The Legal 500

Clifford Chance’s highly admired Spanish office draws its roots from the banking and finance sector, having launched in Madrid in 1987 as a banking boutique. Jaime de San Román, one of its original partners, heads up the finance department; ‘he is one of the best respected banking experts in the market’. The firm is able to advise on the full spectrum of financial products, including syndicated lending and leveraged and acquisition finance, as well as asset finance and structured finance. Its star team of partners includes the ‘energetic and responsive’ Alberto Manzanares, as well as highly esteemed specialists José Manuel Cuenca, Pablo Bieger and Carlos Hernández-Canut. Recent highlights include advising Barclays on €1bn financing of Abertis to finance a number of acquisitions, as well as BBVA in the €800m refinancing of Dominium Dirección y Gestión’s debt. ‘I have no hesitation in recommending them, they are exceptional’, one client commented.

Freshfields Bruckhaus Deringer fields a top-notch finance team, co-headed by the ‘superb’ Iñaki Gabilondo and by the ‘extremely experienced’ Fernando Bautista. The firm has had an outstanding year in finance, having advised on many of the largest restructurings and refinancings within the real estate sector in Spain. Notable examples include being involved in Metrovacesa’s €12bn potential restructuring of its financial indebtedness; Inmobiliaria Colonial’s restructuring of over €8bn debt facilities; Reyal Urbis’ restructuring (including short term debt and the €4.04bn syndicated facilities granted to acquire Inmobiliaria Urbis); and on the restructuring of the Martinsa-Fadesa group. ‘ Freshfields Bruckhaus Deringer has managed to stay on top of their game, continuing to scoop many high-end instructions in financial restructurings’.

Linklaters SL’ phenomenal capability in this sector is recognised by clients as ‘highly experienced and always available’. Having been busy with a number of restructurings last year, the team has advised clients on a wide range of issues from debt rescheduling, to debt and equity restructuring, distressed M&A activity, strategic investments and rescue planning and implementation. Highlights include acting on a €1.22bn Club Facilities Agreement between Fomento de Construcciones y Contratas and La Caixa, led by the ‘outstanding’ Pedro de Rojas. On another major instruction, the practice advised the banks, including BNP Paribas and Allied Irish Banks, in their financing Sun Capital Partners regarding its acquisition of 1,152 of Banco Santander’s branches throughout Spain. The deal was one of the largest ever sale and leaseback in Spain. Also highly recommended are finance experts Conrado Tenaglia, ‘an outstanding negotiator’ and Iñigo Berricano, viewed as ‘tremendously knowledgeable’.

Highly admired for its banking and finance expertise, Uría Menéndez boasts a large number of its corporate partners devoted to banking and finance, including project finance, acquisition finance and corporate finance. ‘They are the most complete firm in Spain, all of the firm’s partners are highly versatile, being able to advise both on high-end corporate and finance instructions, without losing the high level of quality that the firm represents’. One of the firm’s most significant recent instructions was the advice given to Prisa, the leading Spanish media group, in the €4.2bn financing of the acquisition of Sogecable, as well as the refinancing of Prisa Group. Carlos de Cárdenas Smith, ‘one of the most outstanding finance practitioners in Spain’, led the advice. Acciona, Spain’s leading construction and energy company, also instructed the firm on the €1,7bn refinancing of the debt incurred in the acquisition of a 3.97% stake in Endesa. ‘Heavyweight corporate expert’ Juan Miguel Goenechea was the lead partner.

Allen & Overy’s international reputation as a premier banking and finance firm is confirmed in Spain, where the firm fields an outstanding team of experts led by the ‘well-seasoned’ Charles Poole-Warren, the ‘hugely capable’ Ignacio Ruiz-Cámara and the ‘always available’ Eduardo Sebastián de Erice. However, the firm is still significantly smaller than its most direct competitors, and it is in corporate and M&A that the firm excelled in 2008; ‘they have had a particularly active year in M&A, with a few of its best-known banking experts having shown an impressive ability to advise on corporate matters’. The firm remains a major force in finance, with recent highlights including one of the most complex restructurings of the year, having acted for HSBC on the €800m financing granted to the Sanahuja family, in connection with the takeover of Metrovacesa, the second largest Spanish listed real estate company. Credit Suisse Securities (USA) also instructed the firm a $1.03bn financing to Petersen Energía, for the acquisition of a 19.9% stake in YPF.

Ashurst LLP’s ‘superb’ finance department is led by well-known banking expert Gonzalo Jiménez-Blanco. One of its most notable recent instructions came from Panrico, which instructed the firm on the structuring and negotiation with the banks, regarding its acquisition of the biscuits business of Kraft in Spain and Portugal. Clients specifically praise ‘the level of knowledge, dedication and friendliness’ of the firm. Barclays Bank has also recently used Ashurst LLP, regarding a major financing connected with the provision of ticketing services, accomodation and hospitality services to the FIFA World Cup in 2010. Juan Hormaechea is also recommended.

Cuatrecasas, Gonçalves Pereira’s solid practice in banking and finance is regarded as ‘up and coming’. The practice was involved in the €2.9bn financing of a takeover bid for Iberia, which eventually failed. Texas Pacific Group and other members of a consortium instructed the firm on this occasion. The department is co-led by the ‘always reliable’ Eduardo Ramírez and the ‘bright and sharp’ Alejandro Escoda. Another major highlight was the team’s advice to Nefinsa in connection with the €850m financing of a takeover bid over for Uralita. Clients comment that the firm ‘has shown an amazing capability to deal with the largest and most complex transactions’. Santander, Société Générale and RBS also instructed the firm in connection with a €800m corporate finance transaction with FCC. Rafael Mínguez is also recommended.

Widely acknowledged in the market as being DLA Piper’s most powerful department, the banking team owes much of its reputation to the ‘phenomenal expert’ Javier López Antón, also the firm’s managing partner. ‘He is a superb rainmaker, excellent to work with and a real gentleman’. The election of Jesús Zapata to the partnership in January 2008 confirms that this remains one of the firm’s key growth areas. Last year’s highlights include advising RBS, as agent, and a syndicate of 17 additional banks in the €2.21bn acquisition financing of a 26% stake in the share capital of Metrovacesa; and also representing a group of several banks, including BBVA, Société Générale, Banesto, Caja Madrid, in connection with the project financing of the construction and operation of 25 photovoltaic plants. Team head Javier Santos also receives high praise for his ‘incredibly professional approach’.

Also highly admired for its banking and finance capability, Garrigues spans restructuring, acquisition finance; real estate finance, and corporate lending. The department is spearheaded by the ‘technically flawless’ Rafael González-Gallarza. A bank syndicate led by La Caixa instructed the team in connection with the restructuring of a Facility Agreeement granted to Promotiones Habitat for the €1.58bn purchase of Ferrovial Inmobiliaria. Other highlights include advising on the restructuring of Detinsa by way of a syndicated credit facility and the novation of bilateral credit agreements. Finance expert partner José Guardo has been regarded as ‘one of the masters in finance in Spain, an undisputed leader’. Pablo San Gil and Lluis Esquerra are also highly recommended.

Gómez-Acebo & Pombo Abogados has had a busy year in finance, having represented Martinsa-Fadesa on the refinancing of its €4bn debt. Ángel Varela led the matter, ‘he is simply phenomenal, clearly one of the best, I would use him again without hesitation’, one client commented. Other leading individuals include Fernando Igartua and Carlos Rueda. Ahorro Corporación Financiera instructed the firm in connection with a €260m financing for the acquisition of hotels in Berlin, New York, Geneva, Cologne and London, for Losan Group. The firm has recently added Barclays and ING to its client portfolio.

Although generally regarded as a ‘one of the best corporate boutiques in Spain’, Araoz & Rueda has also built up an impressive banking and finance track record. The practice was chosen by the International Finance Corporation (IFC), to assist the private lending/investment arm of the World Bank Group, in connection with an equity investment of €16m in Mixta Africa, a company dedicated to residential and turistic infrastructure development in Africa. While the department is led by the ‘well respected’ Ignacio Trillo, Clifford J Hendel also receives praise for being ‘one of the most resourceful lawyers in the market’. Other clients include Lloyds TSB and Natixis Transport Finance.

Baker & McKenzie fields an admirable banking and finance practice, which is spearheaded by Fernando de la Mata and Maria Gracia Rubio, with both ‘exceptionally well-regarded in the sector’. Norddeutsche Landesbank Girozentrale instructed the team in connection with the financing of Pramerica, a German real estate investment company, for the acquisition and leaseback of the Nozar towers in Madrid. The practice has also advised Banco Santander, Calyon, Fortis Bank and The Royal Bank of Scotland.

Bird & Bird (Spain) LLP has managed to consolidate a solid and experienced team in this sector, under the leadership of Andrés Lorrio, who the firm hired from Araoz & Rueda three years ago. ‘They are now a player in this sector’, one client commented. On one of its most relevant instructions recently, the team advised private equity firm Abraxa Integrated Financial Solutions in the acquisition of a number of photovoltaic solar plants with an installed power of around 10 megawatts, located in the municipality of Valdecaballeros (Badajoz). CIBC World Markets also instructed the practice in relation to a €243m financing for the acquisition by Barclays Private Equity of the Global Refund Group.

One of the most admired corporate firms in Spain, CMS Albiñana & Suárez de Lezo also fields a well-regarded banking and finance practice. Gracia Sainz Partner and José Antonio Rodríguez are the team’s best known individuals, having recently led the firm’s advice in several refinancings and restructurings, acting for both banks and borrowers. Banco Santander has been one of the team’s most active clients of late, having instructed the firm on the €90m financing of the acquisition of 10 senior care facilities across Spain, by Intercentros Ballesol; as well as on the €6.3m LBO financing for the acquisition of Workcenter. Other clients include GE Money Consumer Lending, which the practice assists on regulatory issues.

Perez-Llorca has also seen an increase in the number of financial restructurings. The practice advised Stabilus, a German automotive part group, on Spanish aspects of the €360m re-financing of its debt, and also in the arrangement of the security package. According to clients, the team ‘has gradually carved its place as one of the market’s major players’. Fernando Quicios earns praise for being ‘a great professional’. Vicente Conde is also highly recommended.

Ramòn y Cajal Abogados boasts an experienced finance practice, with recent highlights including advising Caja Navarra on a €1.7bn financing of the acquisition of a stake in Peraltesa de Fibras, by a number of investors. The team’s ‘strong ability’ in this area has been acknowledged by other clients such as Citibank International, Fortis Commercial Finance, Sociedad Española de Sistemas de Pago and The Royal Bank of Scotland.

SJ Berwin’s specialist banking and finance team earns respect, recently advising British Land, one of its long-standing clients, on the financing by Fortis of the purchase of the Nueva Condomina regional shopping centre and retail park in Murcia, for €350m, in a joint venture with the closed-end fund PREF. The deal was one of Spain’s largest single out-of-town retail investments.