Firms To Watch: Bank lending: investment grade debt and syndicated loans

Cravath, Swaine & Moore LLP made a significant double hire in early 2023, taking on Korey Fevzi and Philip Stopford from Shearman & Sterling LLP adding notable capabilities in syndicated lending and direct lending transactions and gifting the elite US firm a long-anticipated English law offering.

Bank lending: investment grade debt and syndicated loans in London

A&O Shearman

Combining the ‘inherent bench strength and breadth of experience of a Magic Circle firm, with the personal touch and availability normally retained for smaller firms’, A&O Shearman remains a very popular choice among major commercial and investment banks for advice on syndicated global loans. In this context, the ‘top-notch banking team’, which is co-headed out of London by Simon Roberts and Philip Bowden, is also able to effectively leverage its vast international resources, ensuring that it can provide a holistic, one-stop-shop approach. Drawing upon ‘a vast and detailed knowledge of the syndicated loan market’, Greg Brown regularly advises lenders on the provision of finance facilities for large investment grade borrowers, including in relation to ESG/sustainability-linked transactions. The ‘exceptional’ David Campbell arrives at ‘very pragmatic solutions’, including for Nordic lenders and corporates, in addition, he has been at the forefront of the firm’s use of legal technology to better facilitate the migration from LIBOR to new risk-free rates. The ‘super responsive’ Jane Glancy has a ‘broad range of knowledge and experience’, which she imparts to good effect on general corporate lending (for both investment grade borrowers and on cross over credits), as well as investment grade-led acquisition finance facilities. Senior associate Dominique Crowley is also recommended and has been at the forefront of the firm’s efforts advising on the transition from LIBOR to risk-free rates. Following the merger with Shearman & Sterling, the team now includes Sanjeev Dhuna, whose focus is primarily on leveraged finance mandates.

Practice head(s):

Simon Roberts; Philip Bowden

Other key lawyers:

Greg Brown; David Campbell; Kathleen Wong; Fiona Cumming; Jane Glancy; Oleg Khomenko; Catherine Lang-Anderson; Dominique Crowley; Sanjeev Dhuna


It is a top-notch banking team.’

They combine the inherent bench strength and breadth of experience of a Magic Circle firm, with the personal touch and availability normally retained for smaller firms.’

Greg Brown has a vast and detailed knowledge of the syndicated loan market, a great rapport and is always on hand with quick but sound delivery.’

The exceptional David Campbell explains everything really well and comes up with very pragmatic solutions.’

The super responsive Jane Glancy is highly skilled, detail-oriented and provides sound solutions-based advice.’

Jane Glancy continues to amaze with her broad range of knowledge and experience and her ability to be available and close to the detail on all of her transactions.’

Work highlights

  • Advising BNP Paribas and a syndicate of lenders, arrangers and sustainability coordinator and facility agent on the refinancing of the existing £2.5bn syndicated revolving credit facility for a major UK multinational retailer.
  • Advised, among others, BNP Paribas as bookrunner and Barclays Bank plc and Citizens Bank as mandated lead arrangers and bookrunners for QinetiQ Group plc’s new £350m bridge and term facility for their acquisition of Avantus Federal LLC.
  • Advising IWG plc, a global supplier of flexible workspace solutions, on its £330m non-recourse bridge facility to fund the acquisition of The Instant Group and on the £750m amendment and restatement of its existing committed revolving credit facility.

Clifford Chance LLP

Led from London by David Robson and Taner Hassan and able to lean into the firm’s vast international resources, should the need arise, Clifford Chance LLP deploys ‘strong co-ordination skills to manage transactions’ for a compelling mix of high-profile banks and investment grade grade corporates. As well as advising on fairly commoditised investment grade syndicated lending provisions for large listed companies (where the firm is able to provide a cost-effective service by virtue of its mass ranks of associates), the firm is also highly accomplished at structuring more complex deals for cross-over credits, as well as on corporate event-driven financings. Emma Folds has excellent credibility among lenders across a range of new money and refinancing transactions, including on large-scale cross-border jumbo finance facilities. Nicholas Kinnersley has a good appreciation of finance products throughout the capital structure and is a popular choice among large multinational corporates on their financing needs, from both corporate lending and event-driven perspectives. Matt Dunn, who rejoined the firm in September 2023 from Arthur Cox, is now the key relationship partner for the Loan Market Association (LMA) following the recent retirement of Nicola Wherity.

Practice head(s):

David Robson; Taner Hassan

Other key lawyers:

Peter Dahlen; Emma Folds; Matt Dunn; Nicholas Kinnersley; Thomas Critchley; Alexandra Dimsdale-Gill


‘The firm has strong sector knowledge of emerging contractual approaches, and very good relationships across the finance and legal sectors with strong co-ordination skills to manage transactions over the line with the various different advisors and consultants involved.’

‘Great interpersonal skills – they have built a strong relationship with me and my team.’

‘The team are very much seen as our trusted advisors and a first port of call on any financing related issues, be that historic, current or discussing future options, especially with the ownership structure we have and the shareholder related documents and approvals that may be required.’

Key clients


Jaguar Land Rover

Apera Capital



Morgan Stanley




Work highlights

  • Advising the mandated lead arrangers on a €700m sustainability linked revolving credit facility for Helsinki-listed Finnish steel producer Outokumpu Oyj refinancing its existing debt facilities.
  • Advising Jaguar Land Rover on the renewal and extension of its £1.45bn revolving credit facility and a commercial loan backed by UK Export Finance to support investment plans, including ambitious electric vehicle plans.
  • Advising the mandated lead arrangers in relation to a £430m facility for UK motorway services area operator Roadchef in connection with its acquisition.

Linklaters LLP

Drawing upon an excellent overarching perspective of market trends and expertise across the credit spectrum, Linklaters LLP provides ‘technically excellent, powerfully commercial and extremely responsive’ advice to lenders and borrowers, including on general corporate lending facilities and corporate M&A financings. Oliver Edwards and Toby Grimstone are both popular figures among banks and borrowers as a result of their versatility, which includes considerable structured finance expertise – a skill set that Grimstone uses to particularly good effect on behalf clients in the commodities/mining sector. Ian Callaghan regularly acts for creditors and debtors on large-scale syndicated loan transactions, often involving bespoke structures, for both general working capital purposes, in addition to event-driven M&A. The team also includes Caroline Courtney, who is well-versed across a range of products, including as it relates to syndicated lending and asset finance.

Practice head(s):

Toby Grimstone; Oliver Edwards

Other key lawyers:

David Irvine; Oliver Sceales; Nick Syson; James Martin; Ian Callaghan; William Evans; Caroline Courtney; Chris Medley; Andrew Jennens; Pathik Gandhi; Rohan Saha; Angus Graham; Sam Mahboubian; Atish Shah; Daniel Peach; Shao-Ling Angoh; Tarini Wettimuny; Nikhita Suria; Lizanne Blair


The team provides technically excellent, powerfully commercial and extremely responsive.’ 

‘Excellent advice and top notch knowledge of the sector – can work to tight deadlines and have very good resourcing levels.’


Key clients


Bank of America

Citibank, N.A.

Deutsche Bank

Credit Agricole

Goldman Sachs

HSBC Bank Plc

J.P. Morgan

MUFG Bank, Ltd.


Pemberton Asset Management



BNP Paribas


Work highlights

  • Advising Vodafone Group plc and Vodafone Germany on the €7.1bn syndicated term and revolving facilities to be used by a joint venture vehicle as part of, amongst other things, the funding for the voluntary takeover offer for shares in Vantage Towers AG.
  • Advised Brambles Limited, an international supply-chain logistics company, on its debut $1.35bn syndicated revolving credit facility incorporating a €300m swingline facility.
  • Advised a syndicate of banks in relation to the new £300m revolving credit facility for the Ocado Group as part of a £875m debt and equity raising.

Slaughter and May

The ‘extremely, knowledgeable and dedicated’ team at Slaughter and May provides a ‘faultless service’ to the firm’s blue riband roster of investment grade corporates across the full spectrum of their debt financing requirements. Led by Matthew Tobin, the firm has been an invaluable resource to clients from a range of sectors as they have sought to navigate difficult macroeconomic conditions, and have been able ‘to use their prior experience to obtain the best outcomes’. The scope of the work is broad and includes advice on general corporate lending, acquisition finance and refinancings, with a significant proportion of recent transactions including pricing ratchets conditional on meeting various ESG-related key performance indicators. The ‘very capable’ Robert Byk is experienced at handling sustainability-linked loans, as well as more conventional loans, including as it relates to structured acquisitions and bid financings. Sustainable metrics also inform a considerable amount of Caroline Phillips‘ workflow for corporate clients, which she advises across a range of loan and debt capital markets transactions. Aligned to the firm’s generalist ethos, Ed Fife‘s eclectic offering includes borrower side advice on treasury matters and bid finance transactions, as well as some work for lenders, including in an acquisition finance context.

Practice head(s):

Matthew Tobin

Other key lawyers:

Ed Fife; Robert Byk; Caroline Phillips; Guy O’Keefe; Azadeh Nassiri; Susan Hughes; Claire Cooke; Charlie McGarel-Groves


Best in class lawyers. Faultless service – friendly, responsive and organised.’

‘Ed Fife is extremely bright, commercially astute, flexible lawyer who runs a fantastic team, with particular call out to the more junior associates who seem to operate well above their years of qualification. Ed is also able to have a laugh and a joke along the way which is important in those stressful deal situations.’

It is an extremely, knowledgeable and dedicated team.’

They are absolute experts in the area with ability to use their prior experience to obtain the best outcomes.’

Robert Byk is a very capable practitioner with an effective ability to move the transaction along.’

Key clients







Deutsche Bank


Hammerson plc

HG Vora Capital Management LLC

Work highlights

  • Advised INEOS, a global chemical and energy company, in a series of financing matters across a number of its different business divisions for the value of £3.5bn across four different loans
  • Supported Diageo plc and its pension schemes through a period of extreme volatility caused by the market’s reaction to the UK government’s mini budget delivered in September 2022 across two loans for £1bn
  • Advised Schneider Electric SE, the French industrials group, on its public offer to acquire the remaining shares in AVEVA plc.


Established in 2012 by Tim Rennie and Nicholas Moore, and now also including the expertise of recently promoted Briony Holcombe, Ashurst‘s dedicated three-partner corporate lending offering has the focus and resources to provide a very effective and cost-effective service to corporates and lenders across the spectrum of corporate lending activity. One of several in the team with in-house banking expertise, Moore has an excellent perspective, from both a creditor and debtor viewpoint, of the commercial and legal pinch-points of transactions and has deep involvement across a broad swathe of investment grade lending mandates. He has also been increasingly active advising on sustainability-linked loans, as has Holcombe for a lender focused client base, including on big-ticket underwritten facilities. Rennie rounds out the team at a partner level, and as well as his balanced debtor and creditor offering (which also includes a considerable volume of ESG-related syndicated mandates), is also a market-leader advising financial advisers on the cash confirmation process required by the Takeover Panel pursuant to public-to-private M&A deals. Counsel Darren Phelan is also recommended.

Practice head(s):

Tim Rennie; Nicholas Moore; Briony Holcombe

Other key lawyers:

Mark Edwards; Darren Phelan; Nicholas Jupp


‘Proactive, capable and professional team.’

‘The individuals we work with all go the extra distance to get the job done.’

Key clients



Bank of America Merrill Lynch

Bank of England

Berkeley Group

Bio Products Laboratories



Collinson Group

Deutsche Bank






Intesa Sanpaolo


JP Morgan


Morgan Stanley






Royal Bank of Canada



Silicon Valley Bank

Société Générale

Standard Chartered Bank

The Governor and Company of the Bank of Ireland

Tritax Big Box REIT

Tritax EuroBox


Wells Fargo

Work highlights

  • Acted for Deutsche Bank as financial adviser to Hestia Bidco Limited, an indirect subsidiary of Brookfield Infrastructure funds, on its approximately £4bn recommended cash offer for HomeServe plc.
  • Advised HSBC on its underwrite of a £400m acquisition facility and a £500m revolving credit facility made available to the Vistry Group for its recommended offer for Countryside Partnerships PLC.
  • Advised BNP Paribas and MUFG as mandated lead arrangers, underwriters, bookrunners and coordinators in relation to the £600m underwritten bridge loan and term loan to support the proposed £1.3bn cash and shares acquisition by Inchcape plc of Derco.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP's broad-based finance offering is well-placed to advise the firm's debtor-centric client base, which includes FTSE 100/250 clients and large international corporates, across a broad spectrum of their ongoing financing needs. The scope of this work runs the gamut from relatively commoditised working capital facilities and refinancing requirements, through to more bespoke structured mandates involving often complex inter-creditor arrangements. As well as regularly advising on corporate debt and the financing arrangements pursuant to corporate-led M&A (include public bid financings), team head Kristen Roberts also maintains excellent ties with the treasury teams across many FTSE companies, which are appreciative not only of his transactional expertise but also his guidance on general trends in the market. As well as her work on leveraged/acquisition finance mandates, US-qualified partner Gabrielle Wong is also frequently a valuable source to corporates (including within the music sector) tapping into the US TLB and New York-law governed high yield debt for general debt finance purposes. The firm is also skilled at handling emerging markets financings for borrowers and lenders, with both Martin Kavanagh and William Breeze particularly adept at handling multi-source financings.

Practice head(s):

Kristen Roberts

Other key lawyers:

Gabrielle Wong; William Breeze; Will Nevin; Heather Culshaw; Thomas Bethel; Martin Kavanagh; Christopher Mann; Simon Chadney; Ambarish Dash; Stacey Pang

Key clients

Johnson Matthey plc

The Weir Group


Synthomer plc


National Grid plc

Elementis plc

Capital & Counties Properties

PZ Cussons Plc

SThree plc

HarbourVest Partners


Deutsche Bank

ING Bank


Bank of America



Credit Agricole CIB

BNP Paribas

Victorian Funds Management Corporation

Work highlights

Mayer Brown International LLP

Combining ‘a client-centric approach with a “can do” mentality’ that leans into a versatile finance offering, Mayer Brown International LLP is a popular choice among international banks to structure sophisticated cross-border finance mandates, often involving complex inter-creditor arrangements. The ‘amazing’ Ash McDermott often takes the lead on complex cross-border syndicated loans and is noted for his ‘very professional and pragmatic approach’, including on transactions within the emerging markets. Trevor Borthwick is also recommended and has vast experience advising creditors and debtors on new money corporate lending transactions, as well as in a restructuring/distressed scenario. Alex Dell , who heads the overarching global banking and finance team, regularly advises lending syndicates on complex international transactions where ABL products account for a significant proportion of the debt.

Practice head(s):

Alex Dell

Other key lawyers:

Dominic Griffiths; Trevor Borthwick; Stuart Brinkworth; Charles Malpass; Ash McDermott; Aimee Sharman; Andy Kolacki; Ravi Amin; Clare Betteridge


‘Expertise with ability to structure around the more difficult cases.’

The firm combines a client-centric approach with a “can do” mentality.’

‘Focus on large and complex ABL structures with deep domain knowledge.’

‘Ash McDermott is absolutely amazing. For complex and unusual transactions, he is the person to approach.’

‘Ash McDermott exhibits a very professional and pragmatic approach.’


Key clients


ABN Amro


Barclays Bank

Work highlights

White & Case LLP

The ‘extremely experienced and user-friendly’ team at White & Case LLP has ‘excellent market knowledge’ and versatility across financial products, both from a UK and US law governed perspective, and is consequently a favourite among lenders and borrowers to advise on complex cross-border financings. On the creditor side, in spite of his senior status, Jeremy Duffygets his hands dirty on every deal he manages’, and outside of his leveraged finance sweet-spot also regularly handles broader global loans work (including corporate lending), increasingly utilising ESG/sustainability-lined metrics. ‘On top of the latest industry trends’, Shane McDonald is also a favourite among lenders, regularly working on large-cap syndicated facilities, both from an acquisition, as well as infrastructure and general corporate lending perspective. Christopher Czarnocki is also a key member of the team by dint of his balanced lender and borrower credentials in the emerging markets space, in particular.

Practice head(s):

Colin Harley; Jeremy Duffy; Gareth Eagles; Martin Forbes

Other key lawyers:

Chris Czarnocki; Emma Foster; James Hardy; Richard Lloyd; Shane McDonald; Nicola Chapman; Catherine West; Oliver Trotman; Man Hay Yip; Prema Govind


They particularly shine in complex, cross-border financings where their local offices across the the globe provide top-tier advice that encompasses collateral/security, tax, regulatory and other issues that routinely crop up in such deals.’ 

The team is extremely experienced and user-friendly.’

The firm is a top large cap lender side financing practice. They clearly handle a high volume of deals across both syndicated loans and direct lending, which means they know where the market is and the latest developments/ innovations from the sponsor side.’

Their market knowledge is excellent and ability to execute deals across any product is truly impressive.’

‘Jeremy Duffy is a consummate professional, a highly knowledgeable senior partner who nonetheless gets his hands dirty on every deal he manages. He’s also super dedicated and available 24/7 on a moments’ notice.’

The commercial and solutions-oriented Jeremy Duffy is the gold standard for lender-side advisory work.’

Shane McDonald is a great lender side lawyer. On top of the latest industry trends, Shane provides quality advice and is able to negotiate with the best of them on behalf of the lenders through the force of his personality.’


Key clients

Apollo Global Management


Africa Finance Corporation

AGP Group

ASK Chemicals Group

Ali Group

Bridgepoint Credit

Credit Suisse

CVC Credit

Deutsche Bank


Goldman Sachs


JP Morgan

Nordea Bank

Puma Energy International

Royal Bank of Canada



Societe Generale

Sumitomo Mitsui Banking Corporation



N+P Beheer B.V.

Ocorian Limited

Triton Investment Management Limited

The Carlyle Group

Inflexion Private Equity Partners

CVC Capital Partners

Puma Energy

Oaktree Capital Management

Work highlights

  • Advised Santander and HSBC, as revolving credit facility lenders, on the debt financing package to support Caffè Nero’s refinancing of all its debt.
  • Advised Puma Energy, a global downstream energy business, in connection with its $695m revolving and term loan facilities.
  • Advised BNP Paribas, Lloyds Bank and National Westminster Bank plc on a syndicated ESG-linked facilities agreement in favour of market leading international consumer goods business, PZ Cussons plc.

Baker McKenzie

Drawing upon considerable strength-in-depth from London, as well as across its international network of offices, Baker McKenzie is well-positioned to advise lenders on cross-border syndicated loan transactions. In this context, the firm is particularly adept at handling financings with an emerging markets nexus and as well as having excellent ties with commercial banks including HSBC and Standard Chartered, it is also well versed in working alongside development banks in multi-source financings. Luka Lightfoot is noted for this work, including a considerable volume of project and structured trade financings in relation to Africa (particularly within Angola). Team head Nick Tostivin is also recommended.

Practice head(s):

Matthew Dening

Other key lawyers:

Nick Tostivin; Matthew Cox; Ben Wilkinson; Sebastien Marcelin-Rice; Luka Lightfoot; Nick O’Grady; Oliver Jefferies

Key clients

Standard Chartered Bank

BNP Paribas


Barclays Bank PLC

ING Bank

Mizuho Financial Group, Inc.

MUFG Bank Ltd.




Deutsche Bank


Work highlights

  • Advising Standard Chartered Bank, Commerzbank, Komunal Kredit, Santander and Afreximbank on the €1.29bn Dual-Tranche loan to support the Angola Rural Electrification Project providing for electrification of 60 sites in rural Angola.
  • Advised a consortium of banks as mandated lead arrangers and BNP Paribas acting in its capacity as Sustainability Coordinator and HSBC Bank PLC as Agent on a sustainability linked multicurrency revolving credit loan made to Spirax-Sarco Engineering PLC and Spirax-Sarco Overseas Limited as borrowers.
  • Advising BNPP, Mizuho, SMBC, MUFG and syndicate lender group in connection with an EKN covered multi-tranche facility agreement to Softbank Corp. in connection with the expansion of the 5G network in Asia, and in particular Japan.

Cleary Gottlieb Steen & Hamilton

Acting on its own, as well as frequently alongside practitioners from across the firm’s international network of offices, Cleary Gottlieb Steen & Hamilton‘s versatile banking and finance group has deep product knowledge, which it deploys to good effect for a borrower-focused client base engaged in often highly complex capital structures. Many of these are large multinational investment grade corporates, including longstanding client Arcelor Mittal, as well as sovereign borrowers. Polina Lyadnova has ‘deep market knowledge across many markets’, and although her Russian transactional work has been curtailed following the war in Ukraine, she remains very active in other new money and restructuring-related emerging markets matters. Team head Jim Ho is recognised as a leader in sovereign debt, for both governments and sovereign wealth funds.


Practice head(s):

Jim Ho

Other key lawyers:

Polina Lyadnova; Carlo de Vito Piscicelli


They provide solutions-oriented and well-rounded advice.’

Exceptional expertise and experience in syndications. Provide both technical and practical solutions and advice.’

Polina Lyadnova is always prompt to provide practical and technical advice.

Key clients

Alphabet Inc.

American Movil



Brookfield Asset Management

Cushman & Wakefield

Eurasian Resources Group

The Hellenic Republic (Greece)


LivaNova PLC

MDC Partners Inc.

Mohegan Tribal Gaming Authority d/b/a Mohegan Gaming and Entertainment

Open Text


Sixth Street Partners


The Belron group


Universal Music Group

Warburg Pincus

Work highlights

  • Representing OpenText in its recommended offer to acquire the entire issued and to-be-issued share capital of Micro Focus International PLC.
  • Advising UMG on various matters, including: International Swaps and Derivatives Association (ISDA) Master Agreement documentation; and as borrower/guarantor under a €3bn facilities agreement.
  • Representing ArcelorMittal on its €5.5bn sustainability-linked revolving facility.


Drawing upon ‘a great depth of knowledge’ across a myriad financial products throughout the credit spectrum, the ‘responsive’ team at CMS is a popular choice among UK and international banks providing syndicated lending facilities for a range of purposes. In this context, Alex Patience regularly advises lending syndicates providing financing to investment grade corporates, including a considerable number where pricing is reliant on meeting certain environmental/ESG metrics. Team head Patrick Donegan handles a considerable amount of corporate lending and acquisition finance mandates within the infrastructure and energy sectors, in particular, while under the guidance of Charles Kerrigan, the team also has niche expertise advising on media and technology finance matters.

Practice head(s):

Patrick Donegan

Other key lawyers:

Charles Kerrigan; Anne Chitan; Mark Moseling; Alex Patience; Ruth Marken; Tom Siggers; Kerry Langton; Tom Hughes


The responsive team has a great depth of knowledge in the area.’

Thomas Siggers: Approachable, affable, experience and a joy to work with.’

Work highlights

  • Advised a syndicate of nine key technology lenders (Bank of Ireland, Barclays, Citi London, Citi Singapore, BNP Paribas, Citizens Bank, Bank Leumi, HSBC and Credit Suisse) in relation to amended, restated and increased bank facilities of $500m in total to Kape Technologies with HSBC and Credit Suisse joining the existing syndicate.
  • Advised lenders on Paypoint plc’s £144m facilities including certain funds compliant acquisition tranche to fund the company’s important £83m acquisition by scheme of arrangement of the Appreciate Group plc.
  • Advising lenders on XP Power Limited’s cross-border multi-currency $210m facilities.


Dentons provides ‘a cost-effective and solutions-oriented service’ to UK retail and international banks across a range of public and private syndicated and bilateral corporate lending and investment grade financings. James Ingham, who was promoted to partner in May 2022, regularly acts for lenders providing syndicated facilities to other financial institutions, including in emerging markets jurisdictions. Simon Middleton, who has a specialism advising on transactions within the Nordic markets, is ‘user-friendly and excellent at finding pragmatic solutions between lenders and borrowers’. Middleton co-heads the team alongside the ‘sensible and commercially astute’ Catherine Astruc .


Practice head(s):

Catherine Astruc; Simon Middleton

Other key lawyers:

Richard Sharples; Will Turner; James Ingham; Marc Gilston; Joe Byron Evans


The team has excellent market knowledge and provides a cost-effective and solutions-oriented service.’

‘Simon Middleton is responsive, user-friendly and excellent at finding pragmatic solutions during tense negotiations between lenders and borrowers.’

‘Simon Middleton is service minded and an absolute pleasure to deal with.’

Key clients

Société Générale;

Standard Chartered;

Skandinaviska Enskilda Banken


Mizuho Bank


Emirates NBD



Danske Bank



Deutsche Bank

Goldman Sachs

Fifth Third Bank


Leadenhall Capital Partners

Work highlights

  • Advising Svenska Handelsbanken as a co-ordinating mandated lead arranger and bookrunner on a SEK5bn sustainability-linked revolving credit facility for Husqvarna AB, a Swedish manufacturer of outdoor power products.
  • Advising a syndicate of lenders on the $800m multi-tranche, dual currency facility agreement entered into with Eastern and Southern African Trade and Development Bank.
  • Advising Skandinaviska Enskilda Banken (SEB) and a syndicate of lenders on a €1.1bn dual currency term facility agreement for Securitas AB.

DLA Piper

While it does handle a considerable amount of lender work within the mid-market leveraged space, DLA Piper is best known on the corporate loans/syndicated lending front for its borrower side work. Much of this is handled by Mark Dwyer and Mei Mei Wong, who are both appreciated for their ability to ‘see the bigger picture as to the company’s broader strategic objectives’. As well as handling corporate lending and treasury work, Dwyer, who has ‘excellent technical knowledge‘, also has niche expertise financing UK public takeovers of listed companies.

Practice head(s):

Mark Dwyer; Toby Barker; Matt Christmas

Other key lawyers:

Mei Mei Wong; Neil Campbell; Richard Normington; Clara Fong


‘The team is world class. They are extremely competent, pragmatic and commercial, and are our go-to for all finance work.’

Mark Dwyer has excellent technical knowledge.’

Mei Mei Wong and Mark Dwyer are both responsive, communicative and highly skilled finance attorneys. They can always see the bigger picture as to the company’s broader strategic objectives.’

Clara Fong is extremely capable and organised.’

Key clients


HICL Infrastructure PLC

InfraRed Capital Partners Limited

Keller Group plc

LivaNova plc

Mothercare plc

Together Financial Services

Drax Corporate Limited

Workspace Group plc

Metric Capital Partners

Work highlights

  • Acting for the lenders on the financing for Wise, a tech business that specialises in payment services, listed on the LSE.
  • Assisted VEON in dealing with the implications of sanctions against Russia and the military conflict in Ukraine on VEON group debt facilities including the $1.15bn revolving credit and bilateral facilities with Alfa Bank, Sberbank and VTB Bank and advice on banking aspects of a bond scheme of arrangement.
  • Advised Keller Group across a broad range of its financing matters, most recently in relation to an additional $115m term loan facility provided by Caixa.

Hogan Lovells International LLP

While it has been somewhat eclipsed by its market-leading mid-market credit fund-focused leveraged finance offering, the ‘solutions-oriented’ team at Hogan Lovells International LLP still maintains strong core commercial bank relationships which inform a good deal of syndicated corporate lending work. In addition, the firm also handles some work for large corporates on their debt finance transactions, with vastly experienced finance practitioner Matthew Cottis  still a popular choice on both sides of the table, as a result of his vast knowledge of LMA structures. The firm is also well-versed in advising on the financing of regulated insurance companies, an area that Penny Angell is particularly adept. Paul Mullen  heads up the global loan and finance group, although his primary focus remains on mid-market sponsor-backed leveraged financings.

Practice head(s):

Paul Mullen

Other key lawyers:

Matthew Cottis; Penny Angell; Jo Robinson; Katie Gill; Francis Booth; Scott Gibson


The team is solutions-oriented and risks focused. They also have the ability to co-ordinate multi jurisdiction and discipline engagements.’ 

‘Highly engaged and responsive team, with great industry knowledge and experience.’

‘Strong partner-led team with deep expertise and great understanding of our needs.’

Work highlights

Latham & Watkins

Finance heavyweight Latham & Watkins has the strength-in-depth to handle a tremendous volume and range of work for a fairly balanced lender and borrower client base. Outside of its core leveraged expertise, the team also regularly handles large corporate-led M&A financing mandates, with Jayanthi Sadanandan  handling a series of sizeable deals involving publicly-listed companies. The vastly experienced Stephen Kensell also remains very active in the space and regularly advises banks providing the financing to facilitate investment grade M&A, IPO-related finance and for working capital facilities.

Other key lawyers:

Stephen Kensell; Jayanthi Sadanandan

Work highlights

Norton Rose Fulbright

The ‘practical and innovative’ team at Norton Rose Fulbright has gained a particularly strong reputation advising lenders and corporates on syndicated emerging markets deals, where it is able to provide a value-add service through the effective use of legal tech and partnering with lawyers across the firm’s vast international network. Neha Khosla  leads on much of this work from London and has built up a strong reputation for her collaborative approach and strength at advising on multi-source financings. As well as his role as global IBOR transition head, Davide Barzilai has ‘wide experience in different areas of bank lending’, including ECA-supported mandates, ABL and Islamic finance, ensuring that he is a popular choice on complex international syndicated mandates. ABL expert Michael Black  heads up the general London banking team, while Madhavi Gosavi  is head of banking and finance for the EMEA region.

Practice head(s):

Madhavi Gosavi; Michael Black

Other key lawyers:

Neha Khosla; Michael Ings; James Dunnett; Davide Barzilai; Alex Zekkos; Grace Carpenter; Moyna Grubb


‘Always a very safe pair of hands, and show fantastic attention to detail.’

The practical and innovative team provides an efficient service.’

‘They are able to manage big projects cost effectively by using a mix of tech solutions, staff in a regional “lower cost” offices and more senior lawyers from their main offices.’

‘Neha Khosla has the ability to argue points strongly while fostering and maintaining a collaborative environment to get the deal done.’

Davide Barzilai stands out for his excellent business sense, his wide experience in different areas of bank lending and his general availability on deals in which he is involved.’

Key clients

ABN Amro

Absa Bank

Africa Finance Corporation

African Development Bank


Bank of America

Bank of China

Bantry Bay

Barclays Bank


Deutsche Bank

DNB Bank


Export Development Canada

Goldman Sachs

Hamburg Commercial Bank

HCC International Insurance Company plc



ING Bank

Japan International Cooperation Agency

JP Morgan Chase Bank

Liberty Mutual Insurance Europe






PNC, National Association

Shell International Eastern Trading


Stanbic Uganda

Standard Bank of South Africa

Standard Chartered

Swiss Re

The Bank of East Asia

Wells Fargo Capital Finance

Alleima Treasury AB


Bausch Health Companies Inc.

Chaucer Group

Coca-Cola HBC Finance BV

Countryside Partnerships Plc

Dialight Plc

Domino’s Pizza Group Plc

ED&F Man Treasury Plc

IMI Group Limited

Mortgage Advice Bureau (Holdings) Plc

Reach Plc

RWS Holdings Plc

Sandvik Treasury AB

Titan Trust Bank Limited

Work highlights

  • Advised Sandvik Treasury AB on its SEK11bn (c. £870 million) syndicated, sustainability-linked multi-currency revolving credit facilities incorporating a SEK500m swingline facility and a SEK2bn accordion facility.
  • Advised MUFG as arranger in relation to a c.$755m dual currency bridge loan facility to Africa Finance Corporation.
  • Advised new client ED&F Man Treasury Management Plc and other group companies in relation to its refinancing and renegotiation of its $120m borrowing base facilities agreement with a syndicate of lenders, on a new margin line facility and trade line facility.

Pinsent Masons LLP

While its leveraged finance operations have pivoted to more of an alternative lender/private equity client base, Pinsent Masons LLP still remains a popular choice among its core and well-established roster of UK clearing banks for corporate lending work. In this capacity, as well as regular input from London-based partner Liam Terry, clients also benefit from the expertise of practitioners spread across the firm’s regional offices, adding to its resources and enabling the firm to maintain a lower cost base.

Practice head(s):

Matt Morgan

Other key lawyers:

Liam Terry; Max Millington; Ed Sunderland; Alexis Hayworth; Kate Hardwidge; Mhairi Morrison; Meherzad Bilimoria

Key clients

Banco Santander

Bank of China





Work highlights

  • Advised LGT Private Debt (UK) Limited in an £12.5m asset-based lending facility agreement from Praetura Commercial Finance Limited to Zyro Limited. The Facilities included a receivables finance facility and an inventory loan facility.
  • Advising ThinCats on the acquisition financing to support Chiltern Capital’s investment in SiXworks.
  • Advising ThinCats on (i) the refinancing of an equity bridge for the leveraged buy-out by Cairngorm Capital Partners LLP of E-zec Medical Transport Services Limited, which provides specialist medical transport services and (ii) acquisition financing for E-Zecs merger with ERS Medical.

Simmons & Simmons

Led by the ‘very experienced’ Kirsty Barnes, Simmons & Simmons‘ transactional banking team handles a significant amount of corporate lending and corporate-led acquisition finance mandates for both debtor and creditor clients. Barnes is at the forefront of the majority of the lender work, both domestically and internationally, including on behalf of Nordic banks. Elliot Beard ‘s borrower-focused practice not only includes advice on acquisition finance and general corporate lending mandates but also a considerable volume of corporate treasury work.

Practice head(s):

Kirsty Barnes

Other key lawyers:

Elliot Beard; Erica Houlihan; Cara Sykes


‘The advice is clear and incisive, and the resulting documentation accurate. They successfully forge relationships with other advisers and agree pragmatic solutions to make the transaction process as efficient and painless as possible.’

‘Kirsty Barnes is a very experienced practitioner who delivers every time. Her advice is clear and easy to follow and she is robust in negotiations on your behalf.’

‘Elliot Beard and Kirsty Barnes are exceptional – they provide intelligent counsel that is highly trusted and covers both the low level weeds and the high level strategic view as appropriate.’

Key clients

Rentokil Initial plc

Future plc

Diploma plc

Endava plc

Nurture Landscapes

Optimism Health Group

VIRTUS Data Centres


Rivulis Irrigation

Alina Homecare

Ascona Group


Raiffeisen Bank

Skandinaviska Enskilda Banken AB

National Westminster Bank PLC

Investec Bank plc

Bank of Ireland

Santander UK plc

Monmouthshire Building Society

Work highlights

  • Advised Rentokil on the two $3bn bridge loans they put in connection with their $6.7bn acquisition of Terminix in the USA.
  • Acting for SEB as co-ordinating mandated lead arranger and bookrunner in respect of a syndicated NOK 2.5bn revolving facility agreement for high-profile Nordic aerospace company: Kongsberg Gruppen ASA.
  • Acting for Diploma plc on its $220m multi-jurisdictional syndicated lending arrangements.

Addleshaw Goddard

Led from London by Steve Mackie  and also able to leverage strong regional resources, including Manchester and Leeds, Addleshaw Goddard provides a cost-effective and solutions-oriented service to lenders providing financing to corporates in bilateral, club and syndicated contexts. The firm’s clearing bank relationships continue to inform much of the corporate lending work, particularly in the mid-market space, however, it has also continued to gain traction among commercial/international banks, which are attracted to the firm’s ability to advise on transactions incorporating a range of financing techniques, including ABL and structured finance. Amanda Gray , who co-heads the financial services sector, is adept at advising lenders and borrowers across a range of debt products, and has also been at the forefront of the firm's efforts on the ESG and sustainable finance front.

Practice head(s):

Steve Mackie

Other key lawyers:

Amanda Gray; Alex Dumphy; Peter Crichton; Ewen Scott; Lequn Su; Natalie Hewitt; Sarah Stokes; Cerys Poolis


‘They understand our business and can be flexible in terms of giving some advice before formal engagement. The implementation throughout is very smooth. Any issue could be discussed transparently.’

‘Lequn Su is a star partner. He is very diligent and has lots of insight so beyond your case you can also learn the latest update.’

Key clients

Aareal Bank


AIB Group UK plc

Al Rayan


Bank of Communications

Bank of Ireland

Bank of London & The Middle East plc

Bayerische Landesbank

British Arab Commercial Bank

Canada Life Investments

China CITIC Bank

China Merchants Bank

CIMB (London, Singapore and Malaysia)

Clydesdale Bank plc (part of Virgin Money)

Coutts & Co

Criterion Capital

Deutsche Hypothekenbank

Emirates NBD Bank

Europa Capital Debt Investment

First Abu Dhabi Bank

Fortwell Capital

Gaw Capital Group

GR Properties

Haitong Bank

Hamburg Commercial Bank

Handelsbanken plc/ Svenska Handelsbanken

Work highlights

  • Acted for COFCO on a $1.6bn sustainability-linked term loan with a consortium of 30 banks.
  • Advised HSBC UK Bank as document co-ordinator and agent for a syndicate of six lenders in connection with $250m loan facilities to CentralNic Group Plc.
  • Acted for the document and ESG Co-ordinators on the £900m eight funder syndicated unsecured facility to Places for People Treasury.

Bryan Cave Leighton Paisner

Led by Emma Howdle-Fuller, the small but nimble four-partner commercial lending team at Bryan Cave Leighton Paisner provides an 'extremely professional and thorough service' to banks and corporates across a range of different debt products, from a bilateral as well as a syndicated perspective. Although the firm is typically better-known for its mid-market UK-based work, it continues to grow its reputation for international work, with the 'exceptionally committed and attentive' Shanan Dunstan central to this heightened profile - particularly in light of her advice to US lender Wells Fargo on ABL/receivables financings. Derek Hrydziuszko  is also a key member of the team and regularly handles corporate lending work for investment grade clients, as well as advice to them on the financing of corporate-led M&A transactions.

Practice head(s):

Emma Howdle-Fuller

Other key lawyers:

Derek Hrydziuszko; Dominic Gregory; Shanan Dunstan


An extremely professional and thorough service with no effort spared to anticipate future challenges that should be addressed.’

‘Shanan Dunstan is exceptionally committed and attentive.’

Key clients


Secure Income REIT

Wells Fargo

Norinchukin Bank

Scotiabank/Bank of Nova Scotia

Bank of China (London Branch)

Harlan Capital


Romulus Holdings


Work highlights

  • Advised Romulus on its £226m sustainability-linked debt from Aviva.
  • Advised Playtech on key amendments and its refinancing of its €277m revolving credit working capital facility.
  • Advised Wells Fargo in the UK and US in relation to its multi-billion dollar global channel financing and inventory financing platforms which it provides to manufacturers and distributors globally.

Macfarlanes LLP

Although Macfarlanes LLP remains best-known for its mid-market leveraged finance private credit expertise, it also handles a fairly sizeable volume of borrower side corporate lending mandates. Key to the firm's success on this front is 'tour de force' Kirstie Hutchinson, who regularly services the finance needs of large investment grade corporates, particularly when there is a high degree of contractual complexity involved. Andrew Perkins heads up the overarching banking and finance team.

Practice head(s):

Andrew Perkins

Other key lawyers:

Kirstie Hutchinson; Malcolm Hitching; Adam Caines


Kirstie Hutchinson remains a tour de force in this sector.’

Key clients

Binder Beteiligungs AG

Hyve Group Plc

Pollen, Inc

RedCat Debt Company Limited

Liberation Group Limited

Isio Group Limited

Silverfleet/Riviera Travel

August Equity

Work highlights

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

Benefitting from deep knowledge of UK and US law governed finance products throughout the capital structure (including in relation to New York-law governed high yield), Skadden, Arps, Slate, Meagher & Flom (UK) LLP is well-positioned to advise its corporate client base across the spectrum of their finance needs. Team head Pete Coulton is at the forefront of this work, including on event-driven financings for multinational corporates and financing work for private equity portfolio clients in relation to bolt-on acquisitions. Clive Wells is also a key member of the team and has a wide level of expertise of corporate lending mandates, including where pricing is dependent on sustainability metrics.

Practice head(s):

Pete Coulton

Other key lawyers:

Clive Wells; Rui Qi; Brendan Macreadie

Key clients

Harng Central Department Stores

Outokumpu Oyj


JDE Peet’s N.V.

Continental Grain Company and Agroberries


United Talent Agency

Waldencast Acquisition Corp

SP Plus Corporation

Shareholders of MiQ

Ashtead Group plc

MJ Gleeson plc

Adevinta ASA

Iceland Foods plc

Fabbrica Italiana Lapis ed Affini S.p.A.

Silver Lake Partners

IPI Partners

Castik Capital

JAB Holdings

Energy Infrastructure Partners

SIGNA Holding

Crosstree Real Estate Partners

H.I.G. Capital

CTH Invest S.A. (Ferrero family office)

Black Diamond Capital Management

DigitalBridge, formerly Colony Capital



Work highlights

  • Advised Harng Central Department Stores on the financing of its £4bn acquisition of Selfridges & Co. Limited from the Weston Family. The financing consisted of three senior bridge facilities, a mezzanine facility and working capital facilities in three jurisdictions.
  • Advised Outokumpu Oyj on its €700m sustainability-linked revolving credit facility.
  • Advised Silver Lake on its €380m Term Loan B and revolving credit facilities in connection with its acquisition of Grupo BC de Asesoría Hipotecaria.

Winston & Strawn LLP

At Winston & Strawn LLP, team head Ian Borman and Daniela Cohen are 'fantastic and always up to date on market trends', ensuring that they are popular choices among international lenders and corporates on bespoke multi-jurisdictional financing, including on deals within the emerging markets. A considerable amount of this work is structured utilising banking syndicates, with Borman noted in particular for his acquisition, ABL and bid financing expertise.


Practice head(s):

Ian Borman

Other key lawyers:

Daniela Cohen


‘Ian Borman and Daniela Cohen are fantastic and always up to date on market trends and able to advise on how a proposed deal is being priced compared to other peers.’

‘Knowledgeable, transparent, available.’

Key clients

BMO Harris Bank, N.A.

BNP Paribas

Capdesia Group Ltd.

East West Bank

JPMorgan Chase

Work highlights

  • Continuing to advise Capdesia Group Limited’s on the investment in Wasabi Sushi & Bento including £30m secured loan notes, and intercreditor arrangement with HSBC.


While it has limited traction among conventional banking clients, Akin continues to grow its private credit-focused new money and special situations expertise, an area that was further enhanced by the arrival in January 2023 of Fergus Wheeler  from White & Case LLP. Other niche areas areas of focus include team head Tom O’Connor's representation to institutional investors on privately placed debt and equity securities, and on cross-border financing transactions. Robert Aulsebrook  has a focus on emerging markets work.

Practice head(s):

Tom O’Connor

Other key lawyers:

Michael Gustafson; Amy Kennedy; Fergus Wheeler; Mark Mansell; Robert Aulsebrook; Clare Cottle; Inderveer Hothi

Work highlights

Bracewell (UK) LLP

Combining deep industry knowledge with financing expertise, Bracewell (UK) LLP is able to ‘create structures and solutions to complex cross-border issues in the energy space’ for both lenders and borrowers. Much of this work is within the upstream oil and gas space, with team head Jason Fox, who has an ‘unparalleled ability to structure deals and translate commercial drivers into legal documentation’, particularly skilled at advising on reserve based lending (RBL) financings. The firm has also successfully pivoted to reflect its clients’ needs and now handles a considerable amount of renewables mandates.

Practice head(s):

Jason Fox

Other key lawyers:

Olivia Caddy; Oliver Irwin; Ronen Lazarovitch; Tom Jamieson; Eimear Murphy; Gordon Stewart


They can create structures and solutions to complex cross-border issues in the energy space.’

‘Jason Fox has an unparalleled ability to structure deals and translate commercial drivers into legal documentation.’

Olivia Caddy is very experienced, knowledgeable, and a very nice person to work with.’

Ronen Lazarovitch is extremely adaptable, innovative when we needed to find solutions, and connects very well both with the client and the other side.’


Work highlights

  • Advised the joint venture between Eni S.p.A and BP Exploration Operating Company Limited in their role as sponsors in connection with a $2.5bn senior secured term loan facility which is structured as a pre-export financing.
  • Advising Eldorado Gold and its subsidiary Hellas Gold S.A. on the project financing of the construction, development and operation of the €1bn Skouries gold mine in Greece.
  • Advised Vårgrønn in its 20% acquisition in the Dogger Bank offshore wind project.

Fried, Frank, Harris, Shriver & Jacobson LLP

While it is perhaps best-known for its funds-related leveraged finance work, Fried, Frank, Harris, Shriver & Jacobson LLP’s flexible and adaptable London-based finance offering handles a not inconsiderable volume of work for lender clients, which are appreciative of its knowledge across a range of UK and US-law governed loan and capital markets products. Recognised as ‘a brilliant legal mind’, team head Neil Caddy is ‘extremely strategic and has great judgement on complex matters’.


Other key lawyers:

Neil Caddy; Jons Lehmann; Kathryn Cecil; Graham Greenwood


‘They are outstanding in terms of expertise, strategy and availability. We could not be more pleased with the level of service and attention we receive.’

‘Neil Caddy is extremely strategic and has great judgement on complex matters, short version: a brilliant legal mind.’


Key clients

Bantry Bay

Bank of America

Wafra Inc


Morgan Stanley

Neuberger Berman

Ares Management

Work highlights

  • Acted for BBCL on the high-profile restructuring of Matalan’s financial indebtedness pursuant to which the first lien noteholders took control of the business and Matalan’s financial indebtedness was reduced from c. £600m to c. £335m.

Keystone Law

The ‘unflappable and responsive’ team at Keystone Law has recently established a significant lender-side offering in the space following the arrival in May 2022 of the ‘calm and resourceful’ Isaac Felberbaum from Dentons. Recognised for his ability to 'make a deal happen even on complex financings involving difficult counterparties!’, Felberbaum has a wealth of experience advising on syndicated loans with sovereigns and financial institutions, including in Arica and Turkey. Robert Spedding, who also recently joined from  Dentons, further enhances the team’s offering in light of his experience advising on high-value syndicated loans (both secured and unsecured) in numerous jurisdictions.

Other key lawyers:

Isaac Felberbaum; Rob Spedding


The unflappable and responsive team provides a partner-led service.’

‘Isaac Felberbaum is calm, resourceful, with “presence” and, more importantly, will do everything to make a deal happen even on complex financings involving difficult counterparties!’

‘Isaac Felberbaum is my first port of call for English law syndicated loans.’


Key clients

Emirates NBD Capital


Bank of America


The Standard Bank of South Africa

Standard Chartered Bank

McGuireWoods London LLP

At McGuireWoods London LLP, Alan Holliday  is a key contact for financial institutions and corporates on corporate transactions, commercial law, and debt financing. Former EMEA finance team head Lee Cullinane  left in September 2022 to pursue an in-house counsel role.


Practice head(s):

Alan Holliday

Key clients

Investec Bank Plc

Bank of America

Wells Fargo Bank

African Development Bank

Barings Finance

Bank of Montreal

Instituto de Crédito Oficial

Drake & Morgan

PNC Bank

Allied Irish Bank

Svenska Handelsbanken

Enstar Group Limited

Work highlights

Morrison Foerster

Morrison Foerster is well-positioned to advise lenders and investment grade corporates raising or providing finance to facilitate cross-border transactions. The firm’s flexibility throughout the capital structure is a strong selling point, as is its ability to advise on UK and US-governed debt products, including TLB loans and New York-law governed high yield debt. The ‘exceptional’ John Burge regularly advises on event-driven financings and general corporate lending matters, and is also the main contact handling growth company debt finance matters from London. Christopher Kandel left to join McDermott Will & Emery UK LLP in May 2024.

Other key lawyers:

John Burge; Matthew Dunlap; Rebecca DeLong


‘John Burge is exceptional in every way.’


Key clients

Ares Management Limited

Barclays Bank PLC

Bardin Hill

Beach Point Capital

Deutsche Bank AG

Ernst & Young

Eurazeo (formerly known as Idinvest)

Eurohold Bulgaria


Morgan Stanley

RS Group PLC (formerly known as Electrocomponents)

Smart Pension Limited

SoftBank Group Corp.

Tate & Lyle

Yara International

Work highlights

  • Represented Yara in connection with its successful debut green bond offering of $600m Green Notes.
  • Acted for SoftBank Group Corp. in a limited recourse margin loan secured by its 75.01% stake in Arm Limited, initially closed at $8bn and subsequently upsized to $8.5bn.
  • Represented Smart Pension in negotiating and entry into a loan facility agreement provided by Canadian Imperial Bank of Commerce.

Simpson Thacher & Bartlett LLP

Although it is far better-known for its private equity-focused leveraged finance offering, Simpson Thacher & Bartlett LLP is effectively able to adapt many of the same English and US law financing techniques for syndicated corporate borrowing, private credit borrowing and infrastructure finance purposes. Led by Ian Barratt, the team also handles financing and refinancing work for portfolio companies owned by key private equity clients.

Practice head(s):

Ian Barratt


Other key lawyers:

Sinead O’Shea; Shahpur Kabraji

Key clients


Apax Partners

Aston Martin Lagonda


Blackstone Capital Partners

Blackstone Infrastructure Partners

Blackstone Real Estate Partners


Bruin Capital





Flutter Entertainment

FSN Capital

Goldman Sachs



H.I.G. Capital



J.P. Morgan

Kohlberg Kravis Roberts & Co.


Lone Star


Silver Lake Partners

Stonepeak Partners

TDR Capital

Trill Impact

Voyage Care

Work highlights

  • Representation of KKR on the unitranche financing for its acquisition of APRIL Group, including in excess of €1bn of new debt facilities.
  • Representation of Edizione and Blackstone Infrastructure Partners on the financing for their acquisition of Atlantia, with an enterprise value of approximately €58bn, pursuant to a public takeover transaction.
  • Representing MasMovil (including its shareholders KKR, Cinven and Providence Equity) and the joint venture co-controlled by Orange and MasMovil on the financing for the announced combination of MasMovil and Orange Spain.

Bird & Bird LLP

Although it does not handle a great deal of conventional investment grade work, Bird & Bird LLP provides ‘a cost-effective service at the very highest standards’ to a lender-focused client base in core areas of firmwide sector strength. Drawing upon his ‘broad and deep legal knowledge’, Andrew Hallgarth has niche expertise advising development banks and multilaterals on the financing to facilitate emerging markets-related energy and infrastructure matters. Team head Joss Hargrave is particularly skilled at advising on sports finance matters.

Practice head(s):

Joss Hargrave

Other key lawyers:

Trystan Tether; Andrew Hallgarth; Gavin Punia; Claire Barker


‘They provide a cost-effective service at the very highest standards.’

Andrew Hallgarth has a very sharp mind and a broad and deep legal knowledge.’

‘Andrew Hallgarth is an outstanding lawyer who can be highly creative to find solutions and move things forward.’

Key clients

Black Sea Trade and Development Bank

Aser Group and Eleven Sports

Macquarie Bank Europe and MGG




Safex Chemicals India Limited



Bank of Ireland

Work highlights

  • Advised Black Sea Trade and Development Bank on financing for the construction of Novotel Hotel in Lviv, Ukraine.
  • Acting for the Aser Group and Eleven Sports in relation to the financing of Eleven Sports by DAZN.
  • Acting for Macquarie Bank on its financing of numerous football clubs throughout the UK including the financing of Watford FC secured by an assignment of receivables due to the club from Major League Soccer (MLS), which was significant for the bank as its first deal based on MLS receivables.

Burges Salmon LLP

Based in Bristol but by no means limited to purely regional work, the ‘very friendly and knowledgeable’ team at Burges Salmon LLP handles national, and increasingly international work, for banks and borrowers particularly in areas of firmwide sector focus. Energy, infrastructure and real estate are particular sweet spots, with the team regularly engaged to provide bilateral and syndicated loans to facilitate projects/transactions in those industries. Restructuring and insolvency partner Andrew Eaton heads up the overarching banking and finance team that includes well-respected real estate finance practitioner Richard Leeming .

Practice head(s):

Andrew Eaton

Other key lawyers:

Richard Leeming; Graham Soar; Rachael Ruane; Katie Allen; Victoria Allsopp; Alistair Rattray


‘A very friendly and knowledgeable team, which displays a “can do” attitude.’

Key clients

Investec Bank

Whiteoaks Capital Limited


Cardiff Parkway Developments Limited

New Road Solar Limited

Work highlights

  • Continued to support Cardiff Parkway Developments Limited with its development of a £120m mainline train station between Cardiff and Newport.
  • Advised Investec Bank on the senior secured term loan facilities made available to SWEN Impact Fund for Transition (SWIFT) for the purpose of financing its investment in a portfolio of anaerobic digestion (AD) assets in the UK.
  • Advised a subsidiary of Bluefield Solar Income Fund as borrower on a £200m revolving credit facility to be used for the purpose of refinancing existing debt, and the acquisition of one of the most attractive onshore wind and solar portfolios in the UK, together with a group restructure and re-organisation.

McDermott Will & Emery UK LLP

While it is primarily aligned to servicing its private credit clients as lenders and borrowers on leveraged finance matters, McDermott Will & Emery UK LLP‘s     ‘deep industry insights’ across a wide range of finance products, including as it relates to TLB, revenue-based lending, direct lending and special situations work, ensures that has the flexibility and overarching financing capability to also advise on more general new money and distressed work. Team head Aymen Mahmoud is ‘highly commercial and understands client needs’. 

Practice head(s):

Aymen Mahmoud

Other key lawyers:

Mark Fine; Giulia Venanzoni


Hands-on, knowledgeable, deep industry insights and very responsive.’

They have an ability to think proactively on difficult situations to protect their clients.’

‘The very responsive Aymen Mahmoud is hands-on, knowledgeable and has deep industry insights.’

Aymen Mahmoud is highly commercial and understands client needs.’

‘Mark Fine is very intelligent and commercially savvy.’

Key clients

Abu Dhabi Investment Authority

Aksiom Services Group

Alcentra Limited

Alter Domus

Aquiline Capital Partners

Ares Management Limited


Blue Owl (formerly Owl Rock)

Blue Water Private Equity LLP

Cairn Capital

Caura Ltd


CoachHub GmbH

CVC Credit

Excellence Logging Limited

Five Arrows Growth Capital


GLAS Specialist Services Limited

Goldman Sachs Asset Management

Golub Capital LLC

Guggenheim Partners Limited

HPS Investment Partners

Intriva Capital

Laboratoire X.O.

Mercuria Energy Trading Pte Ltd

MessageBird B.V.

Odyssey Europe Holdco S.à r.l. (holding company of Olympic Entertainment Group)

OpenGate Capital Management Europe Sarl (and its portfolio companies Kongsberg Precision Cutting Systems and EverZinc)

Orbus Group

Palamon Capital Partners (and portfolio company FairConnect)

Parent Cloud Limited

Partners Group

Pemberton Capital Advisors LLP

Perwyn Advisors UK Limited

PX Group

QMetric Group Limited

Royal Bank of Canada


SilverTree Equity Partners LLP

Sirius Petroleum PLC

Sona Asset Management

Synova Capital (and portfolio insurance brokerage business JMG Group)

Treo Asset Management LLC (previously known as BRG Asset Management)

Weight Capital Partners

Work highlights

  • Advised Goldman Sachs Asset Management and Guggenheim Partners Limited as lenders in connection with their refinancing of Invesco Software Holdings Limited’s existing debt.
  • Advised Treo Asset Management as sponsor, and Odyssey Europe Holdco S.à r.l. on the restructuring and reorganisation of the OEG group’s capital structure, consent solicitation process to amend and extend its 8.00% senior secured notes due 2023 and repayment of its super senior revolving facility.
  • Advised the Abu Dhabi Investment Authority and HPS Investment Partners as sponsors, and QMetric Group Limited, as borrower, on the refinancing of certain existing indebtedness of the Group and debt restructuring through a financing provided by National Westminster Bank.


RPC's team of 'experts in bank lending' is led by Sukh Ahark, who is known for his 'excellent client and matter management skills'. He works alongside recently promoted partner Edward Colville, who also leads the firm's insurance finance practice. Key client sectors include retail and leisure, technology and insurance - the team has recently been advising AIG on financing arrangements encompassing multiple facilities from six international banks.

Practice head(s):

Sukh Ahark

Other key lawyers:

Edward Colville


‘Experts in bank lending.’

‘Sukh Ahark – a real leader in his field. Excellent client and matter management skills and a trusted expert.’

‘Edward Colville – an truly great up and coming lawyer.’

Key clients


Frasers Group

Beat Capital Partners Limited


Ebury Partners

FRP Advisory

Integrity International Group

Angel Care

Beyond Bamboo

Work highlights

  • Advising insurance giant AIG on their financing arrangements for the Lloyd’s syndicate.
  • Advising Frasers on multiple strategic transactions, from financing on investments and acquisitions to advice on partnerships and business collaborations,
  • Advising Zebra on the accession documentation in relation to their previous acquisition of Tiger UK(Midlands) Limited.

Squire Patton Boggs

Led from London by ‘exceptional’ ABL expert Paula Laird and also drawing upon significant regional strength from Manchester and Birmingham, in particular, Squire Patton Boggs‘ versatile mid-market finance offering continues to generate a considerable amount of lender and borrower-side work for larger corporates/listed companies. Much of Ian Yeo ‘s varied finance work has a cross-border component, particularly as it relates to emerging markets jurisdictions. ‘Outstanding’ Manchester-based lawyer Matthew Ingram is also a popular choice among lenders and borrowers (including listed companies), including in relation to sustainability-linked financings.

Practice head(s):

Paula Laird

Other key lawyers:

Ian Yeo; Ilze Vigo; Alice Moserova; Matthew Ingram


The team has a good understanding of ABL structures and practices, including innovative approaches that can be taken when putting together a multi-jurisdictional deal.’

‘The firm has strong depth across corporate and real estate through a very experienced team and with supportive corporate partners to lean on.’

Paula Laird is exceptional – very experienced and knowledgeable.’

‘Matthew Ingram is an outstanding banking lawyer.’


Key clients

Air Charter Services

Apollo Asset Management

BNP Paribas Commercial Finance

ECI Partners

Genuit Group plc


Lloyds Bank

Logicalis International



Work highlights

  • Advised Logicalis International, a global technology service provider, on its term loan and revolving credit facilities, with security in various jurisdictions.
  • Advised Genuit Group plc on its sustainability linked revolving credit facility and note purchase facility.
  • Advised Lloyds Bank on its sustainability linked facilities for Imagesound Group.

Stephenson Harwood

As part of its wide-ranging banking and finance practice, Stephenson Harwood regularly advises lenders and borrowers in relation to corporate lending and acquisition finance mandates frequently involving listed companies. Led by James Linforth the team also includes Julie Romer who handles some corporate lending work alongside her more pronounced mid-market leveraged finance offering.

Practice head(s):

James Linforth

Other key lawyers:

Julie Romer; Daniel Margolis; George Vaughton; Don Brown; David Harris; Bertie Chilton

Key clients

AVI Japan Opportunity Trust Plc

Africa Finance Corporation

Aurelius Finance Company

Bathroom Brands

BlackRock Income & Growth Investment Trust Plc

Black Sea Trade and Development Bank

European Bank of Reconstruction and Development

Gordon Brothers

Hill Holdings Limited

Hotel Chocolat Group Plc

Investec Bank plc

Lowland Investment Company plc

LXi REIT plc

Netromnia Group

Sancus Lending Group

Shell Western Supply and Trading

SUEK Limited

Work highlights

  • The team advised LXi REIT Plc in respect of the finance aspects of their merger with Secure Income REIT Plc.
  • The team advised Investec Bank in its capacity as lender on the £15m term loan refinancing of the Mount Street group.
  • The team advised Aurelius Finance Company in connection with a long-term revolving credit facility for Safestyle UK Plc, an AIM-listed PVC doors and windows retailer.