The Legal 500

The ‘very good’ team at Allen & Overy LLP, led by Peter Hoegen, was involved in several notable transactions; it acted for Merck KGaA on a €5.3bn credit facility, arranged by a number of banks, acquiring all shares in Millipore Corporation; for SAP the team on a €2.75bn loan facility arranged and underwritten by Barclays Capital and Deutsche Bank, to finance the acquisition Sybase; and for a consortium of 18 banks on the €8.5bn refinancing of Porsche. The firm is praised for its ‘short response time’ and ‘very good knowledge’. Norbert Wiederholt is complimented on his ‘co-operative’ manner.

Lauded as ‘very good on all fronts’, Clifford Chance acted on several high-profile transactions in 2010, including a landmark mandate for Deutsche Bank Luxembourg, in which the firm advised a banking syndicate on a €2.6bn syndicated loan to PHOENIX Pharmahandel. A further highlight of the year was advising a range of banks including BNP Parisbas and UniCredit Group on the €352m refinancing of Agrokor. Bettina Steinhauer is rated for her ‘professional, calm and diligent’ attitude and her ‘very good transactional skills’. Clients appreciate the ability of the firm to offer ‘firepower across many different jurisdictions’.

Freshfields Bruckhaus Deringer was one beneficiary of the increased activity in the acquisition finance market, advising international cable net operator Liberty Global on the financing of the €3.5bn acquisition of Unitymedia, and also ING Bank and Commerzbank on the financing of the acquisition of GEERS Hörakustik, a Dortmund-based hearing aid retailer, by AudioNova International. Continental also instructed the firm, on the restructuring of its debt financing in connection with its takeover by the Schaeffler group. The team is headed by the well-respected figure of Yorck Jetter.

Hengeler Mueller saw further growth in borrower representations. It advised Carl Zeiss Vision in a complex high-volume LBO financing of an internationally operating joint venture, and also acted on the complex refinancing of HeidelbergCement. The level of service is ‘extremely high’, and its business acumen and industry knowledge are ‘among the very best’. Clients recommend Thomas Cron, whose ‘vast experience’ means that there is ‘hardly a better expert on syndicated loans’. Torsten Busch is valued as being ‘calm, experienced, concise’.

Linklaters LLP – valued for its ‘short response time, flexibility and high-quality advice’ – had a successful year which saw it involved in several high-profile matters. Eva Reudelhuber led the advice to the financing banks on the purchase of Cognis by BASF, and Carl-Peter Feick acted for RBS, Unicredit Bank and Calyon Deutschland on the €2bn restructuring of a revolving credit facility for RWE. Marc Trinkaus is also recommended.

Ashurst LLP was active in the leveraged finance market in 2010, and is noted for its ‘strength’ in that area. It assisted UniCredit Bank and DZ Bank on refinancing the acquisition of HSE 24 group by AXA Private Equity, and advised Goldman Sachs and TPG on the acquisition financing of Ontex Group. The team is praised for its ‘quick response’ and ‘dynamic’ style, and delivers ‘good value for money’. Stephan Kock in Frankfurt is singled out for praise by clients.

Latham & Watkins LLP was involved in most of the country’s leveraged buyouts in 2010. It advised Capvis Equity Partners on the acquisition financing of the Kaffee Partner Group, and Silverfleet Capital instructed the team on the €212.5m LBO financing of Kalle Group. Clients speak of the ‘good reputation’ of the team, whose leading figures include Christina Ungeheuer, Nikolaus Lorenz and Andreas Diem.

Milbank, Tweed, Hadley & McCloy LLP’s team, headed by Rainer Magold in Frankfurt, acted on many of the acquisition financing transactions in 2010, including advising Advent International on the acquisition financing of GFKL Financial Services, an €82.5m deal. Instructions on new syndicated credit facilities were also a feature of 2010, including a complex transaction in which the firm advised a range of banks, including Commerzbank and Deutsche Bank, on credit facilities for Pfleiderer. Thomas Ingenhoven is recommended.

The Frankfurt-based team at White & Case LLP, headed by the ‘excellent’ Annica Lindegren, was involved in a number of cross-border financings and restructurings in 2010. Tom Oliver Schorling and lead partner Leila Röder advised Deutsche Bank, Commerzbank and LBBW as mandated lead arrangers on the new €1.4bn financing of Heidelberger Druckmaschinen. The practice was also instructed by the Free and Hanseatic City of Hamburg and the State of Schleswig-Holstein, both holding a stake of about 30% in HSH Nordbank, on the structuring of a risk shield with a guarantee of €10bn, a mandate handled by Volker Land in Hamburg.

Cleary Gottlieb Steen & Hamilton LLP’s team in Frankfurt is ‘very knowledgeable’, and able to provide ‘very appropriate’ advice. A particular highlight of 2010 was advising TPG, Silver Point Capital, Triton, Perry Capital and Strategic Value Partners, as lenders in the restructuring of the Swiss industrial group OC Oerlikon. Werner Meier and Christoph Schauenburg are valued for their ‘reliable and approachable’ manner.

Gleiss Lutz’s refinancing and restructuring practice benefited from the firm’s domestic focus. The team, led by Helge Kortz in Frankfurt, advised RHJ International on the restructuring of Honsel, and PHOENIX Pharmahandel & Co. KG on its standstill arrangements and certain restructuring measures. It also advised Magna on its complex bid for Opel. Clients praise the team as ‘very responsive, diligent, smart and innovative’, and Maximilian von Rom is ‘technically strong’ and ‘gets things done’.

Norton Rose LLP’s bank lending practice is headed by Tomas Gärdfors, and enjoyed a busy year. The firm advised Thuega Holding on the €500m refinancing of a syndicated facilities agreement by way of several bilateral agreements and the issue of promissory notes totalling €300m. New arrival Oliver Sutter assisted Nordzucker on its €1.36bn acquisition finance and revolving credit facility agreement originally entered into in connection with its purchase of Danisco Sugar.

Baker & McKenzie is led by Frankfurt-based Olaf Gebler and Michael Foundethakis in Munich, and has been handling several complex corporate restructurings in Germany. The team acted as legal counsel to the Steering Committee of BTA Bank’s international creditors, in restructuring over $2.2bn of its international debt portfolio, and advised on the creation of hybrid instrument for One Equity Partners Europe in relation to the financial restructuring of the VAC group. The team is praised for its ‘great advice’ and ‘significant assistance in difficult negotiations’.

CMS Hasche Sigle’s work in financial restructurings increased its visibility in the market. It advised a consortium of banks led by HSH Nordbank on the restructuring of Hapag Lloyd Group, and also acted for a group of banks led by Nord LB on the complex restructuring of Hamburg-based issuing house Lloyd Fonds.

Katlen Blöcker heads Hogan Lovells International LLP’s bank lending team, which advised Marcol on the financing aspects of its acquisition of Median Group, which was innovative in its use of released collateral without fresh financing. The team also advised a syndicate of senior lenders on the German aspects of the restructuring of the IMO Car Wash Group, the world’s largest car wash company.

The ‘commercial and pragmatic’ team at Mayer Brown LLP is appreciated for its ‘solution-focused’ approach. A busy year saw the team advise SoFFin on establishing the first German bad bank for WestLB, and also WEPA Group on the rearrangement of its entire debt financing in the course of the acquisition of the Kartogroup and its subsidiaries. Ulrike Binder is ‘technically very strong’, and is valued for her ‘very practical advice’. Markus Strelow is also recommended as ‘very imaginative’ and able to ‘find solutions that meet clients’ needs’.

DLA Piper witnessed a growth in its acquisition and credit finance work along with an increase in regulatory matters. The team, led by Wolfgang Richter, advised Lloyds TSB Commercial Finance and Indigo Capital on the financing of the acquisition of certain operating companies, and The Carlyle Group on a major cross-border merger involving a quoted entity.

Berlin-based boutique Lindemann Schwennicke & Partner is ‘respected in the market’. The team, in which Andreas Schwennicke and Thomas Lindemann are recommended, has advised several mezzanine houses on relatively large deals. Notable clients include Indigo Capital.

Luther Rechtsanwaltsgesellschaft mbH had a successful year in real estate restructuring and PPP. Its relationship with Deutsche Postbank proved fruitful, advising it on numerous financing transactions, and it also acted for NORD/LB on acquisition financing matters. Claudia Leyendecker, Andreas Naujoks and Rolf Kobabe are highly rated.

Torsten Fett heads the team at Noerr LLP, which recently expanded its practice into the realm of real estate finance restructurings, advising the Bank of Scotland on the restructuring of real estate and corporate loans. The firm also acted for VEM and its shareholders on the continuation of the financing of the Merckle group.

SJ Berwin LLP’s team includes Thomas Schrell, who has ‘carved out a good niche for himself in the small-cap market’, and is rated by competitors in the field. The firm has had notable success in attracting deals up to €50m, and strengths include real estate, project finance and debt restructuring work.

The ‘top-notch’ Shearman & Sterling LLP is praised by clients for its ‘consistently excellent service’ and ‘exceptional industry knowledge’. The team advised Oxea on a €500m secured bond offering and the execution of a revolving credit facility up to €120m, and was also engaged by alstria office on its €646m refinancing. Esther Jansen ‘stands out’ for her ‘refreshingly pragmatic approach’, and Winfried Carli is ‘very comprehensive’ and has ‘a good view for the client’s needs’.

Ingrid Kalisch’s team at Simmons & Simmons LLP further expanded its PPP financing practice in 2010, and advised Bank of America Merrill Lynch on the bespoke restructuring financing for Heidelberger Druckmaschinen. The team is valued for its ‘broad and deep business knowledge’, and is ‘highly motivated and innovative’.

Skadden, Arps, Slate, Meagher & Flom LLP’s highlights included a €1.5bn multicurrency revolving credit facility for UCB, and an approximately €1bn debt financing for Orion Cable and Tele Columbus. Recommended individuals include Matthias Horbach and Johannes Kremer.

Taylor Wessing’s ‘reliable’ team, led by Claus Goedecke, has a focus on real estate financing but also strengthened its position as a player in corporate and acquisition financing. Key mandates included advising several banks on the structured syndicated financing of the Kaessbohrer group, and SEB on the syndicated financing of the Alexa shopping centre. Hauke Bornschein is recommended.

Weil, Gotshal & Manges rose to the challenges of the economic crisis, increasingly focusing on debt restructuring matters. The team advised Cez on the €270m refinancing of Mitteldeutsche Braunkohlengesellschaft, and was engaged by Citibank to advise on the $1.15bn refinancing of the JohnsonDiversey Group. Michael Kohl is recommended.