The Legal 500

Attorneys at Law Borenius recently advised Svenska Handelsbanken on the financing of the acquisition of Fortum Termest AS in Estonia and Fortum Energiaratkaisut OY in Finland. The deal was worth €157m and was handled by Priit Pahapill, one of Finland’s leading banking lawyers. In addition to extensive experience in financial services transactions, the firm also has expertise in bank, securities and exchange regulations, general compliance, and market abuse.

Pan-Baltic firm Lawin ‘seems aware of all of the relevant issues, has good experience and service is prompt and efficient’. The team has been advising UniCredit Bank AG, as facility and security agent, and a large group of international banks on local law aspects of a major syndicated financing made available to CELSA Group, a major iron producer in Europe. Practice head Marina Tolmatshova is a key player in Estonian finance law.

Raidla Lejins & Norcous provides ‘good value for money’ and ‘always factors clients’ changing needs into its advice’. On the capital markets side, the team is advising AS Eesti Energia, the Estonian national energy company, on its €300m notes issuance and listing on the London Stock Exchange, notable as the only Estonian listing on the LSE in 2012. Financing mandates included advising EBRD on a multi-jurisdictional loan to AS Graanul Invest. Practice head Raino Paron is a leading figure in the market.

Sorainen’s banking and finance department ‘stands out in the region’ and gives ‘solid advice’, attracting a client roster that includes SEB, Deutsche Bank, Estonia’s Ministry of Defence, Gazprombank, BNP Paribas, and ABN Amro. The team recently represented Finland’s Nordea Bank as well as its Estonian branch during an Estonian Financial Supervisory Authority investigation regarding the fulfilment of its duties as depository of UCITS and pension funds. Practice head Reimo Hammerberg provides ‘solid advice and is very knowledgeable about financial services’.

Tark Grunte Sutkiene produces ‘a high level of service and excellent response times’, and has ‘a good reputation for distinguishing between commercial and legal issues’. The lawyers in the team are ‘important figures for restructuring complicated real estate finance structures’. The team recently advised FCE Bank on the financing of Ford dealerships in Estonia and also assisted Pohjola with a €90m senior term and revolving facility to Komas Group. Risto Vahimets and Andres Siigur ‘provide excellent advice and services’. Practice head Hannes Vallikivi is a member of the Board of the Estonian Bar Association.

Varul advises on a range of banking and finance issues, and has a particular focus on disputes. The team recently represented Grove Invest in two interrelated disputes with SEB: firstly, SEB’s €5m claim against the client under a first demand guarantee agreement and, secondly, Grove Invest’s €95m damages counterclaim. Practice head Ants Mailend is well respected, and is supported by the talented Paul Varul and managing partner Helmut Pikmets.

Eversheds Ots & Co is ‘accurate, trustworthy and represents value for money’. The team recently assisted Volvo Financial Services with its Estonian operations, including drafting contractual standard documentation for the provision of leasing services in Estonia. Clients of managing partner Maivi Ots are ‘very satisfied with how she handles work’.

Glikman & Partnerid’s banking and finance practice often supports the firm’s healthy M&A and corporate work. The team has expertise spanning capital markets, private equity and funds, and financing including project and real estate financing. Mariana Hagström is the key contact.

Law Firm Glimstedt assisted AS Talveaed with licensing requirements and is main legal provider to the client for all its financial services advice. Marko Saag leads the practice.

MAQS Law Firm advised on the court restructuring of public limited company AS Väätsa Agro. The client is the largest Estonia dairy farm and it had two consecutive court restructuring processes: the first started in 2009 and the second started in 2011, both of which were successful. The team also has experience in everything from complex cross-border transactions to smaller and more straightforward commercial loans. Highly experienced financial expert Kaimo Räppo leads the team, with support from Veikko Toomere, who is ‘definitely one of Estonia’s best restructuring lawyers’.

Pohla & Hallmägi represents some of the largest financial institutions in the Baltics, including Swedbank and its subsidiaries and Danske Bank Estonia, mainly in litigation and insolvency cases. Asko Pohla, Jüri Ploom and Toivo Viilup are recommended.

Red Legal, Attorneys at Law ‘treats all cases as equally important and is very punctual with deadlines while offering unorthodox solutions at the same time’. The team advises banks and other financial institutions on every type of pan-Baltic and international financial transaction. Practice head Ermo Kosk is ‘without any doubt a high-class expert’. Clients are ‘really happy to have such a great team of advisers ready, 24/7 – it is a value that can not be underestimated’.

Sirel & Partners ‘always has time to give quick responses and is very co-operative’. The team advises lenders and borrowers on financing contracts and guarantees, and advises on the release of capital through public issuances or stock or bond placements. Elo Kuuk and Jüri Sirel have ‘deep knowledge of financial matters’.

Triniti Estonia’s practice encompasses banking, financing and refinancing, including syndicated loan facilities, and alternative funding such as bond issuances, securities and private equity transactions. Ergo Blumfeldt leads the team.

Aare Raig Advokaadibüroo has been the main counsel for one of Estonia’s largest banks for over a decade, and also advises one of northern Europe’s leading banking groups and its merchant banking division on its Estonian activities. Name partner Aare Raig is highly regarded.

Banking and finance specialist Ott Saame is the key contact at Concordia Attorneys at Law. His team specialises in debt recovery, insolvency and restructuring. The firm has a healthy practice in bankruptcy proceedings, and has close ties to the Chamber of Estonian Bankruptcy Trustees.

Lextal has particular skill in debt restructuring and bankruptcy issues. Its experience includes refinancing, workouts and restructurings, debt trading, creditor advice and bankruptcy governance as well as administrations and rehabilitations. Ain Kalme and Tarmo Sild are recommended.