The Legal 500

Chiomenti Studio Legale’s Francesco Ago heads the group. The practice assisted a consortium of banks including Mediobanca, Intesa Sanpaolo and Unicredit, with a margin loan financing of €1.3bn granted to Telco, and advised the lenders on the award-winning Enel Rete Gas deal involving a €1bn-plus financing to Enel Rete Gas. Carola Antonini and Carmelo Raimondo are key practitioners.

Clifford Chance continues to be involved at the forefront of all types of lending work. The team has been particularly active on project finance, debt restructuring and refinancing matters, being involved in the high-profile deals such as acting for Telefonica and TELCO in a €2.6bn debt refinancing, and advising Mediobanca as sole global coordinator in the €8bn Enel revolving loan facility. The practice also assisted the arrangers in relation to an oil and gas reserve-based lending transaction for GasPlus, marking the first reserved-based lending in Italy. Giuseppe De Palma and Charles Adams are ‘well respected and experienced’ lawyers. Massimo Novo left to become the European Investment Bank’s head of legal.

Legance Studio Legale Associato is appreciated for ‘its total willingness to solve any problem that presents itself’. The team acted for Enel on a €2bn revolving credit facility, and Intesa Sanpaolo was assisted with a facility granted by a pool of banks to Tutti for the purpose of financing part of the purchase price of the shares of Esaote. Alberto Giampieri is ‘simply the best’, according to clients.

Led by Davide Mencacci, Linklaters continues to act on large, cross-border financings and restructurings, with a focus on acquisition and leveraged finance. The team acted for the lenders on the acquisition financing of Permasteelisa, the largest leveraged buyout of 2009. The mandated lead arrangers were advised on Gruppo Coin’s acquisition of Italian retailer, Upim. Andrea Arosio is ‘a brilliant practitioner’.

‘Excellent for strategic advice and for the integration of UK and US needs with Italian law,’ Bonelli Erede Pappalardo recently advised on multi-jurisdictional factoring arrangements, credit facilities to a real estate fund, the financing of PV plants and banking regulatory matters. Emanuela Da Rin and Riccardo Sallustio are recommended. Project finance expert Catia Tomasetti joined from Allen & Overy – Studio Legale Associato. Tomasetti has ‘huge experience in the arrangment of complex structures and perfect knowledge of the banks’ approach to numerous sectors’.

Latham & Watkins LLP’ banking & finance team has grown significantly, now fielding 15 professionals. Key matters included representing Bank of America in relation to a revolving facility agreement for Enel and advising a pool of banks headed by Intesa Sanpaolo in connection with a €750m financing. Ex-Ashurst Milan managing partner Riccardo Agostinelli and Andrea Novarese are ‘deeply knowledgeable’.

Allen & Overy – Studio Legale Associato is ‘well regarded by the banks for its attention to the due diligence process and related risk analysis, as well as its contract drafting skills, negotiations with the sponsors, and time efficiency when finalising documentation.’ The project finance team was reinforced by the arrival of senior counsel, Pierpaolo Mastromarini from Deutsche Bank and senior associate Riccardo Bicciato from Clifford Chance. Highlights included advising a pool of Italian and international banks on the €2.4bn refinancing for Finmeccanica, assisting AES Sole Italia on the project financing of a photovoltaic plant in Puglia, marking the largest solar project financing in Italy, and representing the mandated lead arrangers and bookrunners in respect of the first forward start facility in the Italian market. Managing partner Paul Flanagan is a key contact and Stefano Sennhauser is an ‘impressive lawyer’. Catia Tomasetti left for Bonelli Erede Pappalardo.

DLA Piper recently welcomed Rodolfo Errore from Simmons & Simmons to lead the project finance practice. The team advised the arranger and lenders on the reorganisation of the credit facilities granted to Varesine, and assisted the sponsors in the negotiation of financing granted for the purchase and development of a luxury residential resort in Lake Como. The practice also acted on the financing for the construction and operation of photovoltaic plants. Luigi Rizzi and Mario D’Ovidio, are recommended. Martin Pugsley acts on domestic and cross-border transactions that are governed by English law. Regional managing partner Federico Sutti ‘focuses on the issues and provides solutions’.

Dewey & LeBoeuf Studio Legale has seen an increasing focus on debt restructuring, as well as both project finance and regulatory work featuring strongly in its caseload. The practice represented Allianz Group in the complex renegotiation of the bank facilities provided for the Citylife real estate development in Milan. The team also acted on the project finance agreement for the development of a power plant and construction of a new power plant in Rozzano, one of the first project financings relating to district heating in Italy. Davide Contini is noted for regulatory matters, Gaetano Carrello for transactional work, and Sergio Sambri for projects.

Headed by Corrado Angelelli, Freshfields Bruckhaus Deringer’s Italian finance practice stands out for being structured as a single department. The team acted for Prysmian as borrower on its €1bn-plus refinancing and advised Valore Reale, manager of the real estate investment fund Margot, as borrower on a financing granted by a pool of banks for the acquisition of four major real estate assets. The Royal Bank of Scotland was assisted, as lender, on the restructuring of loan facilities granted to two companies belonging to the Risanamento group. Ex-Bonelli Erede Pappalardo lawyer Daniela Terno was appointed counsel.

Although not the force of a few years ago, Gianni, Origoni, Grippo & Partners’ banking and finance team continues to advise investment funds, industrial clients, banks and financial institutions on financing agreements, syndicated loans, guarantee agreements and other financing transactions. Matteo Bragantini specialises in acquisition financing, syndicated lending, security and intercreditor arrangements. Ottaviano Sanseverino is an expert in project finance, with a special focus on the energy sector.

NCTM Studio Legale Associato recently advised Mediobanca in the financing of Italcementi. Unicredit corporate banking is a client. Stefano Padovani is recommended.

Norton Rose Studio Legale is particularly noted for project finance transactions in the energy and infrastructure sectors. The team advised on the financing for a large road project in northern Italy and acted for Turkish project company, MMK Atakas Metalurji Sanayi, Ticaret ve Liman Isletmeciligi AS (MMK Atakas), on the long-term financing for the construction of its integrated flat steel making complex and related infrastructure facilities in Turkey. The practice also advised UniCredit Corporate Banking, as mandated lead arranger, facility agent and lender, as well as the lenders, in connection with a strategic financing to Linkem for the expansion and development of its WiMAX business in Italy. Arturo Sferruzza and Mario Lisanti are recommended. Michael Taylor moved to Gowlings (UK) LLP in London.

Ashurst recently expanded with its hiring of new partners Ugo Giordano and Fabio Pizzoccheri from Dewey & LeBoeuf Studio Legale. The practice advised RBS on the €1.3bn debt restructuring of the Ferretti Group, representing the first Italian transaction to use an innovative structure based on the swap of debt with corporate financial instruments. The team also advised the banks in the project financing of the €1.6bn Brebemi toll road, one of the largest infrastructure projects in the northern part of Italy. Franco Vigliano is ‘a fantastic lawyer’.

Cleary Gottlieb Steen & Hamilton LLP’s key practitioners include Francisco Cestero, Roberto Bonsignore and Pietro Fioruzzi. The practice was counsel to RBS in connection with the refinancing of a senior and subordinated facility and advised Bank of America in a security package relating to facilities granted to a multinational therapeutical applications group. The team also acted for an Italian company operating in the aerospace, defence and security sector in connection with the financing of its Russian joint venture.

Owed to its strong private equity position, Giliberti Pappalettera Triscornia e Associati is experienced in acquisition financing, especially leveraged matters. The client base primarily comprises financial institutions, including consumer credit businesses.

Grimaldi e Associati has strong structured finance experience, but the practice is especially strong in energy and infrastructure project financing. Francesco Novelli is recommended.

Hogan Lovells Studio Legale’s balanced practice acts for lenders, borrowers, private equity funds and corporations alike. Recent highlights include advising Audley Capital Management and TAS on the restructuring of TAS’ financial indebtedness, and acting for Barclays on the banking and regulatory aspects of the acquisition of Citigroup’s credit card business in Italy. Antonio Di Pasquale is a key practitioner, and financial regulation expert Jeffrey Greenbaum ‘obtains outstanding results for his clients’. Ex-banking head Francesco Curreli left for Studio Legal Associato a Watson, Farley & Williams.

Jones Day’s Francesco Squerzoni ‘has the right approach to problem solving’. The team recently advised RBS in the restructuring of the financial covenants of two outstanding loans granted for the acquisition of two separate shopping centres. Cordea Savills and Sunpower Italia are clients.

Francesco Serrano Orlandini and his team at Labruna Mazziotti Segni ‘possess deep knowledge in finance-related affairs’. The team advises domestic and international banks and private equity funds on acquisition financing, debt restructuring and real estate financing. The practice is also increasingly active in the renewable energy sector and recently advised a private equity sponsor on the restructuring of a cross-border finance transaction.

Orrick, Herrington & Sutcliffe’s recent absorption of Vita Samory Fabbrini e Associati boosted the growth of its banking and finance practice. Centrobanca was assisted with the granting of two credit facilities for a total sum of €120m to Unifind and the practice regularly assists Benetton Group as borrower when financing the company’s business activity. Patrizio Messina and Raul Ricozzi are experienced practitioners.

Paul, Hastings, Janofsky & Walker (Europe) LLP represented MPS Capital Services Banca per le Imprese in a medium-term financing and advised Barclays Capital as lender in the envisaged restructuring of existing loans granted to PlusValore and Carifin Italia. Ex-Bonelli Erede Pappalardo lawyers Alberto Del Din and Alessandro Stoppa are well known to the market.

Known for its close connections to the banking community, Pedersoli e Associati’s team comprises equity partner, Maura Magioncalda, and four other fee-earners, including senior associate Alessandra De Cantellis. The practice advised private equity house, Alpha Associati, on the financing granted for the acquisition, together with Investindustrial, of a majority stake in Permasteelisa, marking the biggest LBO carried out in Italy in 2009.

Clients praise Tonucci & Partners in alliance with Mayer Brown LLP for its ‘timing, business acumen and value for money’. The practice assisted UniCredit Corporate Banking, as agent, arranger and senior lender, as well as the senior lenders, in connection with the restructuring and refinancing of the financial indebtedness of Autocaravans Rimor. Livio Esposizione is a key contact. ‘Outstanding professional’ Stefano Cirielli has the ‘unique ability of being able to manage all aspects of a deal and to negotiate very complex situations’.

Bird & Bird LLP’s international banking and financial services group provides an integrated service to its banking, financial services and insurance clients, and remains a market leader in the asset management and investment services sector. Raimondo Maggiore is ‘excellent for regulatory matters’.

Led by Paolo Bonolis, CMS Adonnino Ascoli & Cavasola Scamoni’s recent activity was focused on derivatives. Other highlights included negotiating a syndicated refinancing agreement for a multinational corporation and advising on the negotiation of a senior multicurrency term and revolving facilities agreement for the acquisition of companies throughout Europe.

d’Urso Gatti e Bianchi Studio Legale Associato’s Luca Falomo heads the team. The practice assisted Intesa San Paolo and Banca Monte dei Paschi dei Siena in relation to a real estate financing granted to Eurocity Sviluppo Edilizio.

Lombardi Molinari e Associati assisted private equity fund Alto Capital II in connection with the financing of the acquisition of Diquigiovanni, and advised Dalkia Solar Italia on the realisation of photovoltaic power plants through project financing. Giuseppe Lombardi is ‘a brilliant lawyer’. Ugo Molinari is also recommended.

At ‘clear and pragmatic’ firm Macchi di Cellere Gangemi, Claudio Visco is recommended. The ‘always available’ team head Giuseppe Schiavello is ‘solutions-oriented’. The practice acted for Ammeraal Beltech, a Gamma group company, in the restructuring of the group’s debt. MPS Capital Services Banca, Efibanca and UniCredit MedioCredito Centrale were assisted with the project financing of wind farms in Sicily.

At ‘value-for-money’ Marena Castorino D’Angelo & Fagotto, Giancarlo Castorino is recommended for real estate financing, and lender-focused Alessandro Fosco Fagotto is an acquisition finance expert.

Pavia e Ansaldo’s Roberto Zanchi is noted for banking and corporate finance tranactions. A four-lawyer team, led by Michele Cicchetti, joined from Carnelutti Studio Legal Associato.

Studio Legale Riolo Calderaro Crisostomo e Associati advised in the restructuring of a facility granted by a pool of banks to a real estate Italian fund and assisted Tatò Paride and Cofim in a leveraged buyout financing. Counsel Giuliana Durand is recommended.

Studio Santa Maria advised FF Holding and Farmafactoring, as borrowers, on the negotiation of agreements in a €120m syndicated term loan credit facility. Luigi Santa Maria is ‘extremely business-oriented, very open and always available’. Alessio Gerhart Ruvolo ‘pays great attention to detail’.

Simmons & Simmons’ Fabrizio Dotti leads the banking practice in Italy, while Rome-based Filippo Pingue is noted for structured finance, with a particular focus on principal finance and banking. The practice advised Unicredit on a revolving credit facility provided to Acea and acted for the banks in providing €130m finance to SEL in order to acquire energy production plants. Michael Dodson is recommended.

Ughi e Nunziante’s Marcello Gioscia is recommended for structured finance and derivatives, project financing and regulatory issues.

Studio Legale Associato a Watson, Farley & Williams is ‘the definitive choice for shipping finance in Italy’, but the practice is also noted for energy-related matters. Furio Samela is praised by clients. Francesca Curreli joined from Hogan Lovells Studio Legale.