The Legal 500

Domestic law firm Chiomenti Studio Legale has a ‘truly outstanding banking and finance practice’. It acts on the most high-profile of projects, often in the energy sphere and works very closely to its excellent administrative, corporate and tax law colleagues. Recent activity includes: a €2bn loan involving Eni UK Holding as borrower and Intesa Sanpaolo as arranger; assisting BNL, ING and Natixis as mandated lead arrangers in the refinancing of Linea’s existing indebtedness; and advising on a €1.95bn asset disposal bridge facility granted by several global investment banks. The firm is also second-to-none for acquisition financings. Giorgio Cappelli, Carmelo Raimondo and Carola Antonini are all recommended practitioners, while Carlo Galdo is known for shipping finance work.

Clifford Chance’s Massimo Novo advised Stirling Square Capital Partners on the acquisition financing of Secureglobal and acted for HVB Unicredit as arrangers in relation to the €485m financing of Gruppo Argenta. Additionally, the team advised BNP Paribas on a €1bn acquisition facility for Autogrill and has worked on several wind farm financings. Charles Adams and Giuseppe De Palma are also recommended.

Studio Legale Associato in association with Linklaters LLP’ Italian banking practice is headed by Davide Mencacci, who led Intesa Sanpaolo in relation to the Polimeri Speciali financing concerning the Polynt public tender offer, one of the largest post-crunch public-to-private LBOs in Italy. Managing partner Andrea Arosio led the advice given to Mediobanca as mandated lead arranger of the refinancing of TeamSystem’s 2004 LBO by Bain Capita while energy expert Tessa Lee represented RBS on the largest financing in the renewable energy sector in Italy in 2008. Managing associate Francesco Faldi (who was involved in the Sirti and Ducati LBOs) joined from Bonelli Erede Pappalardo.

Having last year recruited finance star Stefano Sennhauser from Freshfields Bruckhaus Deringer and banking partner Paul Flanagan from its London office, lender-focused Allen & Overy – Studio Legale Associato has somewhat recovered from last year’s high-profile departures. The firm acted on the €2bn refinancing of Prsymian, advised Citibank, Unicredit and WestLB on separate property finance transactions and represented the arrangers on a €3.1bn acquisition financing granted to Eni and Eni Gas & Power Belgium. Catia Tomasetti remains a leader amongst project finance rivals and has been especially active in the Metro 5 project as well as several renewable energy deals.

Ashurst’s project finance strengths are second-to-none but it also has a solid name in acquisition finance. Managing partner Riccardo Agostinelli acted for Banca Popolare di Verona on the €30m financing of the Gruppo Vago acquisition, and ING Bank and Unicredit were assisted with a €101m senior financing. On the energy side, Franco Vigliano, who acted for Banca Bilbao and HSBC on the project financing of Acciona’s first wind farm portfolio development in Italy, is ‘uniquely skilled at facilitating negotiations between banks and sponsors’. Intesa Sanpaolo, Barclays and Banca IMI list as clients. The team is not only ‘technically competent but also results-oriented, creative and commercially driven’, state finance clients.

Bonelli Erede Pappalardo frequently acts as borrowers’ counsel. The firm advised CAAM RE Europa and Pirelli RE on separate property financings while in acquisition financing, Andrea De Tomas and Riccardo Sallustio acted for RBS in relation to the €218m financing for the acquisition of Desmet Ballestra Group. In projects, Ferrovie dello Stato instructed the firm on the approximately valued €20bn high-speed railway financing and Emanuela Da Rin acted on the €1bn financing of the A14 motorway. Banking regulatory work is also becoming increasingly significant. Star banking and finance head Alberto Del Din left for Paul, Hastings, Janofsky & Walker (Europe) LLP.

Alberto Giampieri and Andrea Giannelli’s team at Legance Studio Legale Associato advised Goldman Sachs, Intesa Sanpaolo, Mediobanca and Unicredit on the $3.2bn acquisition of DRA from Finmeccanica and assisted Monte dei Paschi di Siena with the dismissal of a NPL portfolio. In real estate finance, Giandomenico Ciaramella acted for Hines Italia on the €750m financing of Porta Nuova. In projects, the recommended Monica Colombera acted for BNP Paribas on the financing of a waste-to-energy power plant near Turin and a wind plant in Sicily, and also represented lenders Interbanca on a photovoltaic project near Bari.

Cleary Gottlieb Steen & Hamilton LLP’s ‘excellent’ Roberto Bonsignore is the key banking and finance partner who leaves clients feeling ‘fully satisfied’. The practice was counsel to Intesa Sanpaolo and Banca Popolare di Verona in the financing of a mail services company in northern Italy, and advised Citigroup as arranger of the financing for Terra Firma Capital Partners’ £3.2bn acquisition of EMI group.

Corrado Angelelli is banking and finance head at Freshfields Bruckhaus Deringer. Lucchini was advised as borrower on an €350m unsecured financing and Natixis, Intesa Sanpaolo and UniCredit represented as lenders on a secured real estate financing. Terna, Interbanca and Permira are also clients.

Notwithstanding the loss of its banking team to spin-off Legance Studio Legale Associato last year, Gianni, Origoni, Grippo & Partners remains active in project finance work, especially in hospitals and roads. Renewable energy matters such as photovoltaic energy also provide the firm with a good chunk of instructions. In acquisition finance, recent assistance has been rendered to Unicredit, BNL, 21 Partners and Ergon Capital Partners while in real estate finance, the team acted for Mediobanca on a €472m financing for a closed-end property fund. Name partner Eugenio Grippo now heads the team.

Borrower-focused Giliberti Pappalettera Triscornia E Associati has strengthened its banking and finance capabilities in the last year. Partner Iacopo Canino acted for Spanish pharmaceutical chemicals company Derivados Quimicos on a major refinancing.

Grimaldi e Associati has a solid name for projects work. Francesco Novelli is a first-class practitioner and acted for IVPC Power 3 e IVPC Power 8 on a €220m energy project financing. In real estate, ING Real Estate Finance was recently assisted with a €35m financing.

Following the arrival in January 2008 of finance partner Andrea Novarese from Bonelli Erede Pappalardo, Latham & Watkins’s growing position in the market has been noted. The firm acted for Gruppo Materis on the €175m amendment agreement relating to a senior and second lien facilities agreement and represented Intesa Sanpaolo on a €100m financing. In project finance, the team advised Pirelli & C Real Estate as sponsor on the financing of the Progetto Nuovo Sant’Anna. Acquisition and project finance expert Luca Lippolis arrived from Clifford Chance.

Lovells Studio Legale’ banking head is ‘leading lawyer’ Francesco Curreli. The practice saw a steady flow of mid-ticket instructions, acting for clients like DAM Capital Sárl on mezzanine finance and new property clients like Axa Real Estate Investment Manager. In projects, the team was instructed on the Milan Line 5 and Ospedale del Mare financings and also expects to see increasing numbers of landmark factoring transactions. On the regulatory side, Jeffrey Greenbaum’s team received its first compliance instructions in Italy from several global investment banks.

Last year, MBL & Partners hired the ‘exceptionally good’ Giancarlo Castorino from Allen & Overy – Studio Legale Associato. The practice recently advised Unicredit on the €76m acquisition financing of international group Cartonplast.

NCTM – Studio Legale Associato’s department head is the ‘imposing lawyer’ Stefano Padovani. A pool of banks was advised on a €250m real estate financing and Unicredit Corporate Banking represented in the acquisition financing for the family buy-out of the Italian holding company of the Salini Group. Bridgepoint is also a regular client. ‘They work extremely well together, which is unusual in an Italian law firm’, say clients, adding: ‘There is no competition between departments and they work hard to introduce clients to each other’.

Norton Rose Studio Legale benefits from English and Italian law capabilities and has been involved in a raft of energy deals, boasting an excellent record on solar-related transactions. Project finance expert Stefano Zappalà advised on a €135m highway financing for lead arranger Unicredit Corporate Banking and Arturo Sferruzza acted on a biomass plant financing as well as several high-profile export credit and trade financings. Mario Lisanti is recommended for real estate financings, and Michael Taylor for his talents within the energy and infrastructure sectors. The practice is ‘very effective at defending banks’ interests during difficult negotiations with borrowers and sponsors’ state clients.

Paul, Hastings, Janofsky & Walker (Europe) LLP has remained active in real estate finance and a smattering of PPP projects. GE Capital was assisted in relation to a $1.3bn credit facility, and Intesa Sanpaolo advised on a €72m restructuring debt financing. On the regulatory side, the firm acts for Banca IMI and has advised Oaktree Capital Management on banking issues in Italy. Roberto Cornetta and Bruno Cova are recommended. ‘The professionalism and understanding of commercial transactions’ is appreciated. In a move that rippled the structured finance market, Bonelli Erede Pappalardo’s banking and finance head Alberto Del Din was recently recruited.

Simmons & Simmons has seen increased volumes of acquisition finance deals in Germany, Romania and the US. Longstanding client Unicredit is regularly advised on the master loan and security documentation relating to finance transactions, and the practice has consolidated its relationship with Intesa Sanpaolo, for whom it advised as lender on a €200m loan. In project finance, the energy and infrastructure sectors have proved reliable sources of work, and Deutsche Bank was assisted with numerous deals relating to power plants

Studio Professionale Associato a Baker & McKenzie’s Alberto Fornari is group head of a team that assisted a pool of banks with the granting of senior and mezzanine facilities for a €205m financing and advised a multi-jurisdictional group on a €750m senior multicurrency agreement.

Bird & Bird LLP’s group head is banking regulatory expert Raimondo Maggiore. The practice’s strengths lie in the asset management and investment services sector. A huge number of funds have been advised on matters ranging from MiFID advice to execution of ISDA agreements and general compliance issues. BNL is a client for acquisition finance matters and Centrobanca assisted with project financing in the renewable energy sector.

In 2008, DLA Piper welcomed acquisition and real estate finance expert Mario D’Ovidio from Clifford Chance but Francesco Squerzoni left for Jones Day. In real estate financing, the practice acted for Lasalle on a €120m financing and is making strong headway in the projects space, having assisted Infrastrutture Lombarde with a major motorway financing scheme, and Società Italiana per Condotte d’Acqua on the procurement procedures for a further three motorways in the south of Italy. Luigi Rizzi is recommended.

In 2008, Dewey & Leboeuf Studio Legale recruited project finance partner Sergio Sambri from Paul, Hastings, Janofsky & Walker (Europe) LLP. Highlights include representing Bain Capital and TeamSystem in the refinancing of senior and mezzanine LBO debt, while in real estate financing Société Générale was advised on a loan to a Carlyle Group company to purchase an Italian real estate company. In projects, the team worked on several wind farm financings for MCC/Daunia Wind.

Recent financing activity for d’Urso Gatti e Associati Studio Legale includes working on the negotiation of a medium-to-long term €150m agreement provided by Intesa Sanpaolo and advising on Orlando Italy’s acquisition financing for Favini.

Jones Day welcomed real estate finance expert Francesco Squerzoni from DLA Piper together with three associates to build up its banking and finance group. ‘Francesco Squerzoni stands out for the punctuality and appropriateness of his answers’, say clients. Interbanca was assisted on a €40m acquisition financing, and the team advised Interbanca in the refinancing of the existing indebtedness of Jeckerson.

The Gianni, Origoni, Grippo & Partners spin-off known as Labruna Mazziotti Segni is recommended for complex and high-value acquisition and real estate financing work.

Lombardi Molinari e Associati has had several project financing highlights within the hotels, energy and hospitals sectors. Also of interest, Banca Popolare di Milano was assisted with a raft of real estate financings.

Clients like the ‘committment, readiness and happiness’ they find at Macchi Di Cellere Gangemi. Claudio Visco, Giuseppe Schiavello are well respected but Umberto Mauro has departed for Norton Rose Studio Legale. In 2008, ABN AMRO was advised on regulatory matters, RBS assisted with various credit facilities and Altro represented on a €420m acquisition financing. In projects, sponsor Verongest instructed the practice in relation to wind farm financings.

McDermott Will & Emery Studio Legale Associato’s Rome office acts on acquisition and asset-backed financing as well as export financing transactions, commercial bank loans, derivatives, energy trading deals and leveraged lease financings. Massimo Trentino is recommended.

Orrick, Herrington & Sutcliffe’s Patrizio Messina is recommended for structured finance work. The practice assisted Intesa Sanpaolo in a medium-long term facility and advised Dexia Crediop as lender on three water project financings. In energy, newly-arrived of-counsel Carlo Montella is active in the renewables space and has assisted Interbanca on a €50m waste-to-energy power plant financing project in Puglia. Deutsche Bank is also a client.

Pavia e Ansaldo’s managing partner Roberto Zanchi is recommended for banking matters. In real estate financing, the practice advised Dutch investment company Foruminvest with the property acquisition financing for the new Grand Shopping Mongolfiera mall in Puglia.

Pedersoli e Associati’s Ascanio Cibrario leads the firm’s banking and finance practice. Recent activity for the team included advising on the refinancing of existing loans and on a number of commercial finance transactions. Piaggio Aereo Industries was represented on a €200m financing.

Ughi e Nunziante houses traditional banking lawyers that recently assisted Isa-International Shipyards Ancona with a €57m medium-term structured financing. Roberto Leccese and Gianni Vettorello acted for the Acciona group on the financing of its first wind farm project in Italy.

At Bevilacqua, Doria, Lener & Partners, the banking and finance practice is led by ‘creative and serene lawyer’ Francesco Del Bene, whose ‘unique banking background, exceptional legal skills and human side’ are appreciated by clients. The team advised Maniffattura di Legnano on debt restructuring negotiations and assisted Jacobs Engineering Group’s Italian subsidiary with the implementation of an intra-group cash pooling system. Diners Club Italia, JPMorgan and Gruppo Sarni are also clients and in real estate financing the firm advised BNL Fondi Immobiliari on major project financings.

CMS Adonnino Ascoli & Cavasola Scamoni has offices in Rome and Milan. Paolo Bonolis assisted several international banks with high-value refinancing transactions

Cugia, Cuomo de Marco & Associati acts for both borrowers and lenders, predominantly within real estate. Fintecna is a frequent client, and Alfonso Annibale de Marco recently advised on a €340m property portfolio financing for Residenziale Immobiliare 2004. Cassa di Risparmio in Bologna, and Romagna are also clients.

Studio Legale Delfino e Associati, Willkie Farr & Gallagher LLP’s Cesare Vecchio advised energy company ASM Brescia on an €800m project financing, and Enrico Tarchi acted for Intesa SanPaolo on the acquisition financing aspects of Vialla D’Este’s sale.

Loiacono e Associati’s Dario Loiacono is recommended for a first-class banking regulatory practice that provides expert advice on the development of sophisticated new financial products.

Puopolo Geffers Iacobelli & Partners counts major financial institutions as clients for corporate finance matters and has a solid name in maritime finance matters. Name partner Gianfranco Puopolo is particularly active in energy-related financings. Metinvest is a key client.

The newly-merged Pirola Pennuto Zei & Associati – Agnoli Bernardi was formed in September 2008. Partner Gianluca Scocci acted for Est Capital on a €146m property portfolio acquisition financing. Francesco del Bene had already left earlier in the year to join Bevilacqua, Doria, Lener & Partners in Rome.

SJ Berwin’s ‘committed, reliable and client-oriented’ Milan finance team is led by Federico Pavetto. Recent experience includes advising several Italian and international banks on property and acquisition financings. The financial markets group advises on regulatory matters and the development and structuring of new financial products.

Studio Santa Maria’s Luigi Santa Maria and Alessio Gerhart Ruvolo recommended for work including advising a prominent Italian banking group in its dealings with the US Department of Justice and assisting Finanziaria Lago with the negotiation of a €157m long-term loan.

Tonucci & Partners in alliance with Mayer Brown LLP’s Livio Esposizione acted for a major Italian banking institution in several financing transactions in 2008. In energy projects, the practice was counsel to Biopower as sponsors of a biomass-fuelled power plant in southern Italy. As well as Milan and Rome offices, the firm also has branches in Padua, Florence, Tirana and Bucharest. US-qualified partner Umberto Baldi is also recommended.