The Legal 500

Allen & Overy LLP’s Peter Bienenstock is ‘a perfect lawyer and a very experienced negotiator’; he heads the team, pending a transfer to head up the firm’s Moscow office in May 2011. Sylvia Kierszenbaum’s ‘solution-oriented mind’ and Filip Tanghe’s ‘strong technical skills’ also receive recognition. The team is ‘excellent at syndicated credit agreements’, as well as project finance and regulatory work; where its approach is ‘very committed’ with a ‘hands-on attitude.’ Bank lending mandates for BNP Paribas Fortis, ING, Rabobank, and RBS, ranging from €300m to €1bn demonstrate the team’s breadth, while acting for UBS and JPMorgan on a €1.6bn debt buyback, the first launched by a credit institution in Belgium, justifies the team’s reputation as ‘one of the best for debt capital market activities’.

Cleary Gottlieb Steen & Hamilton LLP’s expertise at financial restructuring resulting from the financial crisis has continued, in managing the varied outturns – including extensive litigation- from BNP Paribas’s complex acquisition of Fortis Bank. Other work supports the team’s ‘very strong reputation’. This included working with Barclays Capital, as arranger, in Royal Park Investments’ refinancing, through contiguous issues of £280m and $6bn’s worth of commercial paper. Strong regulatory representation of Belgian state bodies is led by the ‘intelligent and professional’ Jan Meyers who remains ‘at the top for institutional matters’, whilst Laurent Legein has ‘very strong business acumen and industry knowledge’. Of counsel Laurent Ruzette is ‘a fine and thoughtful securities lawyer’, who displays a ‘very strong knowledge of all the underlying circumstances’ of transactions.

Clifford Chance’s lawyers are seen as ‘first rate’ with a ‘very good reputation in financing business’. Foremost in client minds is Yves Herinckx, whose standout work included acting for a bank in one of the very first acquisitions by a private equity firm since the credit crunch, the €73m purchase of ADB by Montagu Private Equity. Alongside this lies continuing work for the Belgian government, advising on state support to KBC, Dexia, and Fortis, as well as assisting Royal Park Investments on a state-backed refinancing. Bert de Maeyer was promoted to partner.

Freshfields Bruckhaus Deringer has adapted to changed market conditions by focusing on the restructuring of syndicated bank loan financing, project finance, and institutional assistance. The team delivers ‘services of a supremely high level’ through ‘business-minded and pragmatic lawyers’. Advice is ‘always to the point’ and ‘comprehensive’; as epitomised by Charles-Antoine Leunen’s ‘enthusiasm and commitment’. Leunen advised BNP Paribas Fortis on the €190m syndicated secured credit facilities for Metallum, and the team also handled an €80m PPP deal. It also helped Solvay in connection with its €1bn revolving credit facility.

Linklaters’s ‘strength in Brussels runs across a wide spectrum’, including the highly regarded David Ballegeer, (‘excellent legal knowledge and business acumen’). Extensive finance work for Anheuser-Busch InBev, including handling a €15bn EMTN Programme in February 2010, alongside related Brazilian and US refinancing, was assisted by the firm’s global network, coordinated locally by François De Bauw. Domestically, the €395m and $450m restructuring of Carmeuse’s finance arrangements also showed additional commercial nous in dealing with numerous lenders to achieve 100% support. The team’s retail bond work was particularly notable, in handling twelve separate such transactions to March 2010 for both managers and issuers, with deal values ranging from €350m to €750m, as well as three impressive institutional bond issues, for Delhaize ($300m), Elia (€1bn) and UCB (€500m).

Stibbe is praised for being ‘very competent, nice, easy people to work with’, singling out Jan Peeters, Pascal Vanden Borre and senior associate Wouter Ghijsels. Clients say the ‘balanced and strong team’ has ‘flexibility and adaptability to varying types of work’ such as PPP financing, rights issues and refinancing, in ‘finding cost-efficient solutions’. Ivan Peeters is ‘truly outstanding, both as expert and as trusted advisor’ in his field of securitisation; Peeters advised BNP Paribas Fortis on an innovative €25bn asset-backed securities programme, backed by loans for Belgian small businesses, a first for Belgium. Clients include ING and the Flemish regional government.

Altius (in co-operation with Tiberghien)’s notable deals included acting for Ceva Group, in relation to a $700m refinancing, and for Barclays, as agent under a new senior facilities agreement with Ineos. Clients praise the team for being ‘very flexible’ and ‘working late hours’, good communication skills, and swift response times, with ‘accurate and constructive’ advice. Clients include Barclays, KBC, Citigroup and BNP Paribas Fortis. Bram Delmotte is particularly praised for his ‘accuracy, and “hands-on” attitude’; Johan De Bruycker is recommended.

Baker & McKenzie’s ‘very pragmatic approach’ is exemplified by Antoine De Raeve’s leadership in transactions; clients say he is ‘perfect for deals requiring very specific negotiations’. De Raeve acted as counsel to Nyrstar, in connection with a €225m retail bond issue, Nyrstar’s first, which featured a “hard underwriting” of €100m. Michael Van Acker assisted BNP Paribas Fortis and RBS’s €70m base financing of car lease company Excelease, enabling its entry into the syndicated loan market.

Eubelius stands out for its ‘availability, responsiveness and reliability’, with US/UK banking clients particularly keen on the team’s local standing, especially on complex or delicate work, where the partners’ accessibility and ‘in-depth expertise’ is valued. Head of practice Marieke Wyckaert is ‘always on top of things’; transactional highlights included arranging a €13.5bn corporate credit facility, and a €500m convertible bond issue; the firm’s clients include UCB, Citigroup, Goldman Sachs and Deutsche Bank.

Liedekerke Wolters Waelbroeck Kirkpatrick’s team is ‘calm, smart, dedicated and focused’; work highlights included follow-up assistance for the Belgian state investment fund, on the €3bn state guarantees granted following 2009’s BNP Paribas Fortis merger. The team’s growing debt finance practice has acted for Credit Suisse, Bank of Scotland and UBS. Tom van Dyck joined from Stibbe, while Hakim Boularbah made partner, in part for his banking litigation work. Jan-Vincent Lindermans heads the team.

NautaDutilh’s Dirk Van Gerven is praised for ‘good service and quick responses’, whilst Yvette Verleisdonk heads the team. Verleisdonk advised ABN AMRO in transferring of a large portfolio of Belgian finance transactions following the demerger from RBS, as well as assisting in the refinancing by Barclays Capital of the Hertz Group, through both debt and equity financing, being €220m and €400m respectively.

White & Case LLP Avocats Advocaten’s Thierry Bosly is praised for being ‘fast, flexible and creative’ and ‘a problem solver with good business sense’. The firm’s work with public bonds remains notable in acting for a syndicate of banks on a €100m public bonds issue by Cofinimmo. Gisèle Rosselle is also recommended for her EIB experience, assisting on the highly complex project financing of R&D investments in cancer diagnosis and therapy.

Ashurst LLP lead counsel Arnaud Wtterwulghe is ‘very good in lawyer-to-lawyer negotiations’, as is Carl Meyntjens. The team advised Goldman Sachs and TPG in arranging a €700m facility as part of the €1.2bn acquisition of Ontex, a rare private equity backed transaction. Other clients include Lloyds, Rabobank, ING and KBC.

CMS DeBacker’s client base includes Crédit Agricole and Keytrade Bank, for whom the team acted on the acquisition of the Belgian private banking and internet activities of Kaupthing. It also assisted in a rare real estate acquisition financing for Westimmo in a €70m deal, and undertakes a broad diet of transactional work for ING, Bank of America and Commerzbank.

DLA Piper is comfortable with public finance, with a continuing involvement on a €1.5bn PPP deal to renovate 211 schools in Flanders, but it is also active on extensive regulatory work and corporate financial restructuring. The team has a ‘strong practical and solution oriented approach’, a team ethos developed by practice head Yves Brosens. Clients include Dexia, BNP Paribas Fortis, KBC and JPMorgan.

Laga’s Werner van Lembergen is praised for ‘his analysis and negotiation skills’ whilst the firm is ‘excellent for midmarket capital markets work’. The team’s standout transaction was work on a €250m financial restructuring of a Belgian listed company, for a consortium of Fortis, RBS, Dexia, KBC and ING. David Roelens’s equity capital markets work is also recommended. Regulatory advice is of an equally high standard.

Loyens & Loeff’s lawyers are seen as ‘very accurate, professional and proactive, all at a reasonable cost’. The team’s project finance work remains healthy; follow-up work to 2009’s €600m Belwind deal included windfarm financing mandate for Eldepasco, whilst restructuring work saw Marc Vermylen acting as Belgian counsel to Continental in relation to a €13.5bn refinancing. Clients noted the finance team’s close working relationships within the firm as a whole.

Lydian's recruitment of Tom Geudens has paid dividends, and the firm has earned increased instructions and client recognition for being ‘responsive, proactive and practical’. The team assisted Deutsche Bank on a €500m structured commodity trade finance credit facility for Nyrstar, a deal notable for its size and speed of completion. Client service is prompt and ‘good value for money’ as the team ‘produces advice and documents in an efficient way’. Peter de Ryck is also recommended.

Simont Braun’s private banking practice spans banks and family offices; it advises SG Private Banking on credit agreements, as well as handling banking work for high-net-worth Belgian family businesses. Corporate work includes a good bond practice, assisting on Belgian aspects of EMTN programmes and bond issues for foreign clients. David Ryckaert’s promotion boosted partner numbers; Vanessa Marquette is the lead contact.

Janson Baugniet has an excellent team of partners in Dominique Blommaert, Cédric Alter and Didier Bracke, with ‘a diligent and professional approach’. Clients include Febelfin, the Belgian association of banks, for whom it assists on EU regulatory implementation. Others are Mastercard and JPMorgan, for whom litigation and transactional banking work is done. Stine Delaey joined the firm.

At Jones Day, Thierry Buytaert’s good work continues, having assisted with a €21m hotel finance deal for Barclays, and acted for NextiraOne in a €70m pan-European receivables factoring agreement. Repeat mandates for Traxys in 2010 illustrate the team’s popularity with longstanding clients.

Monard – D’Hulst ‘is a very practical, no-nonsense, down-to-earth firm delivering straight useful advice’, in which Peter Rooryck is a ‘strong but flexible negotiator’. Peter Rooryck advised Esko in connection with a €180m term loan and credit facility agreed with Nordea Bank, as well as handling real estate financing, capital markets work, and insurance advisory issues.

Ambos NBGO call upon an impressive blend of experience and skill, having added the talents of Wilfred Goris, immensely respected for a long career at Linklaters, to those of younger partners such as David Dessers. Clients praise the firm’s ability to ‘deliver on time, deliver value, and competence’; the firm’s senior lawyers, including Wilfred Goris, have a loyal personal following for corporate finance work.

Bird & Bird LLP acts for Ethias Group, a large Belgian insurance and banking client on the consequences resulting from a 2009 reorganisation and refinancing by the public authorities; Paul Hermant is a recognised figure. The firm counts Global Refund Holding Group as a client.

Dechert LLP’s René Gonne and Fabrice Mourlon Beernaert are key figures in the banking and finance team, with lender clients including ING. The team actively assists a broad base of Belgian corporate clients include Fluxys, Elia and Group De Cloedt, as well as wealthy individuals.

Eversheds’s Stanislas de Peuter remains active across the corporate finance field; in addition to acquisition finance advice, the firm has acted for credit information agencies, and is praised for ‘readiness and helpfulness’.