Banking and finance: asset finance and structured finance in Netherlands
Allen & Overy LLP
Allen & Overy LLP's ‘determined and quality’ group has particular expertise in cross-border corporate matters, including advising on portfolio sales. The team is co-led by the well-regarded Gerard Kastelein, recently promoted partner Jonathan Heeringa, Andrew Thomas and Niels de Ru. Kastelein advised Goldman Sachs on its Dutch residential mortgage-backed security programme. Susanna Gillberg, formerly a senior associate with the firm, joined NN Investment Partners in April 2018 and Ben Fox is now with Jones Day.
Clifford Chance’s group head Pieter van Welzen is praised for his ‘extensive knowledge and experience’. Fellow co-lead Hein Tonnaer is advising a group of banks on the re-financing of two EdgeConneX data centres in Amsterdam and Dublin. He is also assisting Blue Elephant Energy with financing two solar park installations in the Netherlands. Esther Griffioen is also noted.
The expanding team at Simmons & Simmons handles a variety of mandates, from securitisations and covered bonds, to mortgage platforms and portfolio sales. ‘Quick and thorough’ group head Jeroen Bos and the ‘knowledgeable’ Peter Voorhees advised Coöperatieve Rabobank on two debt and bond issuances for F. van Lanschot Bankiers, valued at €12bn. The duo also assisted with a €2bn structured note programme for F. van Lanschot Bankiers as issuer. The ‘pragmatic’ Rezah Stegeman negotiated a complex collateral agreement for MN, a Dutch asset manager, with a top-three UK bank. Vincent Engel and Niek Groenendijk were promoted to senior associate.
Baker McKenzie’s team advises clients on complex public- and private-term financing deals, single and multi-sector conduit securitisations and supply chain financings across a variety of asset classes. Practice co-head Philippe Steffens advised Argenta Spaarbank on €1.2bn Dutch residential mortgage-backed securities. Fellow co-head Corinne Schot also acts for many of the group’s high-profile clients.
Freshfields Bruckhaus Deringer
At Freshfields Bruckhaus Deringer, the ‘impressive’ structured finance team 'combines expert knowledge of Dutch and English law to supply well-tailored advice’. ‘Excellent’ practice head Mandeep Lotay advised RNHB and CarVal Investors on the acquisition by RNHB of part of the commercial real estate loan portfolio of FGH Bank for approximately €1.3bn; Thijs Flokstra also worked on the matter.
At Houthoff, André de Neve is advising Petrobras Global Trading and Petroleo Brasileiro Petrobras on a $5bn term facility agreement entered into between Petrobras and China Development Bank. Practice head Loet Venrooy assisted Van Dalen Dordrecht, a Rotterdam scrap metal company, with its restructuring and sale. Real estate and acquisition financing are other areas of strength.
Loyens & Loeff’s team has core strengths in residential mortgage-backed securities (RMBS) car lease and trade receivables transactions. A major client is Obvion, which the firm acted for on all five of its new RMBS transactions. The team, which is headed by the ‘stand-out and unrivalled’ Mariëtte van ‘t Westeinde and Willem Jarigsma, includes senior associates Evelien Bougie, and Marijke van der Weide. Jarigsma recently re-joined the team in April 2018, having been head of the firm’s management.
The structured and asset finance team at Stibbe is led by Maarten de Bruin and Rein van Helden. Van Helden has expertise in cross-border leveraged finance transactions, syndicated lending, restructurings and bond transactions. The duo advised Goldman Sachs International and commodities trading firm J. Aron & Company on the asset/commodity finance transaction with Damco Aluminium Delfzijl Coöperatie. Robert Steeg was promoted to counsel and Suzanne van Boheemen was promoted to senior associate. Joannes de Bont departed to Bond Advocaten.
Eduard Scheenstra leads CMS’ practice, and is advising Münchener Hypothekenbank on a €29m refinancing of an existing loan for telecom service provider KPN’s BGV IV fund. He also assisted investor Robus Capital with its complicated financial and pan-European corporate restructuring of Beate Uhse, the Frankfurt-listed retailer.
De Brauw Blackstone Westbroek’s team has a particular focus on US lease financing, aviation and rolling stock financing, project financing work and Tier 1 and securitisation leasing among others. The team assisted NS Reizigers with a controlled auction for the sale-and-leaseback of 45 Traxx locomotive trains. It also advised Vion Food Group on refinancing its working capital facility of €200m. Menno Stoffer, Niek Biegman and Ferdinand Hengst are noted.
Dentons’ structured and asset finance team was bolstered by the addition of five individuals from Baker McKenzie in October 2017, including Marcel Janssen, who is heading the practice. The group advised DBRS Ratings Limited on the Dutch aspects of a potential commercial mortgage-backed securities transaction regarding a €33m facility agreement between Goldman Sachs as lender and loan seller and Merin Property for the financing of a large Dutch commercial property portfolio.
Hogan Lovells International LLP’s ‘extremely knowledgeable’ practice is headed by Robert Masman and Wouter Jongen. The team specialises in structured finance work, including securitisation, covered bonds, trade receivables financing, asset-based finance and real estate finance and finance linked-derivatives. Masman is acting for ABN Amro Bank as issuer on the establishment of its second retained covered bonds programme.
The ‘sensible’ Charles Destrée leads the ‘solid’ structured and asset finance team at Lexence, focusing on structuring and documenting financing arrangements and mergers and acquisitions, structuring and restructuring investment funds and regulatory advice for financial institutions. He is advising a Morgan Stanley Infrastructure Partners investment fund on its financing for the acquisition of its public tender offer for VTG Rail.
Orange Clover Law
Orange Clover Law is noted for its considerable sector strengths in the energy, financial services, private equity and investment management industries, as well as its cross-border expertise. Practice head Kees Hooft is acting as drafting and transaction counsel for Hoogvliet supermarket chain on its €100m refinancing and additional development financing. Other clients include Triodos Bank and De Stiho Groep.