pipelines, toll roads and airports. Peer recognition includes:
- Euromoney’s Project Finance Magazine, 2004
- Eight Deals of the Year – A Record Number
- Legal Week, 2004
- International Firm of the Year
- The American Lawyer, 2003
- No. 1 U.S.-Based Project Finance Law Firm
- Euromoney’s IFLR Guide to World’s Leading Law Firms
- Most Recommended Project Finance Law Firm
- No. 1 Project Finance Legal Advisor for Latin America
- 12 Milbank attorneys named as world’s Leading Project Finance Lawyers
- Dealogic -- No. 1 – Top 10 Legal Advisers of Renewable Project Finance Deals, August 1, 2003 - July 31, 2004
- IFLR Asian Awards
- 2002 International Law Firm of the Year
- Infrastructure Journal, 2002
- No. 1 Global Legal Advisor
- No. 1 North American Legal Advisor
- No. 1 Latin America Legal Advisor
- No. 1 Power Legal Advisor
- No. 1 Telecoms Legal Advisor
- Telecom’s Firm of the Year
Milbank is a premier global law firm headquartered in New York, with offices in Los Angeles, Washington, DC, Palo Alto, London, Tokyo, Hong Kong, Singapore, Munich and Frankfurt. In addition to global project finance, Milbank is a recognized leader in corporate finance and financial services law, transportation finance and other major fields of legal practice.
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