LatinFinance recognized the work of Milbank LLP in four categories at the "2022 Deals of the Year Awards"- announced on January 26th. The firm was acknowledged for its accomplishments, receiving awards for Law Firm of the Year - Andes, Corporate High-Yield Bond of the Year, Cross-Border M&A Deal of the Year, and Corporate Restructuring of the Year.
The awards recognize the best in Latin American Finance and investment from October 2021 through September 2022. LatinFinance editors select the winners based on transaction size, complexity, innovative elements, market significance and execution. In addition to being named "Law Firm of the Year - Andes", the following matters Milbank advised on recieved awards:
- Cross-Border M&A Deal of the Year - Counsel to Cencosud
- Milbank advised Cencosud (BCS: CENCOSUD) in connection with its definitive agreement with The Fresh Market Holdings, inc. ("The Fresh Market"), funds managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO) and certain other parties to acquire 67% of the Fresh Market. The transaction values The Fresh Market at an overall total enterprise value of US $1.568 billion.
- Corporate Restructuring of the Year - Counsel to Avianca
- Milbank advised Avianca Airlines, the second-largest airline group in Latin America, in its chapter 11 reorganization. In May 2022, Avianca filed chapter 11 petitions in the US Bankruptcy Court of the Southern District of New York. As a result of Milbank's efforts, Avianca successfully used the chapter 11 process to obtain critical short-term financing, to tailor its fleet of leased aircraft for a revamped business model, and ultimately to eliminate more than $1 billion of net debt. Avianca's chapter 11 process was largely consensual, and on December 1, 2021, Avianca became the first Latin American airline during the 2020-21 restructuring wave to emerge from chapter 11.
- Corporate High-Yield Bond of the Year - Braskem Idesa $1.2bn Sustainability- Linked Bond
- Milbank advised Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc. and Itau BBA USA Securities, Inc., as the initial purchasers, and Morgan Stanley Senior Funding, Inc., Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch and Itau Unibanco S.A., Miami Branch as lenders, in the landmark US$1.35 billion bank/bond refinancing by Braskem Idesa, a leading Mexican petrochemical company. The transaction consisted of two parts, a $1.2 billion high-yield offering sustainability-linked of 144A/Reg S 6.990% senior secured notes due 2032 and a $150 million senior secured syndicated term loan facility. The proceeds of the transaction will be used to refinance all of Braskem Idesa's existing project finance indebtedness in order to provide more flexibility for future expansion of Braskem Idesa's operations.
Marcelo Mottesi, head of Milbank's Global Capital Markets practice and co-head of the firm's Latin America Group, noted: "Our team appreciated the continued recognition from LatinFinance for our work in Latin America. These awards reflect our substantial expertise and strong relationships throughout the region, and our commitment to our clients who are investing in numerous industries across the region."
