The Legal 500

Internationally experienced, ‘very efficient transaction lawyer’ Tin Dolicki at Bogdanovic, Dolicki & Partners continues to provide banking and finance advice to key international and domestic finance players. Dolicki recently advised the EBRD on three loans with a total value of €250m to INA and the Atlantic Group. The team’s involvement on behalf of the issuer in the largest Croatian IPO to date was curtailed when the issue was aborted due to the economic situation. A longstanding association with Hogan Lovells International LLP has exposed the team to the practices and expectations of international clients. The firm was hit when two partners left to set up their own firm in April 2010.

Divjak, Topic & Bahtijarevic maintained a steady flow of instructions from international finance houses on some of the high-profile banking transactions of the year; and boosted its relationship with the Zagreb Stock Exchange by providing advice on regulatory issues during the ongoing lull in the capital markets. Saša Divjak advised Spanish Banco Bilbao Vizcaya Argentaria on its €38.4m refinancing for Inhova, and the team assisted Raiffeisen Zentralbank and Banca Intesa Sanpaolo on €51m and €31m loans to Croatian oil giant INA. Two securitizations of loans granted in the real estate and food sectors were also completed, including one with a value of €118m. Clients appreciate the ‘responsiveness and dedication’ of the team.

Porobija & Porobija acted on behalf of lead managers Barclays, Citigroup and JPMorgan Securities in some of the few capital markets issues of last year, assisting on two international bond issues by the Republic of Croatia totalling $2.75bn. Zelijka Rostas headed the team which also advised international finance houses from Raiffeisen Zentralbank to BayernLB and Eksportfinance on a variety of credit facilities and related security packages, including a €90m credit line for a Croatian oil company.

Savoric & Partners ‘provides excellent assistance, assuring complete availability and involvement’ for clients, who also appreciate the value for money offered by the firm. Marin Vice Vujicic and his team have experience in domestic and international listings on behalf of Morgan Stanley, Deutsche Bank and the Atlantic Group. The firm recently acted for a consortium of lenders in relation to the €12.5bn loan to TriGranit for the construction of Arena Zagreb.

Active on some of the jurisdiction’s foremost financing transactions, Zuric i Partneri consistently receives client and peer praise as ‘one of the top five Croatian law firms’. Highlights for recommended finance partner Bojan Fras included advising the syndicate of banks acting as security agent – including ING and Bayerische Hypo- und Vereinsbank – on financing of the acquisition of InBev by StarBev (subsequently renamed StarBev); and advising Société Générale on the provision of a large credit facility to Agrokor. Capital markets activity was reflected in advice given on a potential €100m IPO for issue in London and Zagreb, and several smaller placements, including Magma’s €15m offering.

The ‘prompt and professional’ Babic & Partners Law Firm advised a major regional bank on various Croatian law aspects of the restructuring of a Croatian €93m loan portfolio and related workout scenarios; and provided legal advice to an international bank on various regulatory, commercial and corporate issues arising during contemplated intra-group restructurings, transfer of loans and credit arrangements. The well-respected Boris Babic leads the team.

International banking clients favour CMS Reich-Rohrwig Hainz Branch Office Zagreb for specialist advice on property financings. Zoran Tasic and his expanded team were active on all of Croatia’s financings in this sector in 2010, including ongoing advice to Bank Austria on the €120m Supernova Shopping Centre. It also advised another international finance house on the €140m Avenue Mall project and €65m CityCentarOne in Split. A major recent focus has been refinancing, debt recovery and international insolvency, together with banking regulatory work. An EU finance house has also been advised on derivatives.

Law Firm Glinska & Miskovic Ltd is an independent member of the DLA Piper Group alliance with concomitant experience in international transactions for multinational clients. Finance specialist Aleksej Miskovic is credited with making ‘a significant contribution to the successful outcome’ of the financing offered by Société Générale to Miskovic’s client Agrokor.

As one of the longest-established firms in the country, Hanzekovic & Partners has a wealth of experience advising predominantly domestic and regional borrowers and lenders on some of the most prominent financings and, increasingly, refinancings in the jurisdiction. The quality of the firm’s 12 partners receives praise. Irina Jelcic heads the banking and finance team.

Considered by top international finance players to be ‘one of the most experienced and commercial firms’, Law Offices Macesic & Partners handled several state-guaranteed financings on behalf of Deutsche Bank and Credit Suisse in 2010, including €100m loans to Croatian electricity and highways companies Hrvatska elektroprivreda and Hrvatske Autoceste. The ‘very commercial’ Miroljub Macesic ‘is the key lawyer. He is very experienced and knowledgeable about the local law and state aid rules’. While ‘most banks use him for government-guaranteed transactions’, Jelena Zjacic is also in demand by Nomura and Credit Suisse for ship financing, acting on three loans to Brodotrogir shipyard in 2010. The team is ‘always available (weekends, late nights) and very diligent; very commercial; great value for money’.

Madirazza & Partners is regularly instructed by a major local fund and financial institution on matters ranging from structuring and financing the development of a major new shopping and entertainment centre in Osijek (total loan value €47m), and providing multi-stage additional financing of approximately €35m in an upcoming merger of two major Croatian food producers. Josip Madirazza’s team has also turned its capable hands to financing and leasing for clients in the insurance and leasing sectors; and supported an international renewable energy investor as borrower of financing for the development of three wind parks.

According to satisfied clients, one reason to take advantage of the ‘outstanding level of service’ available from Wolf Theiss – Zagreb branch is the strength of the firm’s ‘regionally attuned’ network throughout the CEE for pan-regional transactions. As for the Croatian team itself, Dalibor Valincic demonstrates a ‘high level of responsiveness’ and ‘good local rapport’. Recent instructions have been on restructurings and insolvencies, but also included advising Hypo Alpe-Adria Bank in connection with its loan to Hrvatske Autoceste, the state-owned national motorway operator, including reviewing the enforceability of a state guarantee, in one of the largest transactions of 2010.

Cipcic-Bragadin operates a network of 11 offices around Croatia servicing a range of domestic and international corporates and finance houses. In addition to recent restructurings and advice to SMA’s on financing, the firm has attracted clients such as Credit Suisse and Deutsche Bank for advice on bond offerings.

Clients such as Erstebank consult Cirkveni & Partners on banking matters, ranging from legal opinions on financings to litigation.

The arrival of former investment fund and ministry of finance lawyer Jasminka Vbranovic at Juric & Vrbanovic LLP lends additional strength to the firm’s existing finance credentials, demonstrated by ongoing advice to two major European development finance institutions. Recent mandates include advising on a €25m loan to one of the largest Croatian companies; a €2.7m loan for construction of a recycling plant; and a €20m loan to one of the largest Croatian banks.

Mamic Peric Reberski Rimac gained UniCredit Bank Austria’s mandate for debt recovery during 2010, and continued to assist a major European financial institution in various projects and transactions, including the refinancing of a €51m loan for leading local supermarket chain Getro, and a major local bank in a €31m financing of a commercial and residential building project in Split. Luka Rimac is also adept on the borrower side, providing support to Croatian electricity company HEP in a €100M loan from Deutsche Bank and Zagrebacki Holding in respect of a €300m bond issue with Deutsche Bank. This rising team is ‘very responsive, knowledgeable and good value for money’.

Travas & Partners’ major client, domestic food and drink giant Agrokor, has provided the firm with several opportunities to demonstrate its Eurobond proficiency over the past decade, including the issuance of €400m senior notes for the company. The project was headed by senior partner Robert Travas.

Law Office Vukic & Partners has a reputation for ship finance from its base in port city Rijeka, having acted on behalf of a Swiss bank in relation to the acquisition financing of three ships.

Vukmir & Associates provides a comprehensive service to borrowers and lenders in respect of documentation for loans, structured products and collateral arrangements and has a track record in issuing legal opinions relating to derivatives. Sanja Tkalec Kovac prepared extensive surveys for JPMorgan and State Street Bank regarding subcustodian services and represented Austria’s BKS Bank in transactions with Croatian B2B customers. It also handled several other smaller loans to SMEs, noting an increase in local clients following a decrease in international financing activity.