Milbank LLP represented Joint Lead Arrangers MUFG Union Bank, N.A., BNP Paribas, Mizuho Bank, Ltd. and Crédit Agricole Corporate and Investment Bank as lenders in connection with the $450 million refinancing provided to CPV Maryland, LLC (“CPV Maryland”), owner of a 745MW natural gas-fired power plant located in Charles County, Maryland. The refinancing consisted of a $350 million term B loan and $100 million revolver.
The Milbank deal team was led by Global Project, Energy and Infrastructure Finance partners Dan Michalchuk and Bill Bice with associates Kristina Hokenberg, Sharaf Islam and James Fine.
Mr. Michalchuk noted, “We are very pleased to have worked closely with the lenders on this refinancing, as it underscores the strength of the Term Loan B market for conventional power and our leading presence within the energy market in the United States.” Mr. Bice noted, “The transaction illustrates our team’s ability to work on transactions in the power space that are financed from a variety of different financing sources”.
Milbank has one of the largest project, energy and infrastructure groups in the world with over 125 dedicated lawyers in its offices in the Americas, Europe and Asia. In the past five years, the firm has acted as the lead legal advisor in a wide variety of power, energy, oil/gas, natural resources, transportation and other infrastructure projects worldwide that mobilized hundreds of billions of dollars of capital. In the past year alone, Milbank was named the “North America Legal Advisor of the Year” by Proximo and ranked the #1 law firm for power transactions in the United States in IJGlobal’s league tables for FY 2020 by deal count.
