Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Milbank Tweed Hadley & McCloy worked on the US$149 million IPO by Lumena Resources on the HKSE, advising the issuer. The firm also advised Lumena on the restructuring of a US$200 million secured pre-IOOP loan with warrants by Credit Suisse. Leading individuals include Douglas Tanner and Anthony Root.

Milbank Tweed advised on the acquisition of China Unicom by China Netcom, with Citigroup mandating the firm as financial adviser to China Netcom. The firm also represented private equity firm EQT Great China II on its S$80 million acquisition of a 48% stake in Hunan Laobaixing Pharmaceutical Retail Chain. Leading partners include Ed Sun and Joshua Zimmerman.

Milbank Tweed Hadley & McCloy recently closed this year’s largest China M&A transaction. The firm acted for GCL Solar on its US$3.4 billion acquisition by Hong Kong-listed China power co-generation company GCL Poly. Milbank’s corporate team is led by luminary Anthony Root, who is highly recommended by the market for private M&A work but additionally has an excellent record on public deals. For example, last year the team advised Citigroup as financial adviser to China Netcom in its US$24 billion merger with China Unicom.

Milbank Tweed Hadley & McCloy was the first US law firm to establish its Tokyo office under its own name in 1977 and has a market-leading project finance practice. In addition to this area, the finance group has solid experience with capital markets and leveraged finance. Gary Wigmore, Mark Plenderleith and Brad Edmister are high-profile practitioners at the firm.

Milbank Tweed Hadley & McCloy acted for PT Adaro Indonesia in refinancing an US$80 million term loan facility guaranteed by PT Adaro Energy, PT Indonesia Bulk Terminal and Coaltrade Services International. Adaro again instructed the firm to advise on a US$40 million multicurrency revolving credit facility by the same guarantors.

Another highlight saw the firm represent Straits Asia in a US$300 million financing provided by Standard Chartered Bank, used partly to refinance the Singapore-listed miner’s existing bridge facility. As part of the deal, Standard Chartered was also issued warrants convertible into the company’s shares.

Milbank Tweed also represented Credit Suisse as dealer manager in the US$420 million exchange offer to GT bondholders of US-denominated callable secured bonds. And yet another highlight saw the firm advise Neptune Orient Lines on its S$1.44 billion (US$985 million) rights offering as well as TM International’s S$1.5 billion issue.

Milbank Tweed Hadley & McCloy impresses in the corporate M&A division thanks to the reputation and leadership of local managing partner David Zemans. The firm assisted PT Profesional Telekomunikasi Indonesia (Protelindo) to secure both the US$360 million senior and US$65 million mezzanine facilities, which financed its acquisition of Hutchinson Telecom Towers in Indonesia.

More starring roles included acting for PT Mitra Rajasa on the purchase of Indonesia’s largest drilling contractor PT Apexindo Pratama Duta for US$683 million.