Attesting to its position as the leading international law firm in the Philippines’ legal market, Milbank was recognized with seven “Deal of the Year” awards from leading legal and business publications.
Hong Kong-based Capital Markets partners James Grandolfo and Paul Pery led the Milbank teams on each of the capital markets transactions with Singapore partner Jacqueline Chan and James Grandolfo leading on the M&A transactions honored.
Mr. Grandolfo stated, “We are honored to have our Capital Markets and M&A practices recognized together with our clients for bringing these exceptional transactions to fruition, especially in light of challenging market conditions brought about by the global pandemic. The success of these transactions speaks not only to the tenacity and professionalism of our clients, but also our team’s ability to successfully execute the most complex transactions during a time of uncertain operating and market conditions.”
“These transactions demonstrate the resilience and investor confidence in the Philippine market and its promise for the long-term. We look forward to a brighter 2021 and increased opportunities to support our Philippine clients in their myriad of endeavors,” added Mr. Pery.
Milbank was recognized for the following “Deals of the Year”:
The Asset Triple A Country Awards 2020 “Philippines Best Liability Management Deal” for Royal Capital B.V. and ICTSI Issuance and Tender Offer in which Milbank advised Royal Capital B.V. (“RCBV”) as issuer and International Container Terminal Services, Inc. (“ICTSI”) as guarantor on the concurrent issuance of US$300 million senior guaranteed perpetual capital securities by RCBV and tender offer for RCBV’s existing US$450 million 5.50% senior guaranteed perpetual capital securities, both guaranteed by ICTSI.
The Asset Triple A Country Awards 2020 “Philippines Best M&A Deal” for Metro Pacific Investments Corporation majority stake sale in Metro Pacific Hospital Holdings to KKR, in which Milbank advised Metro Pacific Investments Corporation and Singapore Sovereign wealth fund GIC Private Limited in connection with its disposition of interests in Metro Pacific Hospital Holdings, Inc., the Philippines’ largest hospital chain, to a consortium of investors led by global investment firm KKR & Co. Inc. The transaction, valued at approximately US$685 million, marks one of the biggest equity investments by a private equity group to take place in Southeast Asia in recent years.
The Asset Triple A Country Awards 2020 “Philippines Best Bank Capital Bond” for Rizal Commercial Banking Corporation Issuance of Additional Tier 1 Capital Securities, in which Milbank advised Rizal Commercial Banking Corporation (“RCBC”) as issuer on its issuance of US$300 million 6.50% non-cumulative subordinated Additional Tier 1 (“AT1”) capital securities. The transaction marks both the first AT1 offering out of the Philippines and the first AT1 securities issuance of RCBC.
The Asset Triple A Country Awards 2020 “Philippines Best Corporate Bond” for PLDT Dual Tranche Unsecured Notes Issuance, in which Milbank advised Credit Suisse and UBS as joint lead managers, and J.P. Morgan as co-manager in connection with PLDT Inc.'s dual tranche issuance of U.S.$300 million 2.50% Senior Unsecured Notes due 2031 and U.S.$300 million 3.45% Senior Unsecured Notes due 2050. PLDT Inc., one of the country’s leading telecommunications companies, was formerly known as the Philippine Long Distance Telephone Company, and is the oldest telecommunications company in the Philippines.
The Asset Triple A Country Awards 2020 “Philippines Best Sustainability Bond” for Corporate Manila Water Company, Inc. Senior Notes Issuance, in which Milbank advised BPI Capital Corporation, Citigroup, Credit Suisse, HSBC, Mizuho Securities and UBS as underwriters on the issuance of US$500 million 4.375% senior notes due 2030 by Manila Water Company, Inc. (“Manila Water”). Manila Water is one of the largest water services providers in the Philippines. The notes were issued under Manila Water’s sustainability framework, with use of proceeds earmarked to include “green” and “blue” projects.
Asian Legal Business Philippine Law Awards 2020: “M&A Deal of the Year” for “Udenna Corporation – China Telecommunications Corporation,” in which Milbank advised Udenna Corporation, one of the fastest growing holding companies in the Philippines, on its US$5.4 billion joint venture arrangement with China Telecommunications Corporation for Dito Telecommunity Corp. (“Dito”) which was selected as the winning bidder of the Philippines’ third telecommunications license. Dito’s historic winning bid is the first full-service telecommunications license to be released in Asia in almost 10 years.
Asian Legal Business Philippine Law Awards 2020: “Finance Deal of the Year" for Aboitiz Equity Ventures Debut High-Yield Bond Offering, in which Milbank advised HSBC, Standard Chartered Bank, DBS, MUFG and Mizuho Securities as joint lead managers in connection with a US$400M debut high-yield bond offering by Aboitiz Equity Ventures (“AEV”). This was the debut issuance of AEV, which was completed despite volatile markets. AEV, one of the largest Philippine conglomerates, operates in the consumer goods, utilities, financials, and industrials businesses.
