IFLR 1000
The Guide to the World's Leading Financial Law Firms

Peers in the market have overwhelmingly advocated that Milbank be moved up in the rankings and the mandates the firm has received back up this viewpoint. As a partner at a rival firm tells us, "Milbank really has a strong regional presence in project finance. They need to be included in any serious ranking of project finance in Asia."

Milbank has a large regional team with deep experience and the practice represents a wide array of project finance players including underwriters, lenders, project joint ventures, sponsors, contractors, government agencies and multilateral institutions. The firm has a presence in Hong Kong as well as a large number of partners in Singapore and Tokyo who led the regional project finance practice.

Milbank is also able to advise clients on the related areas of restructuring, portfolio securitisation, credit enhancement and political risk mitigation as part of its global expertise.

Well-regarded partner Gary Wigmore, who heads the Asia project finance practice of Milbank Tweed Hadley & McCloy, has moved from the Singapore office and now splits his time between the Tokyo and Hong Kong offices, a development reflecting increasing project finance work in China, Mongolia, and Indonesia, among others.

Wigmore advised Japan Bank for International Cooperation regarding a loan to Summit Ambatovy Mineral Resources Investment, a subsidiary of Sumitomo Corporation. The proceeds will be used to make an equity investment in Madagascar's Ambatovy laterite mine.

"Best lawyers in town" comments one rival of one of the largest and strongest teams in the project finance community in Japan. The team, led by veterans in the field Mark Plenderleith and Gary Wigmore, has seen a steady expansion with the addition of a significant number of associates this year to compensate for the heavy deal flow the firm is seeing. The team advises on both English law and US law governed transactions.

In what is Thailand's largest project financing syndication to date, the team advised the sponsors for the development and financing of a 1,900MW fossil-fuel power plant together with an accompanying mining facility. The standout transaction, which was sourced wholly from the Thai banking market, was valued at approximately $2.71 billion.

Another highlight saw Wigmore, along with Daniel Lin, advise JBIC on the highly complex equity financing of Sumitomo's investment of the development in the Ambatovy laterite mine in Madagascar. The deal was valued at $400 million and closed in July 2010.

Although traditionally known more for its project finance strength, Milbank has been developing its practice in all areas in Singapore recently and the fruits of this focus are seen by the firm climbing into the second tier this year.

One highlight last year saw partners David Zemans, Naomi Ishikawa and Giles Kennedy advised PT Harum Energy regarding its IPO, which is reportedly the biggest by an Indonesian coal mining company in the last two years. Underwritten by Goldman Sachs and Deutsche Bank, the IPO raised a total of Rp2.86 trillion ($320 million).

In October 2010, the firm also assisted the Democratic Socialist Republic of Sri Lanka in its third sovereign bond offering. Partners Joshua Zimmerman and attorneys David Wertime, Michael Lu and Adrian Yeo advised the country in its $1 billion offering of 6.25% bonds due 2020.

After moving up a tier last year after strong market recommendations, Milbank has managed to consolidate its position in the banking space this year, building on its strong project finance foundation.

Last year managing partner David Zemans advised the creditors to Darma Henwa, including Unived Overseas Bank , on the restructuring of $205 million in a facilities' agreements arranged since December 2006.

Associate Melissa Lewis also assisted lender DBS bank in structuring a loan of S$700 million ($581 million) to Universal Group Holdings.

Milbank holds on to its tier two spot in the rankings this year with its blend of expertise in both public M&A and private equity.

Last year partners David Zemans, Jacqueline Chan and Ee-Ing Ong advised Samudra Energy in a complicated M&A transaction worth $36 million. The company acquired a 20% interest in a production-sharing contract for a production block in East Java. Milbank assisted Samudra Energy in obtaining a $36 million senior secured, revolving and amortising borrowing base loan facility.

Zemans, along with partners Giles Kennedy and Tim Mackey, also represented Indies Capital Partners regarding refinancing a $17 million bridge facility. The funds created by the refinancing will then be used for the acquisition of Raja Kutai Makmur Baru, an Indonesian coal mine.

Milbank has a very strong reputation globally for project finance and the Singapore team is no exception.

The firm was involved with two highlight project finance deals this year: the financing for Jurong Aromatics' greenfield development project in Singapore and Hongsa Power Company's power plant in Laos.

Partner James Murray represented Export Import Bank of Korea, Korea Trade Insurance Company, and other commercial bank lenders on $1.6 billion of financing to Jurong Aromatics for the development of a greenfield project on Jurong Island, Singapore.

The financing scheme for the Hongsa Power Company represents Thailand's largest project financing syndication to date. Partner Karen Wong represented Hongsa Power Company in the negotiation and structure of the financing, which includes an approximately $2.71 billion debt facility for a $3.71 billion plant.

Managing partner David Zemans of Milbank Tweed Hadley & McCloy is a standout practitioner in the restructuring and insolvency area. The firm is especially active regarding Southeast Asian clients with Indonesia a particular focus.

Zemans, along with partner Giles Kennedy, advised PT Profesional Telekomunikasi Indonesia regarding its $375 million senior and $100 million mezzanine refinancing. Zemans also acted for the shareholders of PT Apexindo Pratama Duta and its subsidiaries regarding a $225 million restructuring of its debt facilities.