9 November 2007 - Coming on the back of the win in 2006 this major industry award confirms Milbank, Tweed, Hadley & McCloy LLP’s reputation as a world leader in the area of Project and Asset Finance.
In 2007 the firm has already closed over 50 deals worth over US$35 billion.
Mel Immergut, the firm’s Chairman stated “ As Chairman I’m hugely proud of this award and the work our leading professionals do in the Global Project Finance Group. They have the ability to stay ‘ahead of the curve’ and provide our clients with innovative, ‘value-added’ solutions that incorporate expertise in project development, conventional and Islamic finance, leveraged finance, capital markets, M&A / private equity, corporate restructurings and recapitalizations, as well as energy regulatory and commodities hedging. This approach, together with the teamwork of our lawyers worldwide, allows us to provide our clients with superior service.”
Eric Silverman, the Co-Chair of the firm’s Global Project Finance Group added “Milbank is at the forefront in advising sponsors and lenders in a wide variety of industries from oil and gas projects, mining, infrastructure, LNG projects, oil and petrochemical refineries and power projects around the world. We have demonstrated our ability continually to develop and execute “first of a kind” deals in jurisdictions with unique legal challenges. This award recognizes the unique service which our team provides to clients across the globe.
This 2007 Chambers Global Award for Global Projects and Energy Law Firm of the Year reflects the continued strength of Milbank’s global projects and energy practice and underscores our longstanding commitment to represent the leading players in the energy/power, infrastructure, natural resources and space sectors. We continue to distinguish ourselves through an integrated, multi-disciplinary approach – delivering “cutting edge” solutions to the world’s leading project sponsors and financiers in high profile transactions in the most capital intensive sectors of the global economy.”
Deal Highlights for the Global Projects Group for 2007 – Deals closed in 2007 to Date
Abengoa Bioenergy Project (USA) – Represented the lenders, WestLB and Banco Santander and a syndicate of other lenders, in the $300 million financing for the construction of two ethanol plants in the Midwest U.S. by Abengoa Bioenergy Holdings U.S., Inc.
AES Changuinola (Panama) – Represented Banco Continental de Panama and a consortium of Central American lenders in the $366 MM construction financing of AES Changuinola's 223 MW run of the river hydroelectric facility in Panama.
Airtricity Champion Project (USA) – Represented the leaders, Bayerische Hypo- und Vereinsbank AG, Bayerische Hypo- und Vereinsbank AG and Norddeutsche Landesbank, in the $210 million wind project.
Airtricity FINCO Project (USA) – Represented the leaders, Bayerische Hypo- und Vereinsbank AG and Mizuho Corporation Bank, on the turbine supply loan and project letter of credit facility for the $325 million wind project.
Airtricity Forest Creek Project (USA) – Represented the lender, Bayerische Hypo- und Vereinsbank AG, on the term loan facility for the $50 million wind project.
Airtricity Munnsville Project (USA) – Represented the leaders, Bayerische Landesbank, Bayerische Hypo- und Vereinsbank AG and Norddeutsche Landesbank, on the construction loan and project letter of credit facility for the $95 million wind project. Airtricity Roscoe Project (USA) – Represented the leaders, Bayerische Landesbank, Bayerische Hypo- und Vereinsbank AG and Norddeutsche Landesbank, on the construction loan and project letter of credit facility for the $399 million wind project.
Allegheny Ridge Wind Farm Project (USA) – Represented the lenders, Mizuho Corporate Bank and HSH Nordbank AG, in the construction of the $100 million 80 MW Allegheny Ridge Wind Farm project in Pennsylvania. Once completed, the project, encompassing parts of Blair and Cambria Counties, will be the largest wind farm in Pennsylvania and the largest in the entire mid-Atlantic region.
AMBATOVY Mines Project (Madagascar) – Represented the lenders in the US$3.669 billion nickel, cobalt and ammoniu sulphate mine project in Madagascar, the first large-scale project in Madagascar, one of the largest project financings ever undertaken in Sub-Saharan Africa and one of the largest project financings ever undertaken in the mining sector globally.
AUM Project (Trinidad) – Represented KfW, as lender and ECA, in the financing for the construction of an $1.24 billion integrated ammonia, urea ammonium nitrate and melamine complex by MAN Ferrostaal and Clico in Trinidad.
Babcock & Brown 2008 Wind Power Project (USA) – Represented the lenders in the $600 million wind turbine and ancillary equipment financings for selected Babcock & Brown 2008 U.S. wind power projects.
BostonGen Project (USA) – Represented Credit Suisse and Goldman Sachs, as lead arrangers, in negotiating and structuring the $1.2 billion recapitalization of Boston Generating LLC, one of the largest power sector financings in North America.
CapRock Refinancing/Arrowhead Acquisition (USA) – Represented the lenders in the $250 million refinancing of existing debt of CapRock Communications, Inc. and financing of acquisition of Arrowhead Global Solutions, Inc.
Cedar Creek Wind Project (USA) – Represented the lenders, Mizuho Corporate Bank, Bayerische Landesbank and HSH Nordbank AG, in the financing for the construction of the 301 MW Cedar Creek Wind Farm Project in Weld County, Colorado.
CIBA (Algerian Cement) – Represented Citibank, N.A., as the lender, in the Ciment Blanc Algerian SpA $530 million (of which $319 million was debt) investment in, development, design, construction, ownership and operation of two cement plants, and the marketing and sale of cement.
CIT – Lehman Financing (USA) – Represented CIT in the refinancing of the indebtedness of two projects – South Point and Broad River – in which CIT is the owner participant under a leveraged lease transaction.
CVRD Export Prepayment Facility (Brazil) – Represented the Borrower, CVRD International SA, in the pre-export financing of a $6 billion CVRD export facility in Brazil provided by a syndicate of 30 international banks, one of the largest financings of any type in Latin America.
EIF Plum Point (USA) – Represented EIF in the refinancing of the original acquisition with LS Power Holdings in the issuance of up to $220 million of equity interest by Plum Point Holding Company. Emirates Cement Project (UAE) – Represented the lender in the $435 million project financing for the development, design, ownership and operation of a 3.0 million tpa cement plant and the marketing and sale of cement produced by the plant.
ENEL (USA) – Represented ENEL North America, Inc. (ENA), in the financing for the acquisition of AMP Resources LLC from AMP Capital Partners, which includes one operating and four advanced stage geothermal development projects located in Nevada, California and Utah.
Enertech (USA) – Represented the lenders in the $150 million Municipal Bond Issuance by Enertech Environmental California LLC, as borrower to California Statewide Communities Development Authority, which acted as issuer of the Bonds purchased by Deutsche Bank Securities.
Fortis Capital–Camp Springs Wind (USA) – Represented Fortis Capital and a syndicate of commercial banks in the $230 million construction financing of the 130MW Camp Springs wind farm developed by Invenergy.
Ilthabi Bara Utama (Indonesia) – Represented PT Ilthabi Bara Utama (IBU) in the negotiation and structuring of the $135 million greenfield financing for the development of a coal mine in East Kalimantan, Indonesia. The funding was provided by various private funds, including Merrill Lynch.
Intersur Concessions S.A. Toll Road (Peru) – Represented BNP Paribas as underwriter in the financing of $562 million senior secured notes to finance the construction, operation and maintenance of a toll road in Peru. Milbank negotiated the borrower Intersur's innovative hedging and support structure as well as the flexible purchase schedule set forth the obligation certificates by the Republic of Peru, truly a "state of the art" structure of this type of financing.
JBIC – MIT Energy Project (USA) – Represented the lenders, in financing of the acquisition of oil & gas properties in the Gulf of Mexico. This is the first time JBIC has made an acquisition finance loan for oil & gas properties in the Gulf of Mexico and used a borrowing base facility.
KEPCO (China) – Represented the lead arrangers, KEXIM, Woori Bank and HSBC, in the Korea Electric Power Corporation (KEPCO)'s largest direct overseas equity investment in power project, the acquisition financing for a power generation and coal joint venture in Shanzi, China. KEPCO's total investment was to be $443 million.
KGen Divestitute Refinancing (USA) – Represented the lenders in the $400 million refinancing of KGen's four electricity generating facilities in Georgia, Tennessee and Arkansas.
Lake Road (USA) – Represented Lake Road Holding Company, LLC in the $685MM sale of the 786 MW Lake Road generating station in Killingly, CT to BG North America, a subsidiary of British Gas Lakewood (USA) – Represented Alinda Investments LLC in the GE Energy and Alinda's purchase of Kinder Morgan Inc's U.S. retail natural gas division for $710 million plus working capital. Lakewood, Colorado-based Kinder Morgan, distributes natural gas to more than 260,000 customers through nearly 12,000 miles of pipelines.
Lehman – EIF Recap (USA) – Represented Lehman Brothers in the $300 million term B senior secured financing for EIF's monetization of United States Power Fund I's investment in a portfolio of nine projects.
Lehman – Tenaska Power – Represented Lehman Brothers as a Secured Hedge Provider to a Tenaska Power Fund entity in the acquisition of gas-fired generating assets from Constellation Energy. Lehman – Tailbrazer Hedge – Represented Lehman Brothers as a Secured Hedge Provider to an LS Power Fund entity in the acquisition from Mirant of a portfolio of power stations in the U.S.
Liberty Electric Power (USA) – Represented Liberty Electric Power, LLC and its owners in the $460 MM recapitalization of the Liberty Electric Generating Station in Eddystone, Pennsylvania. This recapitalization, the first single asset recapitalization to be completed after the July/August credit crunch, included first lien term, working capital and mezzanine debt as well as a first lien secured heat rate call option.
Lumwana (Zambia) – Acted as international legal advisor to the lenders on both the project financing and the equipment financing for Equinox Minerals' US$1 billion copper mine in Lumwana, Zambia, one of the largest copper mines anywhere in the world.
MACH Gen Recapitalization (USA) – Represented the Ad Hoc Committee, who hold in excess of 55% of the outstanding debt of MACH Gen and rights to acquire an equivalent amount of equity, in the approximately $1.6 billion refinancing and recapitalization of MACH Gen, LLC's existing first and second lien indebtedness. The structure also included the placement of certain commodity hedges secured by first and second liens.
Marafiq IWPP (Saudi Arabia) – Represented the lenders, including lead arrangers BNP Paribas, Gulf International Bank and Samba, as well as the Korean Export Insurance Corporation, in the $3.5 billion Marafiq IWPP in Jubail – the world's largest independent water power plant.
Mexichem (South America) – Represented the lenders in the syndicated loan to restructure existing debt of Mexichem, manufacturer of chemical products, chlorine, caustic soda and polyvinyl chloride resins.
Mirant (Caribbean) – Represented the lenders, Mizuho Corporate Bank, ABN AMRO, Calyon and ING Capital, in the $553 purchase by Marubeni Corporation of Japan, one of Japan's largest trading companies, of Mirant Corporation's Caribbean power assets.
Paniolo Cable Company Hawaii Financing (Hawaii) – Represented the lenders in the $185 million financing for the construction of a undersea fiber optic network linking the Hawaiian islands of Kauai, Oahu, Molokai, Maui and Hawaii by Paniolo Cable Company, LLC.
PDVSA Western Energy Development Project and Anaco Project (Venezuela) – Represented Marubeni, one of the sponsors (50%:50%, the other is Mitsui represented by Debevoise) in negotiating and structuring the Western Energy Development Project and Anaco Project – the $3.5 billion loan to PDVSA, Venezuela's state-owned petroleum company – one of the largest oil-related investments ever in Latin America.
Rio Polimeros (Brazil) – Represented Sace in the restructuring of certain credits extended to Rio Polimeros, a Brazilian polyethylene manufacturer.
Salalah (Oman) – Represented the lenders in the $340 million refinancing of existing power station generating, transmitting and distributing electricity and addition of new financing facilities for expansion of transmission and interconnection facilities.
Schahin Group (Brazil/China) – Represented the mandated lead arrangers, Mizuho Corporate Bank, Standard Chartered Bank, Unicredit (HVB) and WestLB, in the $800 million financing of the development, construction and operation of two semi-submersible drilling platforms under construction in China and to be chartered by Petrobras, Brazil’s state-controlled oil company.
SEPC Shared Cracker Project (Saudi Arabia) – Represented the sponsors, Saudi Ethylene and Polyethylene Company, in the financing of a $2.6 billion shared ethane cracker/polyethylene processing facility (amounting to a series of four interlinked process industry complexes) in Al-Jubail Industrial City, Saudi Arabia, to be funded by commercial banks, government funding institutions and four ECAs (K-Exim, KEIC, Sace, Hermes).
Shuaibah-3 IWPP (Saudi Arabia) – Represented the lenders in the $231 million expansion to the Shuaibah 3 power generation and sea water desalination plant by way of the development, financing, design, engineering, procurement, manufacture, factory testing, transportation, construction, erection, installation, equipping, completion, testing, commissioning, insurance, ownership, operation and maintenance of a further sea water desalination plant to be built and owned by Shuaibah Expansion Project Company.
Sweetwater Wind 5 (USA) – Represented the lenders, Mizuho Corporate Bank, Bayerische Landesbank, HSH Nordbank, in the $100 million 80.5 MW wind project in Norlan County, Texas.
UPC Wind Acquisition III (USA) – Represented the lenders, HSH Norbank AG and Norddeutsche Landesbank Girozentrale, in the $100 million wind project.
UPC Wind Acquisition, LLC (USA) – Represented the lender, HSH Norbank AG, in the $261 million wind project.
Milbank, Tweed, Hadley & McCloy LLP is a leading global law firm that has been recognized for more than 140 years for providing innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions, including capital markets, corporate finance, project finance, acquisition finance, and other major fields of law practice. Milbank 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.