Bank lending - investment grade debt and syndicated loans
Allen & Overy LLP has consolidated its position at the pinnacle of investment grade banking transactions as a result of its strong ties with the likes of RBS, Citi, Barclays Capital and HSBC. At the vanguard of developments in the financial markets, the team has been involved in a raft of forward start facilities, including the recent €8bn facility associated with Enel’s original €35bn financing for Endesa. Head of global loans Stephen Kensell is the lynchpin of a team that includes ‘very strong performer’ Trevor Borthwick, Michael Duncan, Philip Bowden, and rising stars David Campbell, Michael Castle and Nicholas Clark. In addition to its impressive banking ties, the group regularly handles financing work for blue-chip corporates including BAE, Cable & Wireless, and Imperial Tobacco.
Clifford Chance has a ‘dominant position’ in the market, with vast domestic and international resources and impeccable banking credentials. 2008 investment grade highlights include advising Citi and RBS in relation to the £13.3bn refinancing of BAA’s UK airports. At the cutting-edge of new developments in the market, as well as its involvement in a number of forward start agreements, the team recently advised Citi on an innovative €5bn loan where a CDS pricing model was used. The team is ‘very easy to deal with’ and includes Malcolm Sweeting, Mark Campbell and Charles Cochrane.
‘Best in class’, Linklaters LLP’s 49-partner banking group has the resources to seamlessly handle the largest and most sophisticated transactions in the market for a balanced array of banks and corporates (among them Vodafone, Glencore International, RBS and Lloyds TSB). Recent highlights include advising RBS as facility agent on a US$4bn multicurrency revolving credit facility for ArcelorMittal, while on the borrower side the team advised Vodafone Group on its £4.3bn revolving credit facility. Jeremy Stokeld and Stuart Thomas co-head the firm’s mainstream banking practice, and are described as ‘very knowledgeable, committed and responsive’. Stephen Lucas ('a great professional to have on your side during a deal’), global head Robert Elliott, Philip Spittal, John Tucker and David Ereira are also recommended.
Frequently involved in significant financings for the firm’s impressive roster of blue-chip corporates, including AstraZeneca, Nestlé, Xstrata and Japan Tobacco, Freshfields Bruckhaus Deringer LLP is a major player in the market. Significant investment grade highlights included advising BAA on the £13.3bn refinancing of its UK airports, and Nestlé on a €5bn revolving credit facility for general corporate purposes. On the banking side, despite a paucity of new money deals, new additions Maurice Allen and Mike Goetz have been particularly active advising banks on workouts on leveraged deals. David Winfield heads a 19-partner team that includes recommended partners Edward Evans, Presley Warner, and rising stars Peter Hall and Martin Hutchings.
With a ‘brand name to die for’, Slaughter and May remains the premier adviser to borrowers in the investment grade debt lending market. The ‘very responsive and focused’ Matthew Tobin has an excellent reputation in the market and recently advised leading global travel retailer Dufry on new financings of SFr800m and US$435m. The group also advised a raft of significant borrowers including Taylor Wimpey, Waterford Wedgwood and Cemex on amendments to existing loan facilities. Andrew Balfour heads the team, which is praised for its ‘customer-orientated approach’ and includes well-respected partners Steven Galbraith, Paul Stacey and Marc Hutchinson.
Able to tap into a vast network of offices, White & Case LLP’s full-service bank finance team handles all facets of complex investment grade and syndicated financing mandates, both domestic and international. A strong performer in the emerging markets, notably amid extremely challenging market conditions at the close of 2008, the team represented ABN AMRO on a US$340m pre-export credit facility for JSC Kazzinc. Led by Christopher Kandel and Magdalene Bayim-Adomako, the nine-partner team includes the ‘extremely competent and accessible’ Kate Allchurch, Claire Denison and Antonia Rawlinson. Clients include Deutsche Bank, BNP Paribas, Merrill Lynch and Morgan Stanley.
Headed by Will Meredith, CMS Cameron McKenna LLP’s eight-partner banking group continues to receive a steady flow of investment grade mandates from a mix of corporates and banks. As well as handling a significant flow of refinancings and restructurings, the group closed its fair share of new-money financings for longstanding clients RBS and Lloyds TSB, and also a growing number for the likes of HSBC, Barclays and AIB. Regularly involved in the firm’s most significant transactions, John Naccarato recently advised the Bank of Ireland, AIB Group and Abbey on Arora Hotel Group’s £165m acquisition of APP. On the borrower side, the team recently handled US$625m and US$325m financings for Coats and Big Yellow respectively.
Denton Wilde Sapte LLP is appointed to more than 20 international bank lending panels, and its 31-partner banking team is one of the largest in the City. With the critical mass to handle an impressive volume of mandates, the firm’s ‘excellence in relation to emerging markets transactions’ has ensured that it has been insulated to some extent against the ravages of the credit crisis. ‘Experienced and with a nice manner’, Isaac Felberbaum heads the syndicated lending practice, which recently advised Home Credit & Finance Bank on a €176.5m syndicated facility. Clients include ABN AMRO, Citibank, Standard Bank and West LB among others.
Headed by Jason Fox, Herbert Smith LLP’s 22-partner banking team provides ‘good business sense’ to an increasingly balanced spread of lenders and corporates, including Barclays, Citibank, Halliburton and 3i. The ‘commercial and practical’ Clive Barnard has been pivotal to the team’s success and has a particular focus on cross-border transactions by leading Indian corporates, including the refinancing of Tata’s acquisition of Corus. Other highlights include advising Standard Chartered Bank on the financing of HCL Technologies’ bid for Axon Group plc.
Headed by the ‘very responsive and knowledgeable’ Andrew Gamble, Lovells LLP’s 14-partner banking team continues to build on an already impressive roster of banking clients. A significant presence in the emerging markets, it recently secured a position on Barclays’ new legal panel in Russia, and has handled a number of pre-export finance deals for the likes of Deutsche Bank and Société Générale; with support from colleagues in Moscow, the team advised the latter (in conjunction with BNP Paribas) on a US$1.6bn pre-export syndicated loan facility to leading steel producer OJSC Novolipetsk Steel. ‘Experts in their field and fun to work with’, Matthew Cottis and Penny Angell have an excellent reputation in the market.
Norton Rose LLP is instructed by a prominent array of banks and blue-chip corporates including HSBC, RBS, Barclays, Nestlé and Carlsberg. Michael Ings has a strong reputation in the market, and recently advised Trinity Mirror on a £210m syndicated loan for refinancing and general corporate purposes. Stephen Parish heads the team, which includes the ‘excellent’ Alexandra Triptree, who has a particular focus on media and telecoms financings.
‘Technically as good as any’, Baker & McKenzie LLP offers ‘excellent value for money’ to clients on both domestic and international deals. While it is best known for its corporate client base (notably EQT, Daimler and CIT Group), the firm has continued to cultivate some robust banking relationships, with the likes of JPMorgan, HSBC and Standard Bank. Bernard Sharp heads a five-partner team that includes Ian Jack and the ‘approachable, friendly but professional’ Nick Tostivin, who has been the driving force behind the practice’s increasingly dynamic banking practice.
Berwin Leighton Paisner LLP has successfully consolidated its banking relationships with the likes of core client Lloyds TSB, while also securing new mandates from global bank UniCredit among others. As well as representing corporates on alternate sources of finance or extensions to existing financings, the team has also acted for investment grade stalwarts such as longstanding client Tesco, which it advised on a £1bn self arranged three-year committed facility. Marc Palley heads the team, which includes the ‘very competent and responsive’ Jennifer Mackerras.
Best known for its representation of steel giant Arcelor Mittal, Cleary Gottlieb Steen & Hamilton LLP’s other clients include Citi, Goldman Sachs, First Reserve and Evraz. Particularly active in Russia, Glen Scarcliffe led the firm’s advice to United Company RUSAL on its US$4.5bn syndicated loan to facilitate the acquisition of Norilsk Nickel.
Charles Morrison heads a five-partner team at DLA Piper UK LLP with a particularly strong pedigree acting on structured trade and commodity finance transactions. The firm is on the panels of a plethora of international banks, including Standard Bank, Standard Chartered Bank and Nedbank, and is recommended for work flowing out of Africa. Recent highlights include advising Standard Chartered Bank on a US$282m syndicated borrowing facility.
Although it is fed to some extent from its pre-eminent US practice, Mayer Brown International LLP’s increasingly established London offering has built up some ‘strong and deeply entrenched banking relationships’ with the likes of RBS, Allied Irish and Nationwide. The team is regularly involved in deals requiring cross-departmental and multi-office input, and acted for GMAC on its complex US$60bn refinancing and restructuring. Ian Coles is ‘very experienced and pragmatic’, and senior associate Richard Todd ‘has excellent market knowledge and provides sound advice’.
Simmons & Simmons provides a ‘very timely and responsive’ service to an impressive portfolio of banks and corporates including Bank of America, Barclays Bank, HSBC, British Land, HMV and Telefónica, and has been protected to some extent from the economic crisis by the diversity of its practice. It advised Barclays Capital on various emerging markets cross-border financings in Africa. Simon Middleton is a ‘good, solid, focused lawyer’, and recently advised HMV Group plc on a £220m credit facility.
Bird & Bird LLP offers a flexible, ‘very responsive’, partner-led service to an impressive roster of banking clients including Black Sea Trade & Development Bank, Clydesdale Bank, and Fortis Bank, with the ‘proactive and very reliable’ Andrew Hallgarth recommended.
Bruce Johnston heads the team at Dewey & LeBoeuf, which is increasingly active for the likes of VTB Bank in Russian-based financings.
Gide Loyrette Nouel LLP advises a predominantly lender client base (including the EBRD, EIB, and BNP Paribas) on emerging markets matters.
Andrew Barker at Jones Day recently advised Connaught plc on a £214m syndicated facility for general corporate purposes.
Alexander Janes at Orrick, Herrington & Sutcliffe is recommended for his global banking expertise.
Reed Smith recently advised the Econergy group of companies on a US$110m short-term working capital finance facility made in connection with a competitive public takeover.
Robert Andrews at SJ Berwin LLP is known for his ‘pragmatic and innovative approach to structuring and negotiating agreements’.
Philip Prowse at Salans advised Stemcor Holdings on a US$750m syndicated revolving credit facility.
Stephenson Harwood’s traditional shipping finance practice has expanded to include a significant amount of more general bank lending work for the likes of RBS and Lloyds TSB.
Rodney Dukes heads an 11-partner group at Taylor Wessing LLP, whose banking clients include Allied Irish, Deutsche Postbank, HSH Nordbank and RBS.
Watson, Farley & Williams LLP’s Michael Kenny recently advised Ericsson on a US$90m vendor financing for a mobile phone network in Ghana.