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

‘Top market player’ Clifford Chance routinely assists banks, private equity investors and corporates, including family-owned companies, with national and international acquisitions alongside corporate finance, restructuring, refinancing and recapitalisation matters as well as with the acquisition finance for listed companies and infrastructure finance. Team head Bettina Steinhauer advised J.P. Morgan on providing Hochtief with the acquisition financing for its voluntary tender offer for Spanish company Abertis Infraestructuras, and, together with Barbara Mayer-Trautmann, she acted for Barclays as mandated lead arranger on a €12bn financing for Fortum’s public takeover offer for Uniper. In other significant work, the team advised an international banking consortium on financing the takeover of PlusServer, a provider of managed hosting and managed cloud solutions, by private equity firm BC Partners, and assisted Commerzbank with two loans for the acquisition of ZF Friedrichshafen’s Global Body Control Systems business by Hong Kong-based company Luxshare. In other work, the group advised Deutsche Glasfaser on a €650m refinancing, and assisted a Chinese consortium with the acquisition of Robert Bosch Starter Motors Generators. In early 2018, Thomas Weitkamp moved to Latham & Watkins LLP and counsel Mattias von Buttlar joined White & Case LLP. Acquisition finance expert Steffen Schellenschmidt joined the team from Fried, Frank, Harris, Shriver & Jacobson LLP in late 2018.

Hengeler Mueller’s strength lies in providing advice on syndicated acquisition finance and promissory loans. Acting as lead counsel, Johannes Tieves acted for a bank consortium on matters pertaining to a €2.5bn revolving syndicated loan for SAP to refinance its existing credit line, and advised HeidelbergCement on a €3bn syndicated revolving multi-currency credit facility for cash drawings and loan guarantees in euros and other currencies. Daniel Weiß assisted Erwin Hymer Group with the reorganisation of its group financing by concluding a syndicated credit facility and a promissory note in the aggregate amount of €400m, while Nikolaus Vieten assisted Finland-based energy company Fortum Oyj with the €12bn acquisition finance for the launch of a voluntary public takeover offer to all Uniper shareholders. In other significant work, the team advised Metro on various financial instruments including private and public bonds, bilateral credit facilities, promissory loans and revolving credit facilities, and Daniela Böning acted as lead counsel for Davis-Standard and its majority owner Oncap on the acquisition of Maillefer International Oy including related financing matters. Other key individuals include Heinrich Knepper and co-managing partner Dirk Bliesener. In November 2018, Andreas Lischka joined White & Case LLP as local partner, and Dr Ralph Defren left for Willkie Farr & Gallagher LLP in August 2019.

Working closely with its capital markets team alongside its London and US offices, Latham & Watkins LLP is adept at handling acquisition finance, LBO and corporate finance transactions, frequently combined with covenant lite structures and high-yield bonds, while also having experience in restructuring and real estate finance matters. The team acts for borrowers and lenders alike, leading to regular instructions from companies, investment banks and sponsors. Together with colleagues from the firm’s capital markets practice, Alexandra Hagelüken and counsel Sibylle Münch advised a bank consortium on matters pertaining to the financing of the high-yield bond-financed takeover, the first one of its kind on the German market, of MDAX listed group Stada by Bain Capital and Cinven, and assisted another banking syndicate consisting of Citigroup Global Markets and Royal Bank of Canada with a €2.5bn credit line for VW Credit. Together with counsel Cora Grannemann, Hagelüken also advised private equity firm BC Partners on financing the acquisition of PlusServer by way of a covenant lite transaction. In Munich, Christian Jahn and Andreas Diem, who retired in summer 2018, advised One Equity Partners on the financing of the acquisition of SGB-SMIT Group from BC Partners, consisting of a term loan B, a guarantee facility and a facility feature totalling €590m. In May 2018, the firm’s Bavarian office was augmented with the addition of Thomas Weitkamp from Clifford Chance. Daniel Ehret moved to King & Wood Mallesons in October 2017.

White & Case LLP specialises in advising banks, sponsors and companies on leveraged finance alongside corporate, real estate, project and asset finance, while the Hamburg office is best known for its expertise in structured finance and refinance work in the energy and infrastructure sectors. Assisting with banking supervisory law and restructuring-related matters constitutes another key element. Vanessa Schürmann advised an arranger on the repricing and increase of the existing term loan B for Apcoa Parking to €380m, and assisted a banking consortium with the financing of One Equity Partners’ acquisition of SGB-SMIT Group from BC Partners. A different banking syndicate received advice on the refinancing of the German transport and logistics company Hapag-Lloyd by way of increasing a revolving syndicated loan of $125m to $145m, while, together with capital markets expert Rebecca Emory, Schürmann assisted a banking syndicate led by Deutsche Bank and J.P. Morgan with the €1.35bn refinancing of the Senvion Group, which included a €400m high-yield bond, a secured multi-currency revolving facility valued at €125m and a €825m secured multi-currency letter of guarantee facility. The team also increased its bench strength by adding several associates alongside local partner Sebastian Schrag, who joined in June 2017 from now dissolved firm Heymann & Partner. Mattias von Buttlar joined the firm in January 2018 from Clifford Chance but left again in June of the same year. Local partner Veit Sahlfeld joined Norton Rose Fulbright as of counsel in April 2018, while Andreas Lischka joined the firm as local partner from Hengeler Mueller in November 2018.

While CMS’ team has traditionally been focusing on work for borrowers, it continues to expand its capabilities acting for lenders, leading to a diversified client portfolio consisting of banks, German and international companies and sponsors. Its strengths lie in dealing with acquisition finance, most notably in the infrastructure and renewable energy sectors, and corporate finance alongside refinancing and restructuring matters, while real estate finance constitutes an increasingly significant portion of the practice’s workload; in this segment, the team has recently been advising several funds and private equity firms. Co-team heads Markus Pfaff and Marc Seibold advised Evcap on the financing of the acquisition of City Carré Magdeburg, and GSAF Holdco EUR on the financing of the acquisition of a number of student residences in various major German cities. In corporate finance, the practice assisted Dr. Ing. h.c. F. Porsche with the issuance of a €280m promissory note loan, and advised listed corporation ElringKlinger on a €200m promissory note loan. Hirschvogel instructed the team to assist with a syndicated financing totalling €400m, while Hamburg-based Marc Riede advised construction company Hochtief on a syndicated revolving credit facility valued at €1.7bn. Highlights in the acquisition finance space included advice to strategic investor Bottega InvestCo on the financing of the acquisition of Getronics for €200m, and Afinum Siebte Beteiligungsgesellschaft on the financing of the acquisition of a majority stake in Garz & Fricke.

Hogan Lovells International LLP’s banking and finance team benefits from the firm’s international network on one hand and from strong internal ties with various other practice groups on the other, allowing the team to handle the full spectrum of acquisition and real estate finance matters alongside trade and export finance work. This leads to a balanced client portfolio consisting of borrowers and lenders, including banks and various alternative lenders such as debt funds and insurance companies, while the team has also been increasingly active for French clients such as Société Générale, which is predominately due to the expansion of the firm’s Paris office. Recent significant matters include advising Grover on an asset-backed loan structure provided by Varengold Bank, assisting Ares Management, in co-operation with the London office, with corporate financing matters, and acting for Lang LaSalle in adjusting a multi-currency loan agreement with an international banking syndicate. Patrick Mittmann, who joined Baker McKenzie in September 2018, also advised Lang LaSalle on senior notes. In acquisition finance, team head Katlen Blöcker and members from the corporate practice assisted CTDI with financing issues concerning the acquisition of Communications Test Design’s EMEA repair services division. In late 2017, counsel Sven Seibold moved to DLA Piper.

Norton Rose Fulbright provides ‘high-quality advice’, which is frequently drawn upon by national and international lenders such as banks and credit institutions but also companies acting as borrowers. Its offering includes assistance with acquisition, corporate and real estate finance as well as restructuring and insolvency-related matters. Practice head Oliver Sutter is ‘excellent, very pragmatic and solution oriented’. Hamburg-based shipping expert Timo Noftz has notable expertise in asset and project finance. Banking law expert Rüdiger Litten moved to Fieldfisher’s Frankfurt office in April, while of counsel Veit Sahlfeld joined the team from White & Case LLP at the same time. Markus Radbruch made partner in January 2019.

With a focus on the German mid-cap market and in close co-operation with its colleagues form the firm’s global network, Shearman & Sterling LLP acts for borrowers and lenders in LBO transactions, unitranche and super-senior financings alongside corporate finance. Together with its corporate practice, Esther Jansen, who jointly heads the team with Winfried Carli, advised Allianz Deutschland on financing law matters concerning the sale of its majority stake in Oldenburgische Landesbank to Bremer Kreditbank, and assisted Citic Capital China Partners III, a buyout fund managed by Citic Capital, with matters pertaining to the financing structure of a co-investment with 3i Group in the company Formel D. In other highlights, Carli advised capiton on the financing of the acquisition of Magix Software, acted for Cathay Capital on the financing of the acquisition of the automotive supplier E.Winkemann from Equistone Partners Europe, and assisted Crescent Capital with the unitranche refinancing of 3B Scientific Group, a global manufacturer of medical and scientific teaching tools. The last-mentioned mandate was co-led by Matthias Weissinger, who made partner at the end of 2017; in another highlight, he acted for Commerzbank as arranger in the refinancing of the Huber Packaging Group.

Benefiting from its global reach, the team at Baker McKenzie frequently works in conjunction with various offices from its international network. Led by Oliver Socher, the team focuses on handling syndicated loan matters as part of trade and export finance, acquisition finance and restructuring mandates, but had to face a significant loss when securities expert Martin Kaiser moved to Ashurst LLP in September 2017 followed by real estate and asset finance specialist Filip Kurkowski in January 2018. As a counterbalance, the practice added real estate finance partner Patrick Mittmann from Hogan Lovells International LLP in August 2018. Recent highlights include advising Standard Chartered Bank on a two-currency loan facility valued at $306m and €956m respectively and issued to Yapı ve Kredi Bankası, which required co-operation with the firm’s Istanbul and London offices. In other work, Socher assistedo Credit Suisse with a unitranche financing and a facility feature, and acted for Commerz Real Kapitalverwaltungsgesellschaft on the acquisition of a wind farm for its CR Institutional Renewables Energies Fund. The latter mandate was handled in co-operation with colleagues from the M&A and energy law groups and demonstrates the team’s growing capabilities in energy sector work. In further demonstration of this, the team advised a consortium consisting of 13 European and Asian banks on the financing of the acquisition of ista International, a global provider of efficient energy services. In real estate, Kathrin Marchant assisted a banking consortium with the financing of the acquisition of the Sony Center in Berlin.

With ‘outstanding industry knowledge’, DLA Piper ‘provides the full package’ and focuses on advising companies and financial institutions on acquisition finance, while handling project finance work in the energy and infrastructure sectors constitutes another central pillar of the practice. In this segment, ‘flexible and well-versed’ counsel Robert Hofbauer assisted DekaBank Deutsche Girozentrale with the project financing for the offshore wind farm project Nordlicht in Norway, and advised Norddeutsche Landesbank on the project financing for one of Marguerite’s wind farm projects in Sweden valued at €60m. Team head Torsten Pokropp is ‘precise and highly experienced’ and ‘consistent’ real estate finance expert Frank Schwem is ‘an extremely strong negotiator’. The team added counsel Sven Seibold from Hogan Lovells International LLP in late 2017 but lost former practice head Wolfram Distler to Weil, Gotshal & Manges LLP in September 2017.

Goodwin has real estate finance at its core but the team led by the renowned Stephan Kock also handles various other forms of loan financing and, due to the firm’s international reach and strong co-operation with its US offices in particular, it is well versed in handling US-related matters. This leads to regular instructions from, among others, German banks, which require assistance with their US business, while, in leveraged finance, the practice works in close conjunction with its Paris colleagues, and, in real estate, with its London office. In recent co-operation with its colleagues in London, the team advised real estate financing company Medical Properties Trust on the financing of a joint venture with Primonial Group with an investment value totalling €1.635bn. In other work, the team has been increasingly active in advising investors and debt funds; it advised a debt fund set up by GreenOak on the provision of a €100m loan to finance a real estate portfolio in Germany. HSH Nordbank instructed the team to advise on the financing of the acquisition of a commercial property in Germany as part of a share deal by Global Gate Capital Management. Kira Müller joined the team as international legal consultant from Baker Botts L.L.P.’s Moscow office in May 2018.

With a focus on SME sector work, Heuking Kühn Lüer Wojtek predominately assists borrowers with mid-cap acquisition finance and corporate finance matters but the team also advises lenders. Acting for several private equity funds, Michael Neises advised Auctus Capital Partners on the financing of Fernao Networks Group’s acquisition of Berlin-based IT system vendor globitis and Barleben-based system vendor Netzwerk Kommunikationssysteme as well as on increasing its existing financing. He also assisted the Swiss private equity firm CGS with the financing of the acquisition of a stake in Stürtz Maschinenbau, while team head Thomas Schrell, who has ‘a good overview of the market’, advised new client Katjes International on the financing of the acquisition of the Italian group Sperlari. Other highlights include advising a consortium of public-sector banks on the financing of the acquisition of speciality clinics by Ufenau Capital Partners, and assisting Premium Equity Partners with the refinancing of an external bank financing of a portfolio company. Helaba and SW Invest Finance Trade are also clients.

Jones Day provides advice on acquisition finance, corporate loans and real estate finance to both lenders and borrowers and, in doing so, frequently acts in co-operation with other offices across the network. Together with its New York office, of counsel Sascha Schmidt advised Auria Solutions USA on matters pertaining to a $350m loan granted by Bank of America consisting of a long-term loan valued at $100m, a $150m revolving credit line and a $100m fixed-term loan with deferred claim. He also assisted the management of Stürtz Maschinenbau with financing matters pertaining to the sale of its majority stake to CGS, a Swiss private equity firm, while team head Sandra-Christiane Kamper advised Emeram Capital Partners on the acquisition and the financing of two parallel transactions in the healthcare sector: firstly, the acquisition of Meona and, secondly, the acquisition of E.care bvba. Hunnewell Partners instructed the team to advise on issues concerning its joint venture with Georgian Co-Investment Fund to found Cement Invest as well as the joint venture’s acquisition of 50% voting rights and 45% of CaucasusCement Holding’s equity from HeidelbergCement Central Europe East Holding. Claudia Leyendecker is the main contact for real estate finance.

King & Spalding LLP delivers ‘high-quality work’, frequently in conjunction with its London and New York-based finance teams, among others. Due to this, Sebastian Kaufmann, who is considered ‘a specialist in pfandbriefe’ and provides ‘well-founded high-quality advice’, splits his time between the Frankfurt and New York offices. The team’s strengths lie in advising lenders and borrowers on cross-border real estate finance in the mid-cap sector. Andreas Böhme advised Tishman Speyer on financing the acquisition of Pressehaus on Alexanderplatz in Berlin from media group Bertelsmann for its new fund Tishman Speyer European Real Estate Ventures VII.

Based on its close co-operation with its M&A, private equity and restructuring teams, Weil, Gotshal & Manges LLP is particularly well versed in handling acquisition finance alongside public takeovers and financing matters arising from restructurings and distressed asset deals. Michael Kohl, who jointly heads the team with Wolfram Distler, advised global copper and copper alloy manufacturer KME on financing matters pertaining to the issuance of senior secured notes alongside its extension and modification of existing collateralised syndicated bank loans and cross-border factoring financing of the group. Together with its London office, the team assisted Advent International and its portfolio group Brammer with a syndicated bank loan financing as part of the acquisition of the IPH Group, and, together with its London colleagues and its German corporate team, Distler advised financial investor Novalpina Capital on the financing of its voluntary takeover offer for Tallinn-based Olympic Entertainment Group by Morgan Stanley and Raiffeisen International.