Continuing Milbank’s strong record in Asia project finance, complex negotiation for 300-MW facility
In its latest Asia-focused project finance transaction, Milbank, Tweed, Hadley & McCloy LLP advised a group of international commercial banks in a US$400 million loan for the construction of two 150-megawatt coal-fired power plants in the northern Philippines, further exemplifying Milbank’s dominance in all aspects of Philippines cross border finance work.
Project Finance partner James Murray and special counsel Melissa Lewis, both of Milbank’s Singapore office, advised a group of international commercial banks in a limited recourse financing of a 2x150-MW coal-fired power project in Limay, the Philippines. The Milbank team also included associate Dan Elliott and other Asia-based attorneys.
The project company is a wholly-owned subsidiary of SMC Global Power Holdings Corporation, a member of the San Miguel Group (Southeast Asia's largest publicly listed food & drink group).
The commercial banks included DBS Bank Ltd., Mizuho Bank, Ltd., Standard Chartered Bank, Bank of Commerce, The Bank of Tokyo-Mitsubishi UFJ, Ltd., CTBC Bank Co., Ltd., Maybank International Labuan Branch, Maybank Philippines, Inc., Siemens Bank GmbH, London Branch, and Intesa Sanpaolo S.p.A., Hong Kong Branch.
Mr. Murray said, “Milbank is honored to have advised such a strong group of international commercial banks on this major loan facility to SMC Global Power Holdings. The bank group’s interest in supporting the project reflects the very high regard in which they hold SMC and its plans for the plant.”
Ms. Lewis added, “The project included a complex common facility sharing arrangement – the kind of sophisticated deal structure that Milbank frequently advises on across the full range of infrastructure, energy, and natural resources projects in Asia.”
