Milbank

Arevon Completes Financing on Nation's First Utility-Scale Solar Peaker Project Using the IRA's Transferability Provision

Retrieved on: 
Wednesday, November 8, 2023
Milbank, Solar energy, Treasury, TSLA, PV, J. P. Morgan, First Citizens BancShares, IRA, Tesla, Winston & Strawn, ITC, Inflation Reduction Act of 2022, First Solar, NXT, EPA, BNP Paribas, National Bank of Canada, Sumitomo Mitsui Banking Corporation, National bank, Project finance, PTC, FSLR, MUFG, Inflation, O'Hara, U.S. Treasury, Renewable energy, Vikings

NEW YORK and SCOTTSDALE, Ariz., Nov. 8, 2023 /PRNewswire/ -- Arevon Energy, Inc. today announced it has closed financing on the Vikings solar-plus-storage project with a combination of debt financing and tax credit transfer. Arevon secured a commitment with J.P. Morgan to purchase $191 million of investment tax credits and production tax credits, among the nation's first transactions announced to date that leverage the Inflation Reduction Act's transferability provision. The additional $338 million debt facility was financed with MUFG, BNP Paribas, Sumitomo Mitsui Banking Corporation, and First Citizens Bank, who acted as Coordinating Lead Arrangers. National Bank of Canada also participated as a lender.

Key Points: 
  • The IRA's transferability tax credit provision allows for the simple transfer of tax credits from project owners to profitable taxpayers, according to the EPA's Green Power Markets Summary .
  • In June of 2023, the U.S. Treasury released guidance on the tax credit transferability mechanisms established by last year's IRA.
  • "This solar peaking project concept is a key strategy for Arevon, and we are grateful to our financing parties for their support on this groundbreaking financing using tax credit transferability."
  • Stoel Rives represented Arevon as legal counsel; Milbank LLP served as transfer counsel; and Winston & Strawn LLP served as lender counsel.

Guidehouse, Leading Global Provider of Consulting Services, to be Acquired by Bain Capital Private Equity

Retrieved on: 
Monday, November 6, 2023
Finance, Consulting, Business, Professional Services, Other Professional Services, Milbank, Goldman Sachs, PwC, Health, Guggenheim Partners, Infrastructure Sustainability Council of Australia, Jefferies Group, Kirkland & Ellis, Environment, Growth, Public sector, Bain Capital, LLP, Kratos Defense & Security Solutions, Partnership, Partner, Covington & Burling, Consultant, Veritas, Veritas Capital

Guidehouse , (“Guidehouse”, or the “Company”), a leading global provider of consulting services to the public sector and commercial markets, today announced that it has entered into a definitive agreement to be acquired by an affiliate of Bain Capital Private Equity (“Bain Capital”) for $5.3 billion.

Key Points: 
  • Guidehouse , (“Guidehouse”, or the “Company”), a leading global provider of consulting services to the public sector and commercial markets, today announced that it has entered into a definitive agreement to be acquired by an affiliate of Bain Capital Private Equity (“Bain Capital”) for $5.3 billion.
  • Headquartered in McLean, Virginia, Guidehouse has broad capabilities in management, technology, and risk consulting, as well as digital services and business process outsourcing.
  • Guidehouse boasts a global presence with over 17,000 professionals spread across more than 55 locations worldwide.
  • PricewaterhouseCoopers LLP is serving as accounting advisor, and Kirkland & Ellis LLP is serving as legal counsel to Bain Capital.

Milbank Deepens Global Project, Energy and Infrastructure Finance Regulatory Bench with Addition of Jenna McGrath

Retrieved on: 
Wednesday, November 1, 2023
Milbank, Boston University School of Law, Jenna Arnold, Federal Energy Regulatory Commission, Trans Global Projects Group, Jenna, Electricity, Biophysical environment, Lawyer, Private practice, FERC, Natural Resources, Investment, General counsel, Office of the General Counsel for the Department of the Treasury, Public utility

"Her significant energy regulatory experience will be a tremendous asset to our clients, especially in the domestic energy and power space."

Key Points: 
  • "Her significant energy regulatory experience will be a tremendous asset to our clients, especially in the domestic energy and power space."
  • Ms. McGrath focuses her practice on both transactional and litigation work in the energy regulatory space.
  • "Jenna is market-recognized for her regulatory and litigation work in the energy sector, and she will be an important addition to our team," said Dan Bartfeld , chair of the firm's Global Project, Energy and Infrastructure Finance Group .
  • "Milbank has one of the largest and most successful project, energy and infrastructure finance groups globally," said Ms. McGrath.

Apollo to provide up to EUR 1.5 billion High Grade Capital Solution to an Air France-KLM operating affiliate supported by commercial partner contracts of its Flying Blue loyalty program

Retrieved on: 
Thursday, October 26, 2023
Slate, Deutsche Bank, Milbank, Insurance, Real estate, APO, NYSE, Transport, NautaDutilh, Air France, Public utility, Skadden, Arps, Slate, Meagher & Flom, Aviation, PAR, Atmosphere of Earth, Latham & Watkins, Air France–KLM, KLM, TMT, Airline, Barclays

Air France-KLM has committed to spend €100 million in sustainable aviation fuel over the next four years.

Key Points: 
  • Air France-KLM has committed to spend €100 million in sustainable aviation fuel over the next four years.
  • The inaugural European loyalty program financing transaction will provide Air France-KLM with a capital solution to further strengthen its balance sheet and enhance Flying Blue’s scalability and growth prospects.
  • This financing is the third transaction between Apollo and Air France-KLM within the last 18 months.
  • Apollo Partner Jamshid Ehsani said, “Apollo is pleased to continue to serve as a capital partner to Air France-KLM.

SEACOR HOLDINGS ANNOUNCES SALE OF U.S. INLAND RIVER TRANSPORTATION AND LOGISTICS PLATFORM TO INGRAM

Retrieved on: 
Tuesday, October 24, 2023
Milbank, RBC Capital Markets, Bass, Mississippi River, Transport, Steel, SCF, Rail freight transport

FORT LAUDERDALE, Fla., Oct. 24, 2023 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (“SEACOR”) announced today it has signed a definitive agreement to sell Inland River Transport Holdings LLC (“SCF”) to Ingram Barge Company LLC (“Ingram”), a division of Nashville-based Ingram Marine Group.

Key Points: 
  • FORT LAUDERDALE, Fla., Oct. 24, 2023 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (“SEACOR”) announced today it has signed a definitive agreement to sell Inland River Transport Holdings LLC (“SCF”) to Ingram Barge Company LLC (“Ingram”), a division of Nashville-based Ingram Marine Group.
  • “I am extremely pleased to enter this transaction with Ingram, one of the most respected river transportation providers,” said Eric Fabrikant, Chief Executive Officer of SEACOR.
  • The U.S. inland river system covers 12,000 miles of commercially navigable waterway channels and provides a low cost, sustainable mode of domestic freight transportation relative to over-the-road or rail.
  • Bass, Berry & Sims PLC served as legal advisor to Ingram.

Griffin Global Asset Management and Bain Capital Special Situations Have Agreed to Acquire a Pool of Rolls-Royce Spare Engines

Retrieved on: 
Tuesday, October 24, 2023
Milbank, Citibank, Bank, Acquisition, Hughes Hubbard & Reed, Bank of America, Bain Capital, Creditor, LLP, Partner, Mizuho Bank, Rolls-Royce, Griffin

DUBLIN, Ireland, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Griffin Global Asset Management (“Griffin”) and Bain Capital Special Situations (“Bain Capital”) today announced they have agreed to acquire 17 new technology Rolls-Royce Engines, including Trent XWB-84s, Trent XWB-97s, Trent 1000s, and Trent 7000s.

Key Points: 
  • DUBLIN, Ireland, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Griffin Global Asset Management (“Griffin”) and Bain Capital Special Situations (“Bain Capital”) today announced they have agreed to acquire 17 new technology Rolls-Royce Engines, including Trent XWB-84s, Trent XWB-97s, Trent 1000s, and Trent 7000s.
  • The engines will be owned by a newly formed standalone entity and used as spares by the Rolls-Royce global customer base.
  • This transaction further demonstrates Griffin and Bain Capital’s ability to provide bespoke solutions to airlines, original equipment manufacturers, and others across the industry.
  • Hughes Hubbard & Reed LLP and Akin Gump Strauss Hauer & Feld LLP acted as legal advisors to Griffin and Bain Capital, while Milbank LLP acted as legal advisors to the Lenders.

Lucky Bucks Successfully Completes Restructuring

Retrieved on: 
Tuesday, October 3, 2023
Electronic Games, Theme Parks, Entertainment, Bankruptcy, Greenhill & Co., Latham & Watkins, Milbank, COAM, United States Bankruptcy Court for the Southern District of New York, Title 11 of the United States Code, United States bankruptcy court, Growth, LP, Georgia Lottery, Security (finance), Financial adviser

Lucky Bucks, LLC (“Lucky Bucks” or the “Company”), one of the largest Class B coin operated amusement machine (“COAM”) route operators in Georgia, has announced the completion of its restructuring process and successful emergence from chapter 11.

Key Points: 
  • Lucky Bucks, LLC (“Lucky Bucks” or the “Company”), one of the largest Class B coin operated amusement machine (“COAM”) route operators in Georgia, has announced the completion of its restructuring process and successful emergence from chapter 11.
  • The restructuring enables Lucky Bucks to substantially strengthen its balance sheet, reduce debt by over $500 million, and inject substantial new liquidity.
  • The newly reorganized Lucky Bucks will operate under an experienced long-term ownership group, which has collectively provided significant new capital to support Lucky Bucks’ future growth and innovation.
  • Court filings and additional information regarding Lucky Bucks’ prepackaged chapter 11 cases is available on a separate restructuring information website administered by Lucky Bucks’ claims, noticing and solicitation agent, Epiq Corporate Restructuring, LLC, which is located at https://dm.epiq11.com/LuckyBucks .

Redding Ridge Acquires $2.8 Billion of CLO Management Contracts from Gulf Stream Asset Management

Retrieved on: 
Tuesday, October 3, 2023
Partnership, CLO, APO, Fried, Frank, Harris, Shriver & Jacobson, Milbank, Gulf Stream, Philosophy, AUM, Acquisition, Dechert, Growth, CIO, Environment, NYSE, Financial adviser, Red Ridge

NEW YORK, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Redding Ridge Asset Management (“Redding Ridge”) today announced that it has acquired CLO management contracts totalling $2.8 billion in assets under management ("AUM”) from Gulf Stream Asset Management (“Gulf Stream”).

Key Points: 
  • NEW YORK, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Redding Ridge Asset Management (“Redding Ridge”) today announced that it has acquired CLO management contracts totalling $2.8 billion in assets under management ("AUM”) from Gulf Stream Asset Management (“Gulf Stream”).
  • Bret Leas, Redding Ridge Managing Director, said, “This transaction further solidifies the scale of Redding Ridge’s CLO management platform, and in credits that are well covered by our analysts.
  • This is the second portfolio acquisition of CLO management contracts by affiliates of Apollo from Gulf Stream, stemming from a long-standing relationship and aligned investment philosophy.
  • In March of 2019, Apollo and Redding Ridge entered into a strategic partnership with Gulf Stream to relaunch its CLO business and, under the leadership of President and CIO, Mark Mahoney, Gulf Stream grew to $2.8 billion of CLO AUM.

Milbank Continues Private Equity Growth with Addition of Paul Bennett

Retrieved on: 
Monday, October 2, 2023
Middlebury College, Washington and Lee University School of Law, Milbank, Financial services

Mr. Bennett focuses his practice on advising private equity sponsors and their portfolio companies on mergers and acquisitions.

Key Points: 
  • Mr. Bennett focuses his practice on advising private equity sponsors and their portfolio companies on mergers and acquisitions.
  • "Paul is an experienced and talented private equity lawyer, and his addition will further strengthen our private equity and M&A practices," Milbank Chairman Scott A. Edelman said.
  • "Paul's arrival marks another step in the continued strategic expansion of Milbank's private equity practice," said Dean W. Sattler , practice group leader for the firm's Corporate/M&A Group.
  • "Milbank brings together the best in the industry, giving me the opportunity to work with impactful clients on innovative issues," Mr. Bennett said.

SEACOR HOLDINGS INC. ANNOUNCES SALE OF U.S. HARBOR TOWING ASSETS AND OPERATIONS

Retrieved on: 
Monday, September 25, 2023
Hilltop Holdings Inc., SEACOR Holdings, KSM, Port of Lake Charles, Port, Milbank, Sale, Acquisition, Harbor, Management

FORT LAUDERDALE, Fla., Sept. 25, 2023 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (“SEACOR”) announced today the sale of its U.S. harbor towing operations and assets from its Seabulk Towing Holdings Inc. (“Seabulk”) subsidiary to two parties, E.N. Bisso & Son, Inc. (“E.N. Bisso”) and Bay-Houston Towing Co. (“Bay-Houston”).

Key Points: 
  • FORT LAUDERDALE, Fla., Sept. 25, 2023 (GLOBE NEWSWIRE) -- SEACOR Holdings Inc. (“SEACOR”) announced today the sale of its U.S. harbor towing operations and assets from its Seabulk Towing Holdings Inc. (“Seabulk”) subsidiary to two parties, E.N.
  • Bisso transaction includes 12 harbor towing vessels across ports in Florida and Alabama.
  • Bisso and Bay-Houston are two industry leading harbor towing providers supported by many decades of safe and reliable operations,” said Eric Fabrikant, Chief Executive Officer of SEACOR Holdings.
  • J.P. Morgan Securities LLC acted as exclusive financial advisor and Milbank LLP acted as legal advisor to SEACOR.