Project, Energy and Infrastructure Finance, Capital Markets, Corporate, Finance, Restructuring and Aviation Asia practices recognized
Milbank, Tweed, Hadley & McCloy LLP has been named “Indonesia Law Firm of the Year” at the Chambers Asia-Pacific Awards for Excellence. The firm has won the award three times in the past five years. This third win is a great honor and testament to the well-established reputation and achievements of Milbank’s Asia practice.
The awards, which were held on March 24 in Singapore, recognize national and international law firms across the Asia-Pacific region for their preeminence and notable achievements in outstanding work, impressive strategic growth and excellence in client service over the past year.
In the 2017 Chambers Asia-Pacific Guide, Chambers describes Milbank as “[a] market-leading firm with a long history of handling Indonesian transactions, that benefits from long-standing relationships with a diverse array of Indonesian corporate clients. Handles an array of M&A, banking and finance, capital markets and projects work, with notable strength in project and aviation finance transactions.”
Celebrating its 40th year in Asia this year, Milbank was one of the first firms to open offices in Asia and continues to advise on many of the most complex and groundbreaking transactions in the region across project, energy & finance, capital markets, corporate, finance and restructuring.
“Thank you to Chambers & Partners for recognizing Milbank with this prestigious award,” said Milbank’s Asia Managing Partner David Zemans. “Our transactional and finance expertise in Asia has been built over many years of working with our valued clients. And, thank you to every member of the Milbank team for their important contribution to this recognition.”
Recent deal highlights include:
Project, Energy & Infrastructure Finance:
Milbank has advised on a string of successful power, energy and natural resources transactions in Indonesia. Within the past 6 months alone the firm acted on 4 such deals, including advising a group of international banks on the multi-billion dollar acquisition of geothermal assets in West Java, Indonesia. The assets, sold by affiliates of Chevron Corp., have a combined capacity of 650 megawatts – enough to power about 3 million homes in Indonesia – and include the Salak project, which is one of the largest geothermal facilities in the world; the non-recourse project financing of the 52MW Hasang run-of-the-river hydro-electric power plant (Hasang HEPP), and the non-recourse project financing of Supreme Energy’s Muara Laboh 80MW geothermal power project.
Capital Markets:
Milbank remains a market leader in the Indonesian capital markets space, closing 7 high yield transactions alone in the past six months for companies such as PT Modernland Tbk, PT Kawasan lndustri Jababeka Tbk, PT Lippo Karawaci Tbk, PT Sri Rejeki Isman Tbk (Sritex), PT Bukit Makmur Utama (BUMA), PT Pakuwon Jati Tbk and JAPFA Comfeed Indonesia Tbk.
Corporate/Finance:
Milbank continues to advise on corporate and finance deals that are reshaping the landscape in Indonesia, including the senior secured acquisition facility and the mezzanine facility (and warrants) for the US$775 million financing of the Martabe Gold Mine in North Sumatra, Indonesia, one of the largest gold mines in Indonesia and in the world and the joint venture between PT AP Investment and PT Medco Energi Internasional Tbk (MedcoEnergi) in connection with its acquisition and related financings of a controlling stake in mining company PT Amman Mineral Nusa Tenggara (previously PT Newmont Nusa Tenggara) from, among other vendors, Newmont Mining Corporation and Sumitomo Corporation. The transaction, valued at US$2.1 billion, is one of Southeast Asia’s largest M&A deals in 2016 and is viewed as setting an important precedent for Indonesia both as a successful collaboration between Indonesian companies, state-owned banks and the government and as an international deal in the Indonesian natural resource sector that uses a unique and sophisticated structure.
Restructuring:
Milbank’s Asia team has 30 years of restructuring experience in the region and a long and successful track record of major corporate workouts, nonperforming loan auctions and repackagings, and distressed debt M&A. The majority of our senior lawyers have been in Asia for well over a decade and worked through many of the most significant transactions stemming from the 1997 Asian financial crisis. Milbank’s Indonesian restructuring experience includes both consensual and non-consensual restructurings and we have significant knowledge of the local market and of the dynamics of Indonesian restructurings, having recently advised international bondholders on several high profile Indonesian restructuring transactions.
Aviation:
Milbank regularly represents some of the largest airlines in Indonesia, including Lion Air. The firm also advised China’s Bank of Communications in connection to the lease of several narrow-bodied aircraft to Garuda Airlines (the Indonesian national carrier) and acted for Transportation Partners in connection to the provision of over US$5 billion in aircraft engines and equipment for the Lion Group fleet of aircraft.
