In noteworthy recognition of its longtime India practice, Milbank, Tweed, Hadley & McCloy LLP has been singled out for five separate “Deals of the Year” by India Business Law Journal (IBLJ).
IBLJ is a market-leading journal for South Asia covering legal and regulatory matters impacting Indian business.
Milbank has represented India-based clients for more than 20 years, with a long list of assignments spanning capital markets, domestic and cross-border M&A and project finance, as well as litigation and arbitration matters.
Milbank partner Glenn Gerstell, who has worked on numerous large India-based project financings and heads the firm’s global communications practice, commented: “We’re delighted that India Business Law Journal has selected five of our transactions to honor as the year’s best deals in India. Milbank continues to handle a varied mix of significant and often milestone assignments across the subcontinent. With India’s economy now among the world’s leading growth engines, we expect to see further expansion of our work there, especially in corporate and capital markets, in addition to large project financings.”
The five Milbank transactions named India Business Law Journal’s “Deals of the Year” are:
Tata Steel Ltd. $1.5 billion bond offering
In one of the largest bond offerings from India in 2014, Milbank advised multinational Tata Steel Ltd. on its dual tranche issuance of $1.5 billion in unsecured bonds. The company raised $500 million in 4.85% notes due 2020 and $1 billion in 5.95% notes due 2024. Proceeds will be used to support Tata Steel’s strategic plan, including offshore investment. The bonds will be listed on the Frankfurt Stock Exchange. Singapore-based Securities partners Naomi Ishikawa and Giles Kennedy led the Milbank deal team.
Bharti Airtel $2 billion dual currency international bond
Milbank advised underwriters Bank of America Merrill Lynch, Barclays, BNP Paribas, HSBC, JPMorgan, and Standard Chartered in the approximately $2 billion international dual currency debt issuance by global telecom provider Bharti Airtel. It was the largest bond offering ever by an Indian company, as well as the first dual currency securities offering by an Indian firm. Bharti raised about $1 billion in 5.350% notes due 2024, and €750 million in 3.375% notes due 2021. Proceeds will be used to refinance current debt. Partner Naomi Ishikawa was lead lawyer for Milbank.
Reliance Jio 4G Telecom Financing
Milbank advised The Export-Import Bank of Korea (KEXIM) and commercial lenders in the $750 million loan to Reliance Jio Infocomm Ltd. for the financing of its 4G telecom project in India. Guaranteed by Reliance Industries Limited, the loan is KEXIM’s largest global telecom infrastructure financing and its largest financing in India to date. Project Finance partners John Dewar (London) and Y.J. Kim (Seoul) led the Milbank deal team.
Amtek Global €235 million refinancing
Milbank represented KKR in connection with the €235 million refinancing facility provided to Amtek Global Technologies Pte. Ltd, a subsidiary of Amtek Auto Limited. The refinancing consolidated the group’s financing arrangements and enabled further integration of recent acquisitions. The deal initially funded into escrow with a multi-jurisdictional security package to be put in place prior to release of funds from escrow. A milestone for the loan market, the deal was one of the first unitranche loans above €200 million provided by a single fund. Milbank’s team was led by London-based Leveraged Finance partner Neil Caddy.
Reliance Industries’ export credit-backed facilities
Milbank advised international lenders in a pair of export-backed credit facilities that are helping Reliance expand its petrochemical refineries in India—US$60 million and €100 million loans, guaranteed by French credit insurer COFACE, for French export technology; and a US$300 million loan, guaranteed by the UK’s Export Credit Agency, to fund costs of British export technology. The Reliance refineries affected are in Jamnagar, Hazira, Silvassa and Dahej. John Dewar led the Milbank deal team.
Milbank has received previous honors for its work in India. The firm was selected by Project Finance for its “Indian Communications Deal of the Year” and by Telecom Finance as its “Asian Telecom Deal of the Year.”
