Milbank LLP received recognition for three deals by TXF Perfect 10 Export Finance Deals of the Year. The annual awards recognize excellence in global export, agency and project finance.
Out of the ten transactions recognized, three Milbank transactions were honored in the following categories, exhibiting a breadth of global experience across key regions:
- Telecoms ECA-backed Finance Deal of the Year Award – Reliance 4G Expansion: Milbank advised the lead arrangers and facility agent, Korea Trade Insurance Corporation (“K-SURE”) and the participating commercial banks with respect to a multi-billion dollar telecom project run by Reliance Jio Infocomm Ltd. to expand India’s wireless network. K-SURE offered a $1 billion trade loan for Reliance Infocomm’s project in 2018 following a $750 million credit facility in 2015. This is the largest Indian loan covered by K-SURE, and K-SURE’s largest global telecom financing, and the financing was a precursor for equity investments in Jio from Facebook, Silver Lake Capital, KKR, General Atlantic and Vista Equity Partners.
- Mining ECA-backed Finance Deal of the Year Award – Quebrada Blanca 2: Milbank advised the export credit agencies and commercial bank lenders in connection with the financing of the US$6 billion Quebrada Blanca Phase 2 (QB2) copper mine in Chile, one of the world’s largest undeveloped copper resources with an expected mine life of 28 years. The transaction was also recognized as “Latin America Mining Deal of the Year” by Proximo Americas and “Americas Mining Deal of the Year” by PFI.
- Asia-Pacific ECA-Backed Deal of the Year Award – RAPID: Milbank advised the lenders in connection with the landmark financing for the development of a new refinery and petrochemical integrated project (RAPID) and other associated facilities in Southern Johor, Malaysia. The transaction was also recognized as the “Project Finance Deal of the Year” by IFLR Asia-Pacific Awards and “Asia-Pacific Petrochemical Deal of the Year” by PFI.
London partner John Dewar said: “Milbank is very active working on agency project financings around the world and we are pleased to be recognized for our work on the most innovative deals in the market over the past year.”
Tokyo partner Aled Davies said: “We are pleased to be recognized for our work on RAPID which highlights our dedication to client service and the seamless collaboration of the global Milbank team comprising lawyers across our Asia and London office to support the multitude of ECAs and lenders involved in the transaction.”
Milbank has a long-standing reputation advising government agency lenders on some of the largest and most complex project financing transactions, and was recently recognized by Chambers USA as Band 1 in the inaugural ranking of Projects – Agency Financings.