The Legal 500

Considered ‘second to none’ in the field of banking and finance, clients are impressed with Badea Clifford Chance’s ‘knowledge and expertise’ and ‘constructive and business-oriented advice’. The firm acted on some of the largest banking transactions in the Romanian market in 2010, including advising ING Bank and Rabobank, as mandated lead arrangers, in relation to a $1bn loan for commodities trader Nidera, and assisting Société Générale regarding the €180m finance facility granted to the Romanian National Company for Highways and Roads. The firm also boasts a pre-eminent capital markets practice, and represented Deutsche Bank, HSBC and EFG Eurobank on the Romanian State €1bn Eurobond issue. A blue-chip client base includes Alpha Bank, Barclays and Goldman Sachs. Managing partner Daniel Badea is ‘an excellent lawyer – the star of the show’. Cosmin Anghel is praised by clients for his professionalism and ‘appropriate advice’.

Clients deem CMS Cameron McKenna SCA ‘best in the market’ for banking and finance work owing to its ‘high levels of professionalism and solution-oriented attitude’. Aside from acting on various high-level restructuring matters, the firm was also active on several large new money transactions including advising Alpha Bank, EFG Eurobank and Bank of Cyprus (as lead arrangers) in the €80m investment finance for the City Gate transaction, a large office development in Bucharest. The practice also advised Banca Comerciala Romana on the €90m construction finance for the Silver Mountain hotel, residential and leisure development in Poiana Brasov, Romania’s most popular ski resort. Simon Dayes heads up the practice and is ‘extremely professional and very well prepared’. Simona Marin is also highly regarded by clients.

Long-term local market leader Nestor Nestor Diculescu Kingston Petersen is ‘extremely responsive’, providing banking and finance clients with ‘in-depth knowledge’ and ‘business expertise’. The practice is noted for regulatory work. It acted for Well Fargo Bank regarding a multi-jurisdictional syndicated facility amounting to $80m in connection with a plan of reorganisation of the Global Safety Textiles Group. On the borrower side, it assisted Ford Motor Company in connection with a €400m investment facility from the European Investment Bank, secured by a guarantee issued by the Romanian State, for the financing of a major project for expansion of its vehicle plant in Romania. On Bucharest’s City Gate project, the firm represents Globe Trade Center and Bluehouse. Senior partner Manuela Nestor is joint head of the banking and finance practice alongside Alina Radu, who is ‘an extremely good lawyer’ and ‘always provides sound advice’.

Radu Taracila Padurari Retevoescu SCA in association with Allen & Overy LLP enjoys access to the highest level of banking and finance work thanks to its Magic Circle association. Clients are impressed with its ‘good response times’, ‘commercial judgement’ and ‘knowledge and awareness of the client’. The practice represented Société Générale and a syndicate of international banks on the €300m refinancing and restructuring of existing bank facilities granted to an international player in the meat processing industry. The European Bank for Reconstruction and Development (EBRD) is an important client and the practice has acted for it on a number of large financings including a $180m facility for Alro, one of Romania’s largest companies and the largest aluminium smelter in the region. Victor Padurari is ‘very sharp and an excellent manager of his team’; clients also note that the firm’s banking and finance practice has ‘no weak links’.

Capital markets work is a particular strength of the banking and finance team at Bulboaca & Asociatii, which provides ‘a very good level of service both in terms of quality and in terms of promptness of response’. Clients are impressed with the practice’s ‘consistently reliable advice’ and ‘awareness of the political and business culture in Romania’. It advised the Romanian State in connection with 2010’s €1bn Eurobonds issue, as well as acting for a major bank in connection with a successful rights issue of up to €986m. On the funds side, it represented Schroeder Investment Management in connection with the set up of a fund to manage assets estimated at €4bn. Clients include Deutsche Bank, Goldman Sachs and Erste Bank. Managing partner Adrian Bulboaca is ‘a top lawyer who is committed to excellence’; Razvan Stoicescu is also recommended.

Musat & Asociatii offers clients ‘tremendous expertise’ in the banking finance field and is praised for its ‘great professionalism’ and ‘attention to detail’. The practice advised The European Investment Bank (EIB) in connection with a €232m loan granted to the Municipality of Bucharest for infrastructure rehabilitation and urban development. Capital markets work included acting for Rompetrol Group, one of the largest gas and refining business in Romania, in connection with the €90m acquisition of the remaining free float of Rompetrol Rafinare, as well as providing legal advice in all matters pertaining to the mandatory public offering of Rompetrol Well Services. Miruna Suciu is co-head of the banking and finance team and is recommended for her ‘wide experience, excellent advice on negotiation strategy, deep technical expertise and fast response times’. Iuliana Craiciu is also highly regarded by clients.

The correspondent law firm of Deloitte in Romania, Reff & Associates is building a strong reputation for its banking work particularly in the field of real estate finance. Clients appreciate the firm’s ‘excellent technical advice’ and ‘ability to handle complex work to tight deadlines’. The practice assisted a group of five banks – including UniCredit Tiriac and Raiffeisen Bank – as shareholders of RomCard, in the successful sale of their 100 per cent stake to Provus Services Provider, a firm with solid track record in card processing sector. It is also acting for New Europe Property Investments in the €113m refinancing of debt for three companies who own retail park interests in Romania. Andrei Burz Pinzaru heads up the practice, clients report that he is ‘not only an excellent banking lawyer, but a true business adviser, with a good understanding of both borrowers and lenders angles, which is always very helpful in loan transactional work’.

With a broad-based practice which encompasses all facets of banking and finance work, Schoenherr si Asociatii SCA is ‘excellent in all areas’ and ‘can handle issues of the highest complexity’. Capital markets work is a particular area of strength. The firm acted as counsel to the agents and arrangers Deutsche Bank and Commerzbank in relation to a €13.5bn term and revolving facilities, and a €2.5bn forward start facility for German tyre manufacturer and automotive group Continental. It also worked with OMV Petrom, Romania’s largest oil and gas company, on a complex corporate restructuring process. Clients include Banca Comerciala Romana, Raiffeisen Capital & Investment and Volksbank Romania. Matei Florea heads up the banking and finance team and is recommended; on the capital markets side Narcisa Oprea delivers ‘work of the highest quality’.

Clients are impressed with the ‘competence’ and ‘quick response times’ of the banking and finance team at Tuca Zbarcea & Asociatii, which has particular expertise in financing work for the energy sector. The firm is acting for CEZ on the €460m total financing for the development of the largest onshore windfarm project in Europe. It is also advising Erste Bank in connection with a broad range of legal matters arising from the acquisition of Banca Comerciala Romana (BCR) – BCR is the largest Romanian commercial bank, with nine subsidiaries, more than 200 units throughout Romania, as well as approximately 10,000 employees. Deputy managing partner Stefan Damian heads up the capital markets practice and is recommended; Mihai Dudoiu who leads the banking and finance group is also well regarded.

Large scale infrastructure project finance and complex multi-jurisdictional transactions are areas of expertise for Gide Loyrette Nouel. Clients describe the firm as ‘a natural choice for financial institutions from central and Western Europe looking to perform complex transactions across jurisdictions’. Transactional highlights included advising KBC Bank on a €113.5m facility for refinancing the development of three retail parks in Romania. The firm also advised BRD- Groupe Société Générale regarding a €16.5m LBO syndicated credit facility to the Swedish investment fund Oresa Ventures for its acquisition of a Romanian construction materials manufacturer’s business assets. It is also the correspondent firm of the International Swaps and Derivatives Association (ISDA) for Romania and regularly advises banks and financial institutions on issues related to derivatives. Managing partner Bruno Leroy is the name to note; Andreea Toma is also well regarded.

Clients find the banking and finance team at Noerr & Partners Law Office ‘very helpful and prompt’ and are impressed by an ‘excellent analytic approach’. The firm offers a full-service practice advising local and international credit institutions, financial institutions, investment funds, leasing organisations and corporate clients. The firm acted for a syndicate of Romanian and international banks in connection with the financing, via a $110m revolving letter of credit facility agreement, for an acquisition in the oil and gas sector. On the borrower side, the practice advised a major German retail chain in connection with a loan facility destined to finance the expansion of their compact discounting hypermarket format and granted by EBRD. Magdalena Lupoi heads up the banking and finance department and is recommended.

Despite the fact that Peli Filip launched in 2008, the firm is already an impressive player in the Romanian legal market. Clients of the banking and finance practice praise its ability to ‘analyse very complex issues and come up with creative solutions’. It assisted Tiriac Group in relation to a €100m financing package from Bank Austria Creditanstalt in a deal with a relatively complex structure involving five jurisdictions. On the real estate side, the firm assisted Argo Real Estate Opportunities Fund in a joint venture with Cyprus-based Priceton in connection to a €50m financing restructuring and related security arrangements regarding a commercial property in Sibiu. Carmen Peli is ‘pragmatic and able to deal with complex issues and arrive at practical solutions’; Alex Birsan is regarded as ‘the top local individual capital markets lawyer’ by clients.

Real estate finance and regulatory matters are the cornerstone of Popovici Nitu & Asociatii’s financial services practice. Asset-based finance is also an area of expertise. Clients report that the firm ‘provides excellent service both in terms of industry knowledge and responsiveness.’ The firm advised Asseco South and Eastern Europe in connection with €22m financing granted by EBRD as well as acting for Deutsche Leasing Romania in connection with dozens of asset based loans and financial leasing agreements concluded with various SMEs. On the capital markets side, the practice assisted Arcelor Mittal in connection with the voluntary public purchase offering regarding Romportmet and the anticipated squeeze-out of minority shareholders. Regulatory matters include acting for Ferratum Group in connection with the attempted setting-up and licensing of a non-banking financial institution granting loans via SMS and internet.

Private equity and real estate work are mainstays for Salans’ banking and finance practice. ‘A very thorough approach’ and ‘responsive service’ wins plaudits from clients. The practice advised Romanian Commercial Bank (BCR) in connection with a €27.5m loan for financing and developing a residential project in Bucharest as part of a public-private partnership between the borrower and the Romanian Ministry of Defense. The transaction is notable as one of the first new real estate development loans granted in Romania since 2008, and one of the few successful PPPs in the country. On the borrower side, it advised Renault in connection with the €44m equity investment of an institutional investor for the development of one of the largest R&D centres in Europe. The practice is headed up by Magdalena Raducanu and Edward Dobre.

Demonstrating ‘strong technical skills’, Wolf Theiss’ banking and finance practice has a strong client base among Austrian and German financial institutions. Complex cross-border work within the CEE region is a particular speciality. The firm advised Erste Bank on the loan agreements and security arrangements on five facilities amounting to more than €200m for the development of shopping malls in several Romanian cities. It advised the same client on a combined €1.74bn offering, which consisted of a rights offering to existing shareholders, a public offering in Austria, the Czech Republic and Romania, and a private placement to institutional investors in the United States and other countries. Andreea Poenaru is the name to note.

‘Extremely professional’ bpv Grigorescu is strong across leasing, consumer finance and banking regulatory work. Transactional highlights included acting for Landesbank Baden-Württemberg (LBBW) in connection with a €210m credit facility to an international water services group. Clients include HSH Nordbank, HYPO Investmentbank and Süd Leasing. Catalin Grigorescu heads up the practice and his praised for his ‘business understanding’; Alexandru Rusu is also recommended.

Real estate finance is a key strength of Biris Goran, and the firm also has a strong reputation in the market for its tax expertise. It acted as legal advisor to the borrower, Portico Investments Limited, on a loan worth €75m from ING Lease to be used to refinance the company’s investments in Hungary, Czech Republic and Romania. On the lender side, the practice acted as counsel to Unicredit Bank and Unicredit Lease as well as to the borrower and lessor (ICCO) on a €26m sale and lease back transaction. The firm also represented the borrower and sponsors on a €60m real estate financing for office and residential development in Bucharest. Cristian Mîndru heads up the team.

The banking team at Buzescu Ca is ‘very committed and responsive’; project finance is an area where the practice excels. It is acting for Deutsche Bank in relation to the registration of a branch in Romania for energy trading purposes, and represented Steel Plus as lender on loans totalling €5m to Ravensdale Investments. The facility proceeds were destined for the financing of a real estate project in Brasov. Peter Buzescu is recommended.

Real estate finance and regulatory work are two areas of strength for D&B David si Baias as part of a broader banking and finance offering. The firm is praised for its ‘business acumen’ and ‘appropriate advice’. The practice is acting for a major EU financial services group in connection with the most suitable legal structure for establishing a shared service centre in Romania. It acted as counsel to Global Finance Real Estate – D&B in connection with the refinancing of a €75m syndicated facility. Sorin David and Laura Toncescu are recommended.

DLA Piper Dinu SCA continues to develop its banking and finance practice in Romania; the firm is strong in project finance for the energy sector and real estate finance matters. The firm advised Unicredit Bank Austria on the refinancing and restructuring of several facilities amounting to more than €150m granted to various large Austrian developers which are active in the Romanian real estate market. Sabin Volciuc-Ionescu is recommended.

E. Platis C. Bazilescu LLLP is the associated law office of consulting firm Ernst & Young in Romania and, as such, has a pipeline of work for financial services clients. Regulatory and asset-based finance work are two notable areas for the firm. Managing partner Eirinikos Platis is recommended.

Kinstellar has significantly strengthened its finance practice with the arrival of Bogdan Bibicu from Bulboaca & Asociatii to head up the team as well as the hire of four new associates. The firm advised RBS in relation to a €100m facility agreement by a consortium composed of RBS, Citibank, ING and Piraeus Bank to International Railways System Group, European leader in the railcar industry. Daniel Torsher is recommended.

Clients are impressed with Lina & Guia SCA’s ‘commercial sense’ and ‘practical advice’. The firm has extensive experience acting for both lenders and borrowers. It advised HSBC Bank in relations to the $135m financing of an international ion exchange resins producer as Romanian counsel. Clients are impressed with Cristian Lina noting ‘the breadth and depth of his banking experience’.

Pachiu & Associates is ‘practical’ and ‘responsive’, with particular expertise in project finance and regulatory matters. Representative transactions in 2010 included working on restructuring nearly €50m of finance for project companies working in the health and residential property sectors. Andrei Dumitrache heads up the banking and finance practice.

Real estate and regulatory work are areas of expertise for Vernon | David. Clients include Banca Transilvania, Banca Comerciala Romana (BCR), Bank of Cyrus and American Express Bank. The firm acts for Citibank in Romania on a wide range of matters, including advising on home equity loans, real estate and internal corporate matters. Diana Neagu and Charles Vernon are the names to note.

‘Pragmatic’ and with a ‘commercial approach’, clients appreciate Vilau & Mitel’s ‘ability to solve problems’. The firm advised Raiffeisen Bank in connection with the granting and extension of a $40m loan to Imex Oil, a Cyprus-based company. Clients include Credit Europe Bank, ING Real Estate and GE Money. Dragos Vilau and Gabriela Anton are the names to note.

Voicu & Filipescu SCA has a broad-based financial services practice with expertise in pension funds and insurance work. The firm advised real estate developer Bel Rom in relation to obtaining a €10m loan in order to finance the first development phase of its sixth retail park in Romania. Clients include BCR, Deutsche Forfait, EBRD, Erste Bank and Finicredito Portugal. Dumitru Rusu heads up the banking and finance team.

A relatively new entrant to the Romanian market, White & Case, Pachiu SCA is beginning to develop significant capability in the country. The firm advised the European Investment Bank in connection with the €400m financing of Ford Romania’s plant in Craiova. The transaction raises a number of complex issues, including multi-jurisdictional insolvency issues and State aid. Delia Pachiu is the name to note.

Clients appreciate Zamfirescu Racoti Predoiu Law Partnership’s ‘commercial experience and practical approach to difficult transactions’. The practice has significant experience acting for both lender and borrowers. It acted for aluminium smelter Alro on a $180m refinancing agreement negotiated with the European Bank for Reconstruction and Development. Clients include Bancpost, Banca Romaneasca and BRD Groupe Societe Generale. Ioana Racoti and Anca Danilescu are highly regarded by clients and peers alike.

Operating across Greece, Albania and Romania, Drakopoulos Law Firm’s banking and finance experience extends to loans, corporate and project financing, securities, listings, regulatory compliance and corporate governance. Among the firm’s clients are banks, brokerage houses and institutional investors. Iancu Toader heads up the banking and finance team.

Hammond, Bogaru and Associates SCPA was active in the regulatory and debt recovery areas in 2010. The firm acted for KLG Logistic SRL in securing a development loan of €15m from the Dutch Development Bank. The work required a detailed review of corporate and commercial documentation as well as an examination of the security documentation. Nicholas Hammond is the name to note.

Mihai Mares heads up the banking and finance practice at J&A Garrigues SLP – Sediu Permanent. The firm has a strong Spanish client base and experience in Romania acting on the borrower’s side of transactions. Caja De Ahorros y Pensiones De Barcelona is an important client.

McGregor & Partners S.C.A. is a full service law firm with offices in Bucharest and Sofia, Bulgaria. Project finance and securities work are among the firm’s areas of expertise. Managing partner Neil McGregor is the main point of contact.

Rubin Meyer Doru & Trandafir, SPCA’s banking expertise extends to municipal bond offerings, privatizations, debt and equity acquisitions, and institutional investment strategies. The practice has experience acting for state entities and is international counsel for the Romanian Ministry of Transportation with regard to securitized and non-securitized bond offerings on European national markets.