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Index of tables
Bank lending: investment grade debt and syndicated loans
Leading individuals
Allen & Overy LLP has long stood at the pinnacle of the market, with a ‘peerless’ roster of banking clients that includes RBS, Barclays Capital and HSBC. In addition to its strong banking ties, the group regularly handles work for blue-chip corporates across a range of financing arrangements, and recently represented Vedanta Resources on the $9.6bn acquisition financing of Cairn India. Michael Duncan chairs the firm’s global banking group, and is praised for his ‘phenomenal transactional knowledge’ and ability to ‘break down complex legal issues into simple, easy-to-understand matters for commercial decision makers’. Other recommended partners include Stephen Kensell, Trevor Borthwick, Philip Bowden, David Campbell, Michael Castle and Nicholas Clark.
Clifford Chance’s ‘superb banking practice’ is regularly involved in the most significant investment grade financings in the market. As well as representing clients on a continuing raft of refinancing for investment grade corporates, the team is involved in an increasing number of new-money financings. The ‘excellent’ Mark Campbell advised Deutsche Bank and RBS on a $6bn syndicated revolving credit facility to Rio Tinto, while other highlights included advising Lloyds and RBS on the £3.4bn refinancing for De Beers; Michael Bates led on this transaction and is an integral member of a team that also features Charles Cochrane, Malcolm Sweeting, Alan Inglis and James Butters.
Linklaters LLP’s balanced practice is valued for its ‘“can-do” approach’, advising an impressive roster of blue-chip corporates and banks across a range of event-driven financings, refinancings and working capital financings. It ‘advises promptly and accurately on prevailing market practice’, and provides ‘prompt and practical advice based on an in-depth understanding of the nuances of the transaction’. Toby Grimstone advised Glencore on a $10.2bn revolving credit facility; involving 94 banks, it was the largest syndicated transaction since 2000. The team also recently advised RBS and Barclays Capital on the £900m financing of Resolution’s acquisition of AXA’s UK life business. Philip Spittal and Stuart Thomas ‘create an empathetic relationship with the different parties involved in the transactions that they are working on’. Jeremy Stokeld co-heads the mainstream banking practice along with Thomas, and John Tucker also regularly handles syndicated financings in his capacity as global head of finance and projects.
David Trott heads a ‘strong team’ at Freshfields Bruckhaus Deringer LLP, which has ‘a real sense of commercial issues’ and ‘good all-round knowledge’. Best known for its ‘premier corporate client base’, the team regularly advises blue-chip corporates on their debt facilities, and in 2010 advised Xstrata on its new $4bn facility and Nestlé on its €5bn revolving credit facility. The firm has also handled a number of refinancings on the bank side, including representing the senior lending steering committee on the restructuring of the Panrico group. Alex Mitchell has ‘the ability to appreciate the issues from a banker’s perspective and find really innovative solutions to the issues’; Martin Hutchings provides an ‘excellent service’; and Edward Evans ‘knows the industry inside out’.
With a plethora of blue-chip corporates among its clients, Herbert Smith LLP is ‘spectacularly good’ at advising borrowers on their financing requirements. Ewen Fergusson recently advised Bharti Airtel on the financing of its $10.7bn acquisition of Zain Africa. Jason Fox has an excellent reputation for financings in the energy sector, underscored by his recent representation of BNP Paribas and Standard Chartered Bank on the $3bn financing for BP following the Gulf of Mexico disaster. Other clients include BG Group, EDF Energy and WH Smith.
Slaughter and May is a ‘class outfit’, and ‘the best for complex government-related transactions’. Led by George Seligman, it advised the Greek Ministry of Finance on €80bn loans to Greece by other EU members. Among more traditional matters, Andrew McClean recently advised Tata Steel on its refinancing provided by a syndicate of 13 banks. Other clients include Taylor Wimpey, Aegis, Ocado and Bupa. Paul Stacey now heads the financing practice, following the recent retirement of Andrew Balfour.
Able to tap into the firm’s vast network of offices, the team at White & Case LLP is well positioned to advise on investment grade mandates and syndicated loans for both banks and borrowers. It is particularly active in emerging markets and the CEE; Barbara Choi recently led the advice to Gazprombank on a $900m syndicated financing involving 12 mandated lead arrangers. Magdalene Bayim-Adomako heads the team, which acts for an outstanding roster of clients including Deutsche Bank, Credit Suisse, Goldman Sachs and UBS.
Headed by Will Meredith, CMS Cameron McKenna LLP’s eight-partner group has handled a mix of new-money, investment grade financings and restructurings for corporates and banks. The firm has a deeply entrenched relationship with Lloyds, and recently advised it, along with two other banks, on a £70m financing for WH Smith. John Naccarato has ‘an excellent practice’, and is regularly involved in the firm’s most significant mandates, such as advising Enterprise Inns plc on its £625m forward-start facility.
Now benefiting from increased reach following the firm’s merger, Hogan Lovells International LLP’s team provides an ‘exceptional’ service to an impressive roster of clients including Citigroup, Commerzbank, Credit Suisse, Jaguar Land Rover, Kuwait Energy Company and SAB Miller. Recent international work includes advising Deutsche Bank on a multi-jurisdictional borrowing base facility for Nyrstar. Colin Craik has strong ties with a number of blue-chip corporates, and recently advised X5 Retail Group, Russia’s largest retail chain group, on an $800m dual currency syndicated facility. The ‘exceptionally good’ Paul Oldman is ‘very strong at identifying the risks and providing commercial strategies’.
Norton Rose LLP’s four-partner, bank-oriented corporate loans group provides ‘clear, relevant and informative guidance’. ‘Very strong in the emerging markets’, the team recently advised Standard Bank on several multimillion-dollar facilities made available to MTN Nigeria; and also acted for Tullow Oil plc on a $650m revolving credit facility. The ‘professional and responsive’ James Dunnett has ‘deep experience on syndicated loan deals’; Alexandra Triptree has ‘in-depth knowledge of the banking industry’; and Michael Ings ‘has a deep well of telecoms experience’.
At SNR Denton, Isaac Felberbaum has an excellent reputation and heads up the firm’s syndicated loans team. ‘Very active in the emerging markets’, the team’s reach was furthered by the firm’s recent transatlantic merger.
Headed by Bernard Sharp, Baker & McKenzie LLP’s six-partner team is regularly involved in financings for a strong corporate client base that includes EQT, Lufthansa German Airlines, and Borders Group. With ‘sound industry knowledge’, Nick Tostivin has successfully enhanced the team’s roster of bank clients, and recently advised Standard Chartered Bank on a $100m secured revolving credit facility for Harry Winston Diamond and Harry Winston Diamond Mines. Calvin Walker regularly handles energy financings, and represented Société Générale and RBS as arrangers on a $2.25bn syndicated facility for BP Caspian.
At Berwin Leighton Paisner LLP, Marc Palley has extensive experience advising banks and corporates on syndicated and bilateral loans.
Cleary Gottlieb Steen & Hamilton LLP’s ‘very flexible and knowledgeable’ finance team in London handles financing for a number of major corporates, notably Arcelor Mittal.
Although it is best known for its leveraged finance practice, where it has a ‘premier bank and bond capability’, Latham & Watkins LLP also handles syndicated financings for both corporates and banks. Christopher Kandel recently advised the lenders in a £1.98bn senior secured credit facility for Virgin Media.
Mayer Brown International LLP has an excellent reputation advising the likes of RBS on cross-border mandates involving sophisticated securitised and ABL structures, with the ‘very considered and accommodating’ Graham Wedlake a key figure. The team is also active for borrowers and lenders in more traditional, commoditised work, and recently represented Trafigura Beheer on a $2.3bn multi-tranche syndicated facility. The ‘hugely talented and professional’ Dominic Griffiths heads the firm’s London banking and finance practice.
‘One of the best mid-market firms’, Pinsent Masons LLP is gaining increased traction in the London market, acting for key clients such as Lloyds and Barclays. The ‘excellent’ Chris Tart handles a significant volume of work for HSBC, and recently advised it along with Rabobank International on a €75.4m and £65m facility for the German-headquartered Gerber Emig Group.
‘Really good and user friendly’, SJ Berwin LLP is ‘always available and always willing to go the extra mile’. An all-round powerhouse for funds work, it has a niche in funds financing, where it is instructed by a slew of major banks including Barclays, RBS and Lloyds. On the more conventional corporate lending side, Ian Borman acted for Hiscox plc on its $750m refinancing. Robert Andrews heads a ‘strong team’ that includes Jeremy Cross, who is ‘very commercial, and has the ability to explain in simple language often difficult concepts’; and Jen Yee Chan, who is ‘quickly able to advise on the pros and cons of different options’.
Shearman & Sterling LLP has handled a raft of refinancings and new-money deals for both banks and corporates. Recent highlights include advising Labco on a €500m bond offering, and €125m revolving credit facility. Led out of London by Clifford Atkins, the mandate involved significant input from the firm’s US and European offices. Other clients include Citigroup, Barclays Capital, UBS and Ardagh Glass Group.
Headed by James Bresslaw, Simmons & Simmons advises a number of Scandinavian banks on syndicated financings, recently acting on a €775m facility granted to Volvo Treasury. On the borrower side, Simon Middleton advised the HMV Group on a £240m revolving credit facility. Clients include Bank of America Merrill Lynch, Standard Bank, and Thomas Cook Group.
Addleshaw Goddard LLP has a growing presence in the London market as a result of some key hires in 2010, including ‘the commercially aware’ Dominic O’Brien from Herbert Smith LLP, and has picked up a greater level of corporate lending work for clients such as HSBC and Barclays. ‘Professional, knowledgeable, detailed and flexible’, O’Brien recently advised HSBC on the restructuring of Norbain Group. Other clients include RBS, Co-operative Group and National Australia Group.
Fred Heller at Akin Gump Strauss Hauer & Feld has a ‘very commercial and practical’ approach, and advises a strong corporate client base including leading Russian telecoms operator OJSC Vimpel Communications.
The ‘very efficient, responsive and practical’ Trystan Tether is recommended at Bird & Bird.
Bryan Cave’s Martha Collins Rolle specialises in investment fund financings.
DLA Piper UK LLP’s Charles Morrison has a strong pedigree advising banks and corporates on syndicated transactions in the commodities arena.
The ‘terrific’ Amanda Jennings is recommended at Dewey & LeBoeuf LLP, in particular for her emerging markets expertise.
At Morrison & Foerster LLP, dual-qualified Daniel Leventhal recently advised Barclays on a £230m syndicated multicurrency revolving facility.
Elisabeth Gaunt at Orrick, Herrington & Sutcliffe (Europe) LLP is ‘superb’.
Leon Stephenson at Reed Smith is noted for his emerging markets experience.
Salans is recommended for its work for lenders and borrowers in the CEE region.
Simpson Thacher & Bartlett LLP is experienced in advising banks and corporates on syndicated corporate borrowing and recapitalisations.
The ‘hard-nosed’ David Lacey at Stephenson Harwood is recommended.
Dominic Ross at Taylor Wessing LLP is praised for his ‘excellent industry knowledge’ and ‘strong commerciality’.
Winston & Strawn London’s practice head Zoe Ashcroft regularly handles cross-border investment grade mandates for banks such as Bank of America, Wachovia and JP Morgan.