Milbank Advises On Landmark Bank/Bond High Yield For Nord Anglia

Profession:Milbank, Tweed, Hadley & McCloy LLP

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...

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