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Fetured Job Of the Day
Fetured Job Of the Day

Tax Attorney with 3-5 years of credit transactions experience

Washington, D.C. office of our client seeks tax attorney with 3-5 year...
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Date Posted: May 23, 2018

Employer:   BCG Attorney Search

Salary: Not Specified


New York
1 Chase Manhattan Plaza, 
New York City, New York - 10005



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Since 1866, this law firm has represented clients such as the Rockefellers and railroad barons. Today, the firm’s capabilities include banking and institutional investment, financial restructuring, intellectual property, mergers and acquisitions, and real estate. The firm’s reach extends far beyond its four U.S. offices; it has a strong international presence with offices in Frankfurt, London, Hong Kong, Munich, Singapore, Beijing, and Tokyo. This law firm also specializes in technology, and its bankruptcy practice has been enjoying resurgence in recent times.

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New York $145,000 N/A N/A N/A N/A N/A N/A N/A $2,789/week , $1,000 interest free salary advance prior to salary start

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Capitalizing on the increasing global demand for coal, Indonesian private coal company PT Ilthabi Bara Utama (“IBU”) has completed a $135 million privately arranged equity-linked note financing for the development of a coal mine in East Kalimantan. Marking the first greenfield financing in Asia backed by private investor funds, the funding was provided by various private funds, together with investment bank Merrill Lynch. The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partner David H. Zemans and senior associate Jacqueline Chan, represented IBU in negotiating and structuring the transaction.

Milbank’s Zemans noted, “Privately arranged funding provided a viable alternative to project financing, which is typically not available for start-up companies and takes longer to put in place. Additionally our experience with this type of highly structured financing enabled us to close the deal in only four months, despite the current volatility in the global equity and credit markets.”

About the transaction:
Through a $135 million structured equity-linked notes deal, investors comprising of private investor funds and investment bank Merrill Lynch are financing the development and operation of an open pit coal mine owned by IBU. Located in East Kalimantan, the mine is expected to begin operations in June or July 2008. With a low strip ratio (a measure of how much waste material must be mined for every volume of mined ore), production costs at the mine are expected to be low and production is expected to ramp-up quickly, with projected volumes of five million tonnes per year by the end of the first year, ten million tonnes within two years and up to twenty million tones in five years. The mine is expected to be profitable within the first year of operation.

The financing structure consists of equity-linked notes with a four year and nine month maturity featuring a detachable convertible equity element that expires in 2037. The equity units entitle the holders to part of a royalty stream that will be paid out of IBU’s EBITDA and can be exchanged for equity in the unlisted company once the notes expire or automatically converted in the event of an initial public offering.

The deal is tightly structured and investors have been granted full senior secured priority. The deal is pre-funded for two years, with part of the $135 million in proceeds set aside to pay the interest coupons to cover the period before the mine becomes fully operational. In addition, IBU can only draw down the funds on a staggered basis, with each draw-down subject to completion of pre-determined milestones. Latham & Watkins represented the lead arranger Merrill Lynch.

In addition to its role as lead arranger, investment bank Merrill Lynch has also entered into an exclusive multi-year offtake agreement to buy all the coal produced by the new mine in the initial years. This move significantly increases Merrill Lynch’s exposure to the project, but is consistent with the investment bank’s ownership of commodity and energy trading firm Entergy-Koch. This type of offtake guarantee also gives other investors additional comfort about the creditworthiness of the underlying company.

Further expanding its portfolio of power assets in the Caribbean region, Marubeni Corporation of Japan (“Marubeni”) has closed on the financing for its $553 million acquisition of Mirant Corporation’s Caribbean power assets. The purchase was funded by Marubeni’s own equity and debt facilities provided by a group of international banks including Mizuho Corporate Bank, ABN AMRO, Calyon and ING Capital. Mizuho acted as financial advisor to Marubeni. The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by partner David Impastato, represented the lenders in negotiating and structuring the financing.

Milbank’s Impastato stated, “Although M&A in the energy and power sectors has been active, the strength of the sponsor was a critical factor in completing this transaction at this time, given the current volatility and uncertainty in the credit markets.”

In addition to Mr. Impastato, the Milbank team representing the lenders included partner Daniel Bartfeld and associates Nick Bragg and Adrian Chiodo, all based in the firm’s New York office.

About the transaction:
One of Japan’s largest trading companies, Marubeni Corporation, through its wholly owned subsidiary Marubeni Caribbean Power Holdings, Inc. (“MPCH”), completed the $553 million purchase of the Mirant Company’s Caribbean power assets, Mirant Caribbean Holdings (“MCH”) on August 8, 2007. Marubeni was awarded the holdings in a competitive auction process held by U.S. independent power producer Mirant Corporation and signed the definitive sale and purchase agreement with Mirant International Investment on April 18, 2007. The payment consists of approximately $579 million in equity, the assumption of $350 million in debt and $153 million of power purchase obligations.

The acquisition was funded by Marubeni’s own equity and debt facilities provided by a group of banks led by Mizuho Corporate Bank and including ING, Calyon, ABN AMRO and National Commercial Bank Jamaica. Marubeni is seeking long-term take-out mezzanine financing from the Japan Bank for International Cooperation (“JBIC”).

The acquisition is part of Marubeni’s strategy of expanding its global power sector asset portfolio. This transaction enables Marubeni to expand its IPP and transmission and distribution presence through integrated utilities in the Caribbean region. Marubeni now owns controlling interests in two integrated utilities on Grand Bahama Island and Jamaica and interests in Curaçao’s national utility company and IPPs in Trinidad and Tobago and Curaçao. Total net generating capacity, including the acquisition, is 1,150 megawatts.

The sale completes Mirant’s divestiture program, leaving the company with operations solely in the United States. JP Morgan Securities Inc. acted as Mirant’s financial advisor on the sale.

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Telecommunications,Corporate, Finance, Financial Restructuring, Intellectual Property, Litigation & Arbitration, Pro Bono, Real Estate, Tax, Trusts & Estates.

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