Milbank Tweed
US international law firm Milbank has hired NUJS Kolkata graduate Sarbajeet Nag as a partner in London from Allen & Overy (A&O), where he was a senior associate.
Milbank Tweed Hadley & McCloy added former Cadwalader Wickersham & Taft partner and NLSIU Bangalore 2004 alumnus Sinjini Saha in London, as reported by Legal Business.
Former Milbank Tweet Hadley & McCloy counsel Sanjeet Malik has joined Samvad Partners in Delhi, reported Bar & Bench.
Linklaters and Talwar Thakore Associates (TTA) advised the lending and underwriting banks on Tata Steel UK Holdings, which took a term loan and revolving credit facilities of $3.05bn to refinance its bank debt.
Linklaters London partner Narayan Iyer, who had rejoined Linklaters a year ago from TTA, and Singapore partner Philip Badge, and capital markets partner Kevin Wong and TTA partner Rahul Gulati acted for the banks.
JSA and Slaughter & May advised Tata.
The new financing structure consists of a five-year loan of a €370 million, a six-year revolving credit facility for working capital of £700 million and a seven-year loan of €1.8 billion, with more favourable terms and pricing relative to the earlier debt, reported Mint.
Axon Partners LLP and Milbank Tweed Hadley & McCloy jointly advised the lead book runners and lead managers in Bharti Airtel International (Netherlands) BV issuing $1bn and €750m of notes, with Allen & Overy (A&O) advised Bharti Airtel and the Dutch issue on Dutch and US laws.
Axon co-founding partner Abhimanyu Bhandari with associates Kajal Bhimani and Prashant Kumar advised on Indian law with Milbank Singapore partner Naomi Ishikawa with senior associate Adrian Yeo and associate Leroy Langeveld.
A&O Hong Kong partner Amit Singh with associates Garrick Merlo and Vivian Chow acted for the issuer.
The book runners were Barclays Bank PLC, BNP Paribas, The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank, JP Morgan Securities PLC and Bank of America-Merril Lynch, reported Mint and others.
The same firms had also acted on Bharti's Dutch $1bn dollar bond issue one year ago, followed by a €750m bond in December 2013.
Milbank Tweed Hadley & McCloy Singapore of counsel Sanjeet Malik, specialising in the India practice group, corporate and disputes, has left the firm to pursue a business opportunity in India.
In a departure email he wrote:
I'm writing to let you know that after more than two enjoyable years at Milbank, I have resigned to return to India to pursue some exciting opportunities in financing of renewable power projects that serve rural off-grid communities in North India.
He has a 2001 law degree from Cornell Law School but is not qualified to practise in India. Malik had joined Milbank in April 2011 from Cleary Gottlieb Steen & Hamilton. He was unavailable for comment by email at the time of going to press.
Allen & Overy (A&O) acted for Bharti Airtel, which issued bonds for the first time ever in a heavily oversubscribed offer for $1bn. Axon Partners and Milbank Tweed Hadley & McCloy advised the underwriters.
Khaitan & Co represented ATM outsourcing company AGS Transact Technologies in its successful bid to raise Rs 145 crore ($32m) in private equity funds from investment firm TPG growth, which drafted in AZB Partners and Milbank Tweed.
Milbank Tweed Hadley & McCloy has hired India group lawyer Sanjeet Malik as an of counsel in its Hong Kong office from Cleary Gottlieb Steen & Hamilton where he was an associate.
AZB & Partners advised close client Tata Power in raising $300m by selling up to 15 per cent in two of its Indonesian coal-assets-owning special purpose vehicles (SPVs) Bhira Investments and Bhivpuri Investments to private equity house Olympus Capital Holdings Asia, which Desai & Diwanji and US firms Milbank Tweed and Purrington Moody Weil advised.
Tata Steel has selected an identical roster of firms to advise on its latest fundraising in London, with Amarchand Mangaldas, Talwar Thakore Associates, Cleary Gottlieb Steen & Hamilton and Milbank Tweed Hadley & McCloy reprising their roles from the monster 2008 Corus acquisition-related rights issue.
Clifford Chance has cemented its ties to Air India, acting on the $1bn (Rs 4,900 crore) asset finance loan from JPMorgan Chase, which was advised by Milbank Tweed Hadley McCloy.