United States: Milbank Advises On Landmark Bank/Bond High Yield For Nord Anglia
Last Updated: June 11 2012

HONG KONG, May 4, 2012 – Leading international law firm Milbank, Tweed, Hadley & McCloy advised Nord Anglia Education (UK) Holdings plc on its side-by-side US$325 million offering of senior secured high yield notes and entry into a new "super senior" revolving credit facility. Underwriters for the transaction were Goldman Sachs and Barclays.

Nord Anglia operates premium private schools in China, Switzerland and Central Europe. Baring Private Equity, a longstanding Milbank client in Asia, is Nord Anglia's majority shareholder.

Securities partners Anthony Root and Joshua M. Zimmerman led execution of the New York law-governed bond transaction out of Milbank's Hong Kong office. Leveraged Finance partner Suhrud Mehta led execution of the English law-governed revolving credit facility and intercreditor arrangements out of Milbank's London office. The deal's collateral and guarantee package, which is shared by the bank and bond creditors, spans 13 jurisdictions: England, Switzerland, Poland, Hungary, Slovakia, Czech Republic, Jersey, Cayman, Bahrain, Malaysia, Hong Kong, PRC and Singapore.

"This was a state-of-the-art bank / bond deal and a sponsor-driven recapitalization, both of which are rare in Asia," said Anthony Root, Milbank's head of Asia corporate practice. "The deal showcases Milbank's ability to execute complex deals across multiple jurisdictions."

"Our Hong Kong and London offices worked hand-in-glove to document and close this enormously complex transaction on a very tight timetable," said Mr. Zimmerman. Mr. Mehta added, "Our Global Leveraged Finance team's market leading experience across the full range of bank/bond transactions, as well as our ability to integrate across products, offices and multiple jurisdictions, enable swift and effective structuring and execution for our clients."

The deal team included Leveraged Finance counsel Anthony Morton and associates Nikolas Koustos and Nike Johnson; and Securities associates Andrew M. Yang, Gilly Hutchinson, Jason Frank, Zizhen Chen and Nicholas Atwood.

About Milbank

Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Singapore, Tokyo and Washington, DC. The firm's lawyers provide a full range of legal services to the world's leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments.

Milbank's lawyers meet the needs of clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank's integrated practice is underpinned by its attorneys' acknowledged technical excellence, sector expertise and a strong tradition of innovation and client service.

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