The Legal 500 > Europe, Middle East & Africa > Germany > Lending and borrowing

The practice at Clifford Chance has extensive expertise in unitranche financings (including super-senior structures), public takeover financing, mezzanine, second lien and PIK finance as well as infrastructure financing and restructuring, which is mostly called upon by banks. Other clients include private equity investors, direct lending funds and corporates. The team jointly led by Bettina Steinhauer and Barbara Mayer-Trautmann also includes Steffen Schellschmidt, who joined in October 2018 from Fried, Frank, Harris, Shriver & Jacobson LLP and specialises in syndicated loans linked to acquisition financing mandates and associated restructuring. Thomas Weitkamp left the firm in May 2018 to join Latham & Watkins LLP.

Banks and corporates call upon Hengeler Mueller's in-depth expertise, which is regularly demonstrated in large-scale corporate and acquisition financing, while an increasing number of private equity funds from the mid-cap sector instruct the practice with LBO financings. Acting in close conjunction with the M&A practice, the team also handled various large-scale syndicated loans (including guarantee lines) during the research period, which is an area of particular expertise for Johannes Tieves and Nikolaus Vieten. Daniel Weiß, who provides wide-ranging advice on financing issues, and Daniela Böning, who specialises in loan financing and promissory loans, are also key members of the team. Ralf Defren joined Willkie Farr & Gallagher LLP in August 2019.

The close cooperation with the DCM and ECM teams as well as the restructuring practice enables the financing team at Latham & Watkins LLP to provide sponsors, banks, debt funds and corporates with wide-ranging advice on restructurings, LBOs and corporate finance matters. These key elements received a further boost with the arrival of Thomas Weitkamp from Clifford Chance in July 2018, while the team is also experienced in handling transactions based on bond and covenant lite structures. Other work pertains to real estate financing and matters under English and US law. Restructuring expert Frank Grell, vice chair of the global finance practice Alexandra Hagelüken and Sibylle Münch, who was elevated to the partnership in March 2019, are among the key figures of the team. Associate Kim Woggon is praised as being 'pragmatic and solution-oriented'. Andreas Diem retired in December 2018.

Milbank focuses on advising banks, debt funds and other lenders as well as financial investors and corporates on acquisition and corporate finance. The team demonstrates particular expertise in financing transactions with cross-border elements and involving capital markets products. In corporate finance, the team regularly acts for investment grade and sub-investment grade borrowers and frequently advises on refinancing and IPO preparation issues as well as on restructuring-relating matters. The 'very reliable, quick and solution-oriented' Thomas Ingenhoven and Mathias Eisen are the main contacts.

White & Case LLP 'has an excellent network', which leads to regular cross-border financing transactions under English, German and New York law. Clients, including banks, financial investors and sponsors, also praise the team's 'quick response times and absolute reliability' and benefit from its in-depth expertise in leverage finance and corporate finance as well as in financial restructuring and high-yield interface issues, which are handled in cooperation with other teams. Other work pertains to project and asset financing, which constitutes a key portion of the Hamburg-based office led by Florian Degenhardt. Other key members include Vanessa Schürmann, who heads the English financing practice, and leveraged acquisition financing expert Florian Ziegler, who made partner in January 2019. Tom Schorling left the fim in March 2019 to found LIEBLING KRONBERG.

Recognised for its broad offering, CMS advises major banks as well as German and international companies and sponsors on acquisition and corporate financing and refinancing, while also handling project finance (most notably in the infrastructure and renewable energy sectors) and real estate finance. The 'professional and friendly' Markus Pfaff and the 'reliable and solution-oriented' Marc Seibold jointly head the 'experienced and quick' team.

Borrowers and lenders appreciate Hogan Lovells International LLP's 'outstanding service, first-class know-how and commitment' and regularly instruct the team led by the 'technically extremely competent and solution-oriented' Katlen Blöcker to advise on acquisition financing, corporate loans and real estate finance as well as on trade and export financing. Carla Luh is the main contact for project finance. Much of its workload is handled in cooperation with other practice groups and offices, where the team benefits from its international network. This also led to an increasing number of French clients, due to the growth of the firm's Paris banking group. In September 2018, Patrick Mittmann moved to Baker McKenzie, while at the same time of the following year, Bianca Engelmann joined the practice from Allen & Overy LLP. She handles a wide range of acquisition and corporate finance.

The team at Norton Rose Fulbright 'has many years of experience in syndicated loans and acquisition finance' and advises banks, export credit agencies and corporates on project finance and refinancing matters. The 'very committed' Oliver Sutter heads the practice, which was strengthened in September 2019 by the return of Caroline Herkströter, who had meanwhile taken on the role of general counsel at DekaBank. In July 2019 however, the team lost loan financing expert Nadine Bourgeois to Luther Rechtsanwaltsgesellschaft mbH. 'Very experienced' asset and project finance expert Markus Radbruch was elevated to the partnership in January 2019.

Shearman & Sterling LLP's strength lies in mid-cap LBO financing, including traditional bank finance and unitranche financing, and expanded its client portfolio with several debt funds and private equity firms. The team is jointly led by Winfried Carli and Esther Jansen and works in close conjunction with finance colleagues from the firm's global network.

Working in close junction with other practice groups and offices, the team at Baker McKenzie handles acquisition, corporate and project finance and strengthened its real estate finance offering with the arrival of Patrick Mittmann from Hogan Lovells International LLP in September 2018. While predominantly receiving instructions from lenders, corporates are also part of the team's client portfolio. Oliver Socher heads the team, which lost Anouschka Zagorski to Freshfields Bruckhaus Deringer in January 2019.

Heuking Kühn Lüer Wojtek covers a broad spectrum of acquisition and corporate finance and predominately acts for borrowers, including private equity firms, while also assisting lenders with finance transactions and refinancings. Vinzenz Bödeker heads the practice, which includes the 'friendly, uncomplicated, reliable and extremely professional' Thomas Schrell. Together with Michael Neises, he also advises on project and export financing.

DLA Piper focuses on project and real estate finance, which are both particular areas of expertise for team head Torsten Pokropp, but the practice also handles corporate and acquisition finance.