Frankfurt Team Noted for its Role in Award-Winning DFS Deutsche Flugsicherung GmbH QTE Transaction
FRANKFURT, GERMANY, February 19, 2004 – Underscoring its expertise in Qualified Technological Equipment (QTE) lease transactions, the international law firm Milbank, Tweed, Hadley & McCloy LLP has been recognized by Euromoney’s Asset Finance International magazine for its role in the US$1.4 billion DFS Deutsche Flugsicherung GmbH QTE-US cross-border leasing transaction, named “EUROPEAN AVIATION TECHNOLOGY DEAL OF THE YEAR” for 2003. The annual Asset Finance International awards are among the most respected awards in the industry and mark the highest standards of innovation and excellence in the practice of law.
The largest and one of the most complex QTE deals to date, the DFS Deutsche Flugsicherung transaction, which closed in May 2003, was structured as a QTE – US Cross-border lease for their air traffic control system. Deutsche Bank AG’s Asset Finance & Leasing (AFL) division acted as arranger to DFS. Milbank acted as counsel to both Kreditanstalt für Wiederaufbau Frankfurt as the lender and Deutsche Bank AG London as the provider of equity defeasance.
Commenting on the transaction, Helfried Schwarz, managing partner of Milbank’s Frankfurt office stated, “In addition to the magnitude and complexity of this transaction, the DFS QTE introduced asset swaps to a US cross-border lease. We worked closely with Deutsche Bank’s Integrated Credit Trading team to structure this sophisticated equity instrument, and with the KfW team to negotiate the terms of the loan.”
Milbank’s Schwarz further noted, “The Asset Finance International award for our work on the DFS Deutsche Flugsicherung QTE lease, our second AFI award within the past two years, highlights the depth of our capabilities in QTE leasing and cross-border transactions.”
The Milbank team who worked on the deal was led by corporate partner Helfried Schwarz in Frankfurt and tax partners Mark Regante in New York and Russell Jacobs in London, and associates Kathy Schumacher and Sarah Otte in Frankfurt; Stacey Messler, June Liang and James Pasacale in New York; and Andrew Brown in London.
ABOUT MILBANK’S FRANKFURT OFFICE:
Milbank’s Frankfurt office focuses on complex corporate financings, acquisitions and financial services. Building on Milbank’s worldwide expertise in international financings, the Frankfurt team leverages the firm’s traditional strengths in global corporate finance, mergers and acquisitions, project and equipment finance and banking. The attorneys in Frankfurt, qualified in U.S., German and English law and fluent in both German and English, have particular expertise in corporate finance, including cross-border leasing transactions, as well as a variety of debt and equity financing techniques ranging from structured financings, securitizations and project financings to private equity and acquisition financings.
Working in conjunction with Milbank’s English and U.S. lawyers in both London and New York, the Frankfurt office provides a full range of services for sophisticated cross-border transactions. The Group was recognized by Euromoney’s Asset Finance International magazine for its role in the landmark T-Mobile Deutschland QTE lease transaction, which was awarded AFI’s “TELECOMS QTE DEAL OF THE YEAR” for 2002. Recent transactions include working with Milbank’s London office on:
- Representing the Goldman Sachs private equity funds in their participation in the €1.8 billion LBO of the broadband cable network of Deutsche Telekom AG.
- Advising Marquard & Bahls' subsidiary Oiltanking GmbH in connection with the private placement of $130 million of senior notes.
Milbank, Tweed, Hadley & McCloy LLP is a premier global law firm headquartered in New York, with offices in Washington, DC, Los Angeles, Palo Alto, London, Frankfurt, Tokyo, Hong Kong and Singapore. Milbank is a recognized leader in mergers and acquisitions, capital markets and corporate finance, project finance, acquisition finance and other major fields of legal practice. Milbank has German, English 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.