Daniel J. Michalchuk

Milbank LLP represented the arrangers and lenders, including MUFG, Nomura, National Bank of Canada and First Citizens Bank, in connection with a $350 million financing facility for the development and construction by Aypa Power of the Borden Project – an approximately 150 MW / 330 MWh battery energy storage facility located in Borden County, Texas and the Cald Project – an approximately 100 MW / 440 MWh battery energy storage facility located in Los Angeles County, California. The transaction closed on Oct. 23. Aypa Power develops, builds and operates utility-scale energy storage and renewable energy projects in markets across North America and is a portfolio company of Blackstone. “We are pleased to play a part of this groundbreaking financing which is one of the first of many standalone battery energy storage projects involving full tax equity participation and mechanics relevant to tax credit transferability due to the Inflation Reduction Act” said Global Project, Energy and Infrastructure Finance practice group leader Daniel J. Michalchuk. The Milbank team was led by Mr. Michalchuk and Global Project, Energy and Infrastructure Finance partner William B. Bice and by special counsel Micaela McLean. The team also included associates Sharanyaa Kruti Vasan, Upasana Guha Niyogi and Danielle Holit-Gsell.

Oct 27

1 min

Milbank LLP represented Iridium Satellite LLC (“Iridium”), the operating subsidiary of Iridium Communications Inc. (NASDAQ: IRDM), in the refinancing of its senior secured first lien credit facility via an amendment and restatement. The new credit facility, which consists of $1.5 billion in first lien term loans and a $100 million first lien revolving credit facility, replaced all term loans that were outstanding immediately prior to the amendment and restatement and extended the maturity of the term loans and revolving commitments. Milbank also represented Iridium in connection with the original senior secured first lien credit facility. Iridium is a global satellite communications company, providing access to reliable voice and data services anywhere on Earth. The Milbank team advising on the term loan was led by New York-based Global Leveraged Finance partner Michael J. Bellucci, and included Transportation and Space partner Dara A. Panahy, Global Project, Energy and Infrastructure Finance partner Daniel J. Michalchuk and associates Natasha Graham, Jordan Hall and Irene Ittisarnronnachai.

Sep 20

1 min

Milbank LLP represented Investec as coordinating lead arranger and sole bookrunner and the lenders in connection with financing the development and construction of a 3,783 MMBTu per day food-to-waste renewable natural gas (RNG) project in Linden, New Jersey. The Linden Renewable Energy Project will convert organic waste into pipeline quality RNG. “We are excited to be a part of the financing for this groundbreaking energy transition project, one of the first-of-its-kind in the region providing a sustainable waste management service while facilitating decarbonization of the natural gas supply chain,” said Global Project, Energy and Infrastructure Finance practice group leader Daniel J. Michalchuk. The Milbank team was led by Mr. Michalchuk and partner Daniel Bartfeld, along with special counsel Thomas Quirxtner and associates Sharanyaa Kruti Vasan, Pierre-Philippe Turnbull, Aigul Causing, Zach Birenbaum and Brooke Brimo.

Dec 21

1 min

Milbank LLP represented Iridium Satellite LLC (“Iridium”), the operating subsidiary of Iridium Communications Inc. (NASDAQ: IRDM), in entering into an amendment to its existing senior secured first lien credit facility, which provided for the refinancing of all of Iridium’s outstanding term loans to effect an interest rate reduction of 25 basis points. Milbank also represented Iridium in connection with the existing senior secured first lien credit facility, including the $125 million of incremental term loans incurred March 25, 2024, the proceeds of which were utilized in part as consideration for Iridium’s acquisition of Satelles, Inc. Iridium is a global satellite communications company, providing access to reliable voice and data services anywhere on Earth. The Milbank team advising on the refinancing term loans was led by New York-based Global Leveraged Finance partner Michael J. Bellucci and included Transportation and Space partner Dara A. Panahy, Global Project, Energy and Infrastructure Finance partner Daniel J. Michalchuk and associates Natasha Graham, Jordan Hall and Irene Ittisarnronnachai.

Jun 18

1 min

Milbank LLP is once again top-ranked across Project Finance, Energy & Infrastructure-related categories in both the Infralogic and IJGlobal 2025 league tables, earning the #1 position in every category in which the firm was ranked and underscoring its market-leading role advising on the most complex and high-value transactions globally. This year’s results are particularly notable in telecoms, where Milbank achieved sweeping #1 rankings by both deal value and deal count, reinforcing its leadership position in the digital/AI ecosystem. Some of the categories where the firm is ranked #1 in the Infralogic 2025 league tables include: Global Telecoms Legal Advisor by Deal Count Global Telecoms Legal Advisor by Value North America Telecoms Legal Advisor by Deal Count North America Telecoms Legal Advisor by Value Global Legal Advisor by Deal Value North America Legal Advisors by Value North America Legal Advisors by Deal Count Global Renewables Legal Advisor The team is also ranked top of its class in select categories in the IJGlobal 2025 league tables, including: Global Telecoms Legal Advisor by Value North America Telecoms Legal Advisor by Value Global Project Finance Legal Advisors by Deal Count North America Project Finance Legal Advisors Latin America Infrastructure Legal Advisors by Value Latin America Project Finance Legal Advisors by Value Furthermore, Milbank topped nearly every sector category across the Infralogic and IJGlobal league tables, securing #1 rankings in renewables, power, energy, oil & gas, as well as mining and water. In total, Milbank secured 22 #1 rankings across the two league tables. “These results reflect the depth of our platform and the trust our clients place in us on their most complex and strategically significant transactions,” said Dan Bartfeld, chair of the firm’s Global Project, Energy and Infrastructure Finance Group and member of the firm’s Executive Committee. “Achieving #1 rankings across every category underscores the consistency of our approach and the strength of our integrated, global team.” Global Project, Energy and Infrastructure Finance practice group leader Daniel Michalchuk added: “These results highlight not only our leadership position, but also the depth of experience we bring to complex financings across energy, renewables, infrastructure, oil & gas, and power.” Milbank’s #1 rankings across the Infralogic and IJGlobal 2025 league tables underscore the firm’s ability to deliver consistently at the highest level across regions, sectors and deal types, advising clients on some of the most significant project finance, energy and infrastructure transactions worldwide.

Feb 17

2 min