The Legal 500

Badea Clifford Chance’s leading banking practice is ‘very strong on capital markets’. Daniel Badea leads the team, which specialises in complex, cross-border banking finance and capital markets transactions for major international players such as ABN AMRO, Citibank, JPMorgan, Goldman Sachs and Merrill Lynch. The practice assisted BRD Societe Generale as agent, and a group of banks, on a €1.235bn loan facility to the State of Romania – the largest-ever sovereign finance in the country. It also acted for a syndicate of lenders led by RBS in connection with a €32.5m revolving facility to Scandia, a Romanian food producer. On the capital markets side, Badea Clifford Chance acted for Erste Group Bank as arranger on the Medium Term Note (MTN) programme launched by Banca Comerciala Romana. Amounting to €3bn, this was the first MTN programme to be launched by a Romanian entity. The practice also assisted the European Bank for Reconstruction and Development (EBRD) in connection with the issuance of its first Romanian currency notes under an MTN programme and the listing of such notes on the Bucharest Stock Exchange. Described as ‘the best in the market’, managing partner Daniel Badea is ‘an impressive performer’.

Clients appreciate the ‘very practical approach’ of the ‘excellent’ banking and finance practice at CMS Cameron McKenna SCA. Simon Dayes leads a team of ten lawyers which advises international banks in cross-border secured financings into Romania. The practice advised the International Finance Corporation, as arranger, in the €102.5m financing of a leading Romanian bank, as well as acting for Unicredit regarding a €32m facilitiy for the development/refurbishment of the Novotel in Bucharest. The firm acted for the same client as lead arranger in the €35m facilities for the development of the Grand Arena Berceni shopping mall in Bucharest. 2009 saw a lot of restructuring work for the major finance practices and CMS Cameron McKenna SCA was no exception. The firm advised a leading Romanian bank and its foreign parent company on the restructuring and resecuring of €192m facilities to a major Romanian manufacturing group, as well as advising a major Western European real estate bank on modifications and restructuring progress for €242m facilities to a Romanian shopping centre group. Simon Dayes is ‘an outstanding finance lawyer with a great brain’.

Nestor Nestor Diculescu Kingston Petersen is one of the leading Romanian firms for banking and finance matters. Clients report that the firm ‘offers a banking service that international customers can rely on’. Managing partner Manuela Nestor heads up a team of 12 lawyers, ably supported by Alina Radu on the banking side, and Cristina Virtopeanu who coordinates capital markets work. The practice acted for Citibank on the cross-border merger process of Citibank Ireland and Citibank Romania, which was the first cross-border merger implemented in Romania, as a result of which Citibank Romania transferred all its assets (worth in excess of $1bn) and liabilities to Citibank Ireland. The firm also provided legal assistance on Romanian law issues to Purolite in the refinancing of an existing facility worth over $135m. On the capital markets side, the practice assisted Ford Motor Company on its acquisition of Automobile Craiova, a company traded on the Bucharest Stock Exchange/Rasdaq market. The value of the transaction was over €20m. With strength in depth, the practice is ‘world class, one of the few Romanian firms that can sit easily with the best and brightest of European competitors’.

The banking and finance team at Bulboaca & Asociatii is ‘very professional and has a lot of expertise and experience’. Corina Ionescu leads a team which has expanded with the arrival of several new associates. The practice acted for Schroder Investment Management in the establishment by Fondul Proprietatea of a strategy for the management of its assets, estimated at €4bn; as well as acting for Citigroup Global Markets in the establishment of the program for the issuance, by an Alpha Group subsidiary, of MTNs valued at $7.5bn. Structured finance work included acting for Aviva Group Romania on the offering of life assurance products in Romania with an investment or savings component. A blue-chip client base includes Fortis Bank, Deutsche Bank and Unicredit Romania. Clients praise the firms ‘commitment and solution-oriented approach’.

The banking and finance team at Musat & Asociatii offers clients ‘quick response times, high-quality output and sufficient resources available at all times’. Miruna Suciu and Iuliana Craiciu are co-heads of a team of 25. The practice assisted the European Investment Fund (EIF) on the implementation of the €100m Jeremie project in Romania, through which EIF will manage (on behalf of the Romanian State) the structural funds provided by the EU for the purposes of SME sector enhancement. It also advised SAB Miller in connection with the €7.1m acquisition of an absolute majority stake in the local beer producer Bere Azuga. The firm advised on the strategy to be followed on capital markets issues, the conducting of the subsequent mandatory public offering, squeeze-out and final delisting procedures of Bere Azuga from the Bucharest Stock Exchange. Miruna Suciu possesses the ‘excellent ability to identify legal risk and to find innovative legal solutions’.

Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP’s reputation as a leading player in the banking and finance sector in Romania continues to grow. Victor Padurari heads a team of nine lawyers which ‘has quality people and an increasing market presence’. Real estate finance is a particular strength within a wide-ranging practice. The firm advised Banca Romaneasca, a member of National Bank of Greece Group, on amendments to a syndicated loan, valued at €90m, granted to Upground Estates for the development of a mixed-use real estate project in Buchar. It also acted for A&D Pharma Group in the refinancing of their existing bank credit facilities, worth up to €100m. The refinancing facility was provided by a group of banks including BCR, BRD, Unicredit, Citibank and RBS. Alexandru Retevoescu is recommended.

Tuca Zbarcea & Asociatii strengthened its banking and finance practice in 2009, with Mihai Dudoiu’s arrival from CMS Cameron McKenna SCA. Deputy managing partner Stefan Damian leads the team, which acts for both banks and borrowers. The firm acted for Romstrade, a large local construction company, on obtaining financing of €140m from Credit Suisse International for the development of a road transport infrastructure project. It also represented Intelcan Technosystems, an international airports developer, in a €100m project for the construction and development of Brasov International Airport. On the banking side, Tuca Zbarcea & Asociatii assisted BRD Groupe Société Générale in a €20m multi-borrower facility agreement for refinancing the equity invested by a French group in three commercial developments in Bucharest and Constanta. Florentin Tuca is highly regarded by clients.

Gide Loyrette Nouel works on large-scale matters for international banks and corporate clients, with infrastructure projects a particular area of expertise. The practice advised the lenders on the financing for the €250m Baneasa commercial real estate development, the largest such project in Bucharest. Parties involved included UniCredit Tiriac Bank, BRD Groupe Société Générale and the National Bank of Greece. The firm also assisted a consortium of banks in drafting and negotiating amendments to the financing of a large milk farm and dairy development, as well as advising on related security interests. Managing partner Bruno Leroy is recommended, while clients say the firm is ‘a natural choice for financial institutions from central and Western Europe looking to perform complex transactions across jurisdictions’.

Formed in 2008 by four partners from Nestor Nestor Diculescu Kingston Petersen, Peli Filip has fared well as a new firm despite difficult economic conditions, and is described as ‘destined to become a major force in the marketplace’. Carmen Peli heads the banking team, while Alexandru Birsan takes care of capital markets work. The practice acted for CVC Capital Partners in a highly complex €690m financing package related to its acquisition of the operations of brewer InBev in seven CEE countries, a transaction with an enterprise value of approximately $2.2bn. The transaction involved sophisticated legal analysis and structuring in relation to financial assistance and cashflow, as well as a complex security package. The firm also assisted Tiriac Group in relation to a €100m financing package from Bank Austria Creditanstalt. The deal had a complex structure involving five jurisdictions and interesting security arrangements.

Banking clients of Popovici Nitu & Asociatii say ‘the level of service and response times are excellent’. The firm has a strong regulatory practice that operates alongside its lending and capital markets work. It advised BNP Paribas in connection with the launch of cross-border factoring projects which raised issues of cross-border insolvency, validity and publicity of receivables’ assignments, and disclosure of confidential information on the assigned debtors. On the lending side, the firm tends to act for the borrower. It represented MGV Distri Hyper in various credit facilities concluded with Société Générale and Unicredit Tiriac, for an overall exposure of €20m. Capital markets work includes advising BT Securities in connection with the secondary IPO of Henry Coanda Airport, Timisoara Airport and Constanta Airport.

Reff & Associates is the correspondent law firm in Romania to global consulting giant Deloitte. The firm’s banking and finance team benefits from the association and, during 2008-09, the practice carried out transactions to an aggregate value of €750m. Andrei Burz-Pinzaru heads the practice, and recent new clients include FHB Mortgage Bank, Romstrade and INR Management Real Estate. The firm acted for Westdeutsche Immobillienbank on the €48m refinancing of the existing debt of a company which owns an office building in Bucharest. It also assisted New Europe Property Investment with the refinancing of the existing €113m debt of three companies which own retail parks in Romania.

S.P.R.L. Menzer & Bachmann – Noerr advises and supports investment and financing activities for banks, financial investors, strategic investors and institutional clients with an emphasis on finding and implementing investment opportunities in real estate, funds and leasing transactions. Clients praise the firm’s ‘extensive knowledge and experience’. The firm advised a large German investment bank in connection with an investment loan facility destined for the acquisition of real estate properties, amounting to €225m and granted to 28 jointly liable borrowers. On the asset-based lending side, the firm assisted a syndicate of Romanian and international banks in the financing, through a $110m revolving letter of credit facility agreement, of one the biggest Romanian oil companies. Gabriel Popa is recommended.

Clients say that ‘the level of service is very good and especially prompt’ from the banking and finance team at Salans. Magdalena Raducanu and Edward Dobre are co-heads of the practice, which boasts particular expertise in acting for private equity and real estate investors. The firm advised Raiffeisen Bank in connection with the €86m financing for construction and development of twin office towers to be constructed by leading real estate developer GTC at a landmark Bucharest location, as well as acting for ING Lease on a €75m loan to Portico Investments for the financing of its operations in Hungary, Czech Republic and Romania. Anda Todor is recommended.

Schönherr has ‘established the gold standard in quality’ according to one client of the banking practice. Matei Florea heads a team of eight fee-earners in a broad-based practice which encompasses all aspects of banking and capital markets work. The firm represented Mazda Motor Europe in relation to setting up a wholesale financing scheme for Mazda dealers in Romania. Unicredit Leasing Corporation Romania IFN acted as lender in the scheme and, following its implementation, Mazda’s market share of vehicle sales in Romania continues to increase despite the credit crisis. On the capital markets side, Schönherr provides advisory services to the Bucharest Stock Exchange in relation to the preliminary stages of its envisaged project of listing its own shares.

Clients say the service offered by the 
banking and finance team at Vernon | David 
is ‘exceptional’. The practice was strengthened 
in 2009 by the arrival of Dorina Dumitrescu 
from Wolf Theiss. On the lending side, the 
firm acts for some of the region’s leading 
banks including BancaTransilvania, Banca Comerciala Romana, Bank of Cyrus, Egnatia 
Bank, Moldova Agroindbank and American Express Bank. On the borrower side, the firm’s key client is the Iulius Group, Romania’s largest real estate developer, which has instructed the firm on one of the largest ever property financing deals in Romania. Charles Vernon is well-regarded in the market.

bpv Grigorescu offers clients ‘legally 
sound solutions which work in Romania’. The 
firm has a strong regulatory practice in 
banking as well as covering the main lending transactions including asset financing, acquisition finance and project finance. Managing partner Catalin Grigorescu heads a 
12-strong team. Transactional highlights 
included providing financial consultancy to Eldon, a multinational company supplying solutions for protecting all kinds of electricals, electronic data and telecommunications, on a share pledge agreement in order to contract and secure an important bank loan.

Managing partner Peter Buzescu heads the small banking and finance team at Buzescu Ca, which specialises in acting for companies in the real estate and construction sector. The practice represented Bluecrest Special Situations Master Fund as the lender on a facility agreement of €15m. Bluecrest is one of the largest global investment funds and the facility proceeds were used for the financing of the operations of a Romanian company in the IT sector. Adrian Tomescu is recommended.

Clients are impressed with the ‘very good technical knowledge’ of D&B David si Baias 
and say the banking and finance team is ‘street smart’. Laura Toncescu heads the practice. The firm assisted TBI Leasing IFN in the transfer abroad of a portfolio of defaulting lease agreements worth €3m, identifying the most suitable solutions for the transfer of the leasing portfolio and in the preparation of specific contractual documentation.

E. PLATIS C. BAZILESCU Associated Law Offices is the associated law firm of consulting firm Ernst & Young. The firm’s clients include a number of the regional banks. The firm advised Banca Romaneasca on the establishment of a factoring subsidiary in the form of a non-bank financial institution and also acted for Banca Comerciala Romana, member of Erste Group, the largest Romanian retail bank, on the incorporation of a consumer loan vehicle. Eirinikos Platis is recommended.

Clients of Kinstellar describe the level of service at the firm as ‘excellent in terms of knowledge, appropriateness of advice and response time.’ The standout transaction of 2009 was the advice offered to RBS on the €100m facility agreement by a consortium composed of RBS, Citibank, ING and Piraeus Bank to International Railways System Group, a European leader in the railcar industry. Daniel Torsher and Bogdan Bibicu are picked out for praise.

Lina & Guia SCA’s clients say that the firm’s ‘commercial sense and practical advice sets it apart from others in the industry’. The practice is currently advising HSBC on the financing of an international ion exchange resins. The firm is also acting for Primavera Development in connection with negotiating its refinancing arrangements for real estate developments; and advising the borrower in one of the largest real estate financing project in Romania, the Baneasa Project. Cristian Lina’s ‘knowledge of the banking market is incredible’.

Pachiu & Associates is a 24 fee-earner firm headed up by Laurentiu Pachiu. The firm’s banking and capital markets work includes acting as counsel to developer Tnuva Israel in a €75m financing from financial institutions for a dairy Greenfield project. The practice also represents Investkredit for various financing and securitisation projects in different industries. Erste Bank is a key client.

Senior partner Dragos Vilau heads up the banking and finance practice at Vilau & Mitel. Key transactions included representing Unicredit Tiriac in connection with the ongoing takeover of the Bucharest Branch of Banca di Roma, which includes the detailed due diligence of branch operations and contacts, structuring of the transaction and drafting of the transaction documents. On the lending side, the firm acted for Jupiter Realty in connection with a €42m loan agreement with Volksbank Romania for the refinancing of a real estate acquisition.

A team of six fee-earners is led by Dumitru Rusu at Voicu & Filipescu SCA. The firm acted as Romanian legal counsel in the securitisation of a consumer loan portfolio with a value of €262.5m initiated by a well-known bank. The transaction was the first securitisation of Romanian loan receivables, and was finalised in very adverse market conditions. The securitisation SPV was located in The Netherlands. The firm has recently been involved in one of the first transfers of a pensions fund on the Romanian market, assisting TBIH Financial Services Group and Omniasig Vienna Insurance Group in the integration of Omniasig Pensii, the administrator of the pillar II private pensions fund Omniforte, within BCR Group.

The banking practice at Wolf Theiss demonstrates ‘very strong technical skills and a willingness to find solutions for the customer’s needs’. The Romanian team has been involved in some large banking transactions, working alongside its head office in Austria. The firm advised on the negotiation of security documentation in a €100m facility granted to CTP Property for the purpose of lending on to members of CTP Group. It also acted for Volksbank Romania in relation to several restructuring aspects of a real estate development financing amounting to €25m. Cristian Vlaicu is recommended.

Zamfirescu Racoti Predoiu Law Partnership provides clients with ‘tailor-made advice on transactions and is a business partner you can rely on with legal matters’. Ioana Racoti heads up the banking and finance practice, leading a team of 12 fee-earners. Recent transactional highlights include assisting Hame Group in securing revolving and mezzanine facilities, worth €90m, granted to Hame by a consortium of international banks for various commercial purposes. Key clients include Alro, Bancpost, Transport Trade Services, UniCredit Tiriac Bank and Vimetco. Ioana Racoti is ‘a vastly experienced lawyer, a pragmatic thinker and pre-eminent finance in finance’; Anca Danilescu is ‘smart, experienced and technically proficient, handling complex structured financings with confidence’.

Iancu Toader heads the banking and finance practice at Greek-headquartered firm Drakopoulos Law Firm. The practice advised Marfin Bank on a €27m cross-border transaction involving the jurisdictions of Romania, Switzerland and Ireland.

Nicholas Hammond is recommended for banking work at Hammond, Bogaru and Associates SCPA. The practice advised KD Pensii Fond on entering into a know-how agreement with Eureko Pension Fund as well as a transfer of funds – only the second time such a transaction has been carried out in Romania.

The banking practice at J&A Garrigues SLP – Sediu Permanent is led by Mihai Mares. Transactional highlights included acting for Spanish bank Caja De Ahorros y Pensiones De Barcelona on a €15m real estate matter.

Neil McGregor is the main partner for banking work at McGregor & Partners S.C.A.. The firm has expertise in real estate finance.

Rubin Meyer Doru & Trandafir, SPCA’s banking practice has particular expertise acting for state entities. The firm acts as international counsel for the Romanian Ministry of Transportation with regard to securitized and non-securitized bond offerings on European national markets.