Banking and finance: Borrower side in Netherlands
Allen & Overy LLP
Allen & Overy LLP is home to a strong finance team with particular experience in complex, cross-border work. The firm also maintains a strong Dutch practice, with several high-profile domestic clients. The practice is led by Niels de Ru, who has significant experience in commodity and export finance, while syndicated lending and leverage finance specialist Femke Bierman is also highly regarded. Senior associate Erik-Jan Wagenvoort is notable for his leveraged finance practice.
‘The team is highly experienced and has a good understanding of our business and the capability to translate this into loan documentation that works for our company.‘
‘Both Femke Bierman and Anita Punte form an excellent team. They add seniority and experience in negotiations.‘
‘Allen & Overy are a great team, always available and pro-active.‘
‘Very responsive and knowledgeable team. In addition to providing legal advice also ensuring processes run smoothly. Excellent balance between substantive legal advice and pragmatic advice. Translating complex legal concepts and standard finance practices into day-to-day workable guidance. ‘
‘I have experienced both Niels de Ru as well as Sophie Chamberlin to be open to suggestions, even those which are unprecedented.‘
‘Both at partner level and associate level very experienced and pleasant to work with. Never been disappointed, neither from content perspective nor timing perspective.‘
‘Femke Bierman and Erik-Jan Wagenvoort really stand out for their responsiveness and proactiveness.‘
Jacobs Douwe Egberts
- Advising Here Technologies on the refinancing of its euro term and multi-currency revolving facilities agreement.
- Acting for ASML on the amendment and restatement of its €700m standby credit facility agreement including the addition of sustainability-linked pricing.
- Assisting Heerema with the amendment and restatement of a 2015 revolving credit facility agreement.
De Brauw Blackstone Westbroek is one of the strongest finance teams in the Dutch market, advising several of the largest domestic clients on their borrowing needs. The team is able to undertake work across the full spectrum of financing including bilateral and syndicated lending, emergency funding, refinancing, leveraged financing, and acquisition financing. Practice co-heads Menno Stoffer and Niek Biegman are highly regarded for international work, while senior associate Pim Van Leersum is also recommended.
‘The team that assisted us with various facilities, understands the need of our company. They flag relevant issues well, without claiming too much time and internal resources for more technical discussions.‘
‘They had a very good feeling for making sure that people with the right seniority took care of the various tasks – with juniors to handle the uncontroversial stuff and seniors and partners ready to step in when needed.‘
‘Menno Stoffer is a very capable financing practitioner but never seems to be too busy to take the time to involve himself in the complicated matters where his expertise and experience is needed to get to the right result. He does not over complicate things and creates a good atmosphere when matters could get tense.‘
‘My main contact is Pim van Leersum, who is very responsive, quick and clear in his elaborations.‘
Royal Dutch Shell
Royal Ahold Delhaize
Waterland Private Equity Investments
- Assisting global food delivery platform Takeaway.com with various financing matters in relation to major acquisitions.
- Advised Euronext-listed Beter Bed on an agreement concerning restructuring with banks and shareholders.
- Advised the LyondellBasell Group on its entry into two credit agreements, a $2bn 364-day credit agreement and a $4bn three-year credit agreement with an international syndicate of lenders.
Clifford Chance's borrower-side practice covers a wide range of clients and sectors, including acquisition financing for funds and corporations, real estate financing, export finance, and leveraged finance, alongside general corporate lending work for large domestic and international clients. The sizeable team is headed by Titus de Vries, while leveraged finance expert Jelle Hofland is another key name to note, along with Folko De Vries.
‘Very experienced team with professional and commercial-minded approach, quick turnarounds.‘
‘Clifford Chance has a market-leading position in fund-led financing, and a broad team.‘
‘David Woolmer, due to his long experience and professional and calm attitude, enables commercially smart and fast solutions which is highly important for clients.‘
ING BANK N.V.
Borssele Devex B.V.
ABN AMRO Bank N.V.
BNP Paribas Asset Management
Orange Capital Partners
- Acting as borrowers counsel for IK Partners on the financing for the acquisition of Infradata from Waterland.
- Assisted Kiwa with its strategic €400m refinancing with a syndicated cov-lite facility.
- Advising GrandVision on the refinancing of its €1.2bn revolving credit facility.
Dentons is particularly strong in the area of real estate financing, including the acquisition of single properties, real estate portfolios, and the funding of developments. Other key areas of work include acquisition financing, sustainable finance, export finance, and commodity finance. The firm expanded its offering this year, and now offers English law advice with the arrival of Jacqueline Bell from her position as a sole practitioner. Marcel Janssen set up and heads the group, and both partners are very active in the firm's European sustainable finance group.
- Advised Europe Hotels Private Collection on the refinancing of the entire Sir hotels and Max Brown hotels group.
- Assisting Aventicum with the financing of several portfolios of commercial real estate located in the Netherlands
- Advising Vyaire Medical on its first and second lien financing and the related bond issue.
Houthoff's team is involved in a wide range of borrower-side side financing work, including refinancing, syndicated and bilateral lending, cross-border transactions, property and real estate financing, and infrastructure finance. Loet Venrooy heads the practice and is active in a wide range of work for large funds and corporates. Jessica Terpstra, who specialises in energy and infrastructure transactions and is also qualified in English law, splits her time between the firm's Amsterdam and London offices and is another key figure in the team.
‘Very professional and efficiently run team that I enjoyed working with. Quality advice from experienced specialists with junior lawyers effectively supporting the seniors.‘
‘Partner Jessica Terpstra is a highly regarded finance lawyer in the Dutch PPP space, and she lived up to that reputation in the work she did for us in 2018/2019. She has been instrumental in closing a complicated amendment to our financing arrangements. She provides clear and practical advice on legal matters, she is a great sparring partner on strategic/tactical matters but most importantly Jessica always provides insights and recommendations on how to achieve the required end result, also during heated debate.‘
ABN AMRO Bank
Rabobank / FGH Bank
Bank of America Merrill Lynch
Bank of China
Attestor Capital LLP
- Assisted Petrobras Global Trading with a $150m loan agreement and a $500m offshore trade-related loan agreement with Citibank..
- Advised De Heus Animal Nutrition on a refinancing arranged by a consortium of banks.
- Acted for The Datacenter Group on the refinancing of its data centres and the acquisition of two new data centres.
NautaDutilh's borrower-side finance team is instructed by a wide range of large corporate clients both internationally and from across the Benelux region, often advising on the Dutch law aspects of international financing for UK or US clients. The team undertakes the full spectrum of work, with particular strengths in acquisition financing, revolving credit facilities, and large-scale refinancing. Arjan Pors heads the team. Elizabeth van Schilfgaarde is a key contact for US clients.
‘Very professional manner.‘
McDermott International, Inc.
Stadion Feijenoord N.V.
High Tech Campus Eindhoven
Bottega InvestCo S.à r.l.
Damen Shipyards Group N.V.
The Carlyle Group
- Acted as borrower’s counsel to Achmea on a new €1bn multi-currency revolving credit facility with a syndicate of 12 international banks.
- Acts as borrowers counsel for Feyenoord Rotterdam on the financing for the development of a new 63,000 capacity stadium.
- Advised High Tech Campus Eindhoven and Ramphastos Investments on the €500m refinancing concerning the High Tech Campus Eindhoven.
Stibbe is involved in several high-profile borrower-side deals, particularly in the field of acquisition financing, where the team often works in conjunction with its prominent transactional practice for large corporates and funds. The firm is also strong on refinancing work, particularly in situations involving multiple creditors or revolving credit facilities. The practice is jointly headed by real estate finance specialist Maarten de Bruin and Rein van Helden, whose areas of focus include cross-border leveraged finance, syndicated lending and financial restructurings.
Black Box Corporation
British American Tobacco
Intercontinental Exchange (ICE)
KPS Capital Partners
Opel Financial Services
- Advising EssilorLuxottica on all financing aspects of its intended public takeover of GrandVision.
- Aced for Advent International on the financing of its $3.25bn acquisition of General Electric‘s Distributed Power business.
- Assisted Smurfit Kapa with a €1.35bn revolving credit facility agreement to refinance its existing senior credit facility.
The banking and finance group at AKD is led by Vincent Bettonville, who is particularly recommended for US clients operating in the Dutch market, with a practice encompassing general bank lending and acquisition finance. In addition to Bettonville's track record with US clients, the firm is often instructed to handle the Dutch financing aspects of cross-border transactions, often working with its other offices across the Benelux region.
Crédit Agricole Corporate & Investment Bank
Seaway Heavy Lifting
Deutsche Private Equity
Baker McKenzie's borrower-side finance practice is headed by Fedor Tanke and Martijn van der Vliet, who have significant experience of real estate finance and financial restructuring. Other key areas of work for the firm include acquisition financing and export finance. The firm is also highly regarded for deals with a cross-border element, either as local counsel on mandates originating in other jurisdictions, or managing Dutch deals in conjunction with the firm's broader network.
‘The team has thorough knowledge and are persuasive when negotiating, very committed and 24h availability when necessary.‘
‘Dedicated and pragmatic professionals; they are very well capable of balancing between the details versus the greater scheme of things.‘
‘The team are fluent in several languages which is helpful; when necessary anticipate quickly; have a strong view on matters and are able to set the right priorities.‘
The Brink’s Company
Hansa-Invest Real Estate
- Advised Tupperware Brand Corporation and Tupperware Nederland as borrowers on entering into a major second amended and restated credit agreement.
- Acted for Hansa-Invest Real Assets on the €32m real estate financing of the €60m acquisition of real estate property located in Moerdijk and Maasvlakte.
- Advised The Brink’s Company, Brink’s Dutch Holding and Brink’s International as borrowers on entering into a first amendment to an existing $1.8bn credit agreement.
The finance team at CMS reports a growth in instructions from borrowers in the hotels and leisure, energy, and automotive sectors, as well as real estate funds. The team is particularly adept at acquisition and real estate financing, particularly cross-border financing, though it is active on the full spectrum of borrower-side work. Eduard Scheenstra heads the team, focusing on real estate financing. Associate Jesler Hartman Kok is also recommended.
Aspen Real Estate Investment B.V.
Delin Capital Asset Management
Deutsche Pfandbriefbank AG
Oaktree / Kadans
Kildare Management Ltd.
McGregor Fashion Group
Aareal Bank AG
- Together with the firm’s Stuttgart office, advised Arnsberg-based Trilux Group on the refinancing of existing liabilities by structuring a syndicated loan with a maturity of five years.
- Acting for Getronics on financing its acquisition of American digital workplace firm, Pomeroy.
- Assisted Capreon with the acquisition finance related to the acquisition of the Haagsche Zwaan office building in the major business district of The Hague from the German fund manager Union Investment.
The finance team at DLA Piper has seen a recent uptick in acquisition finance and leveraged finance work, and is instructed on a wide range of deals in this space. Lex Oosterling heads the team; Gerard Kneppers is highly regarded for borrowers in the energy sector; and Max Mayer is a key contact for work involving private equity. The firm is also notable for its work on cross-border mandates, both coordinating deals and working with other offices of the firm.
De Nederlandsche Bank
Financieringsmaatschappij voor Ontwikkelingslanden
Bank Nederlandse Gemeenten
Pemberton Asset Management
HPS Investment Partners
CVC Credit Partners
Barings (Private Debt)
Permira Private Credit
Gilde Equity Management
Carlyle Technology Partners
NPM Capital / Ploeger Oxbo
- Advising private equity investor IK Invest and its pan-European portfolio company Signature Foods on its originally €173.5m syndicated term loan B financing provided by various term loan B investors with ING Bank as agent.
- Assisting Gilde Equity Management and its portfolio company Actief Interimfinance with its all senior €231.5m recap financing provided by a combined bank/fund syndicate.
- Acting for private equity investor Bencis Capital on the first-out last-out unitranche financing provided by Crescent (unitranche) and Oldenburgische Landesbank (super senior) for its acquisition of the Medsen Apotheeken Group.
Wouter Jongen is the key figure in Hogan Lovells International LLP's borrower-side finance practice, and is particularly focused on acquisition financing and real estate financing. The firm counts private equity funds, large-scale manufacturers, and real estate investors among its client base, and often works with the firm's broader international network on complex cross-border deals. The firm's 'dedicated and insightful' team is praised by clients for its hands-on approach and pragmatism.
‘Wouter Jongen is very hands-on and finds solutions for issues along the way, he keeps pace which is very helpful to move the deal forward.‘
‘The team of Hogan Lovells is very professional and has met the expectations that I expect from one of the best legal advisors in the field of banking and finance.‘
‘I am very pleased with the involvement of Wouter Jongen who is very dedicated in providing the best service to his clients and takes personally the lead in providing the best deals for its clients (not only strategically, but also on the job during in conference calls and discussions with banks).‘
‘Wouter was able to keep the interests of the customer always in consideration. Additionally, he was honest, transparent, and not afraid to tell the counter-party the truth if there was need to.‘
‘Experienced team with can-do mentality, eager to deliver true added value to the client, responsive and committed to reach the finish on time, good depth and breath of team to deal with more complicated and international situations, fair balance between price and quality, good reputation among banks and sponsors alike.‘
Avedon Capital Partners
Egeria Private Equity
Waterland Private Equity
- Advised the Terberg Group on the syndicated refinancing of the senior and mezzanine facilities with a large syndicate of banks.
- Acted for KaBeVe Investments on the real estate refinancings of its portfolio of retail shops throughout the Netherlands.
- Assisted DWS with the financing supporting the acquisitions of The Datacenter Group and NLDC.
The banking and finance team at Lexence is led by English law-qualified Charles Destrée, and handles a wide range of work including acquisition financing, syndicated loans, bridge financing, and cross-border mandates. The firm is primarily active in the mid-market, but has also seen recent activity in larger mandates. At a junior level, leveraged and real estate finance specialist Bas Zandvliet is the key name to note.
‘Charles Destree and Bas Zandvliet are hands-on, down to earth and easy to deal with.‘
Gencap Partners, Inc
Modern Dental Group
Waterland private equity
UnieKaas Beheer B.V.
Flextronics International Europe B.V.
Kirloskar Brothers Limited
Lessors of V&D
Agro Merchants Group/Oaktree
H2 Private equity
- Advising a global investment fund on its financing for the acquisition of its public tender offer for VTG.
Loyens & Loeff's finance team is highly experienced in acquisition financing, working with the firm's M&A, tax, and private equity teams to handle the full life cycle of a transaction and related financing issues. Gianluca Kreuze leads the acquisition and corporate finance team, and is recommended for his structuring of transactions, particularly in leveraged finance, while Kitty Lieverse, who runs the broader department, is more active in the advisory and regulatory space. Kim Koops is also noted.
Monarch Alternative Capital
Marathon Capital Management
Nuveen Real Estate
- Advised Highbrook Investors on the refinancing of a portfolio of Dutch real estate properties.
- Acted for Monarch Alternative Capital on the refinancing of its Union Street portfolio, consisting of Dutch real estate properties.
- Advised Coolblue on the refinancing and financing for the buy out of certain of its founders.
Orange Clover Law
The finance team at transactional boutique Orange Clover Law is often instructed in respect of acquisition financing by the firm's transactional clients, and, as such, the team counts a strong contingent of private equity funds among its client list in addition to several large corporates. Another key area of work for the firm is the refinancing of existing credit facilities, where practice head Kees Hooft is a key point of contact.
‘Informal, hands-on approach whilst delivering high-end quality. They also do not copy in the full office without good reason. This makes them quick, efficient and value for money.‘
‘Orange Clover are very hands-on, knowledgeable and responsive: efficient and get the deal done.‘
‘We worked mainly with Kees Hooft and his speed, quick familiarity with complicated files and in depth knowledge is something you rarely see.‘
‘Kees Hooft is an excellent point of contact: once the matter is in his hands, we no longer worry about the process or next steps.‘
Andlinger & Company
Gilde Buy Out Partners
ABN AMRO Participaties
Avedon Capital Partners
- Acting for MCB, a supplier of metals, on its refinancing.
- Advising Triton on the financing of its acquisition of travel company, Sunweb Group.
- Assisting Gilde Buy Out Partners with the financing of its acquisition of Kinkelder.
Simmons & Simmons is strong on cross-border financing work, often acting in collaboration with other elements of the firm's international network, particularly the UK office. The firm is particularly active in the field of real estate financing, spanning all sectors including residential, diverse portfolios, and more niche areas such as logistics hubs. Jan-Joost van Rijsbergen, Frédérique Jacobse, and Marieke Driessen jointly lead the group.
‘Jan-Joost Van Rijsbergen was hands-on the whole transaction, always full up to speed, which in my experience is not always the case on deals where the heavy lifting is often left to associates. He had excellent market knowledge, a very good way of negotiating and dealing with opposing counsel and gave practical, commercial advice in excellent English. Highly recommend.‘
‘Simmons & Simmons are a strong, commercial team very well versed in borrower side lending offering a diverse, well-equipped, hard-working, and proactive team.‘
Gilde Equity Management (GEM) Benelux
Global Net Lease
- Assisted GNL as borrower, through certain of its subsidiaries incorporated as Luxembourg and Delaware SPVs, on a €120m mortgage loan refinancing.
- Advised 90North on the financing of its acquisition of the Hoofddorp-based headquarters of Asics and Danone.
- Advised on PBB’s financing for its acquisition of the logistics hub Fresh Park Venlo.
Van Doorne's finance practice has several strong sector focuses , including healthcare and hospitals, where it is one of the market leaders, leveraged financing, and real estate finance. The firm remains popular with domestic clients, though real estate finance in particular is an area where the firm does act for substantial international clients. Roel Botter is a key contact for public sector financing work and jointly leads the team with property finance specialist Angelique Thiele.
Stern Groep N.V.
Mc Arthur Glen/ Simon Properties
- Refinancing of a number of large syndicated property loans on M7’s Dutch and cross-border European light industrial portfolio.
- Acted for Verbrugge International on the restructuring of its bank financing provided by ING Bank.
- Advised Stern Group on its refinancing through borrowing base facilities provided by ABN Amro, ING Bank and Rabobank.
Based in The Hague, BarentsKrans has substantially expanded its financial offering over the last year, hiring senior associates Jason Van De Pol and Han Tonino in 2019, from Baker McKenzie and the Dutch Authority for Financial Markets respectively. The team is led by managing partner Michiel Martin, who has experience of a wide range of financing structures. Recent work has included acquisition finance, refinancing, and large cross-border deals, where the firm has provided Dutch law advice to major international firms and their clients.
‘BarentsKrans is a very good partner for our company in legal affairs.‘
BNG Bank N.V.
Borealis Hotel Group
Dominion Colour Corporation
King & Spalding
MSA Safety, Inc.
Sidley Austin LLP
White & Case
Zwanenberg Food Group
- Assisted Huisman Equipment with the entry into of a €50m surety facility agreement with Liberty Specialty Markets.
- Advised Kiko on the Dutch law aspects of the reorganisation of its debt under the €100m senior secured notes and the €152m facilities agreement.
- Assisted MSA Safety with the Dutch law aspects of its $600m financing.
The banking and finance team at Heussen Rechtsanwaltsgesellschaft mbH is particularly known for financing work related to transactions, including acquisition finance, post-transaction refinancing, and development financing. The firm is also heavily involved in the financial restructuring space, as well as the amendment of existing credit facilities. Additionally, the firm differentiates itself by its close links to the German market, with dual-qualified senior associate Sandy van der Shcaaf heading the firm's German desk. The overall team is headed by Martijn Koot and Tim Schreuders is also recommended.
‘Good team, pretty efficient and knowledgeable.‘
Agnico Eagle Mines
Vantage Drilling International
Yamana Gold Inc.
Fotowatio Renewable Ventures
Flavors & Fragrances (IFF)
- Acted for Agnico Eagles Mines Limited, a Canadian-based gold producer, as Dutch legal counsel on a first amendment of the third amended and restated $1.2bn credit agreement.
- Advised Yamana Gold Inc., a Canada-based gold producer, on intragroup refinancing concerning the sale of the Gualcamayo mine in Argentina by Yamana Gold Inc. to Mineros.
Linklaters' Amsterdam operation has recently been instructed on several borrower-side mandates including refinancing, development financing, and cross-border work. Practice head Paul Kuipers has a broad base of experience, including leveraged finance, acquisition finance, and syndicated lending matters, while Mees Roelofs is also noted for his expertise in a wide range of finance work. UK-qualified managing associate Mark Warren recently joined the team from the Hamburg office of CMS.
Public Sector Pension Investment Board
Bank of America Merrill Lynch
MUFG Bank (previously Bank of Tokyo-Mitsubishi UFJ)
JP Morgan Chase
- Advised Neptune Property Ventures S.a r.l. on the development financing provided by ABN Amro in the form of a bilateral term-loan facility.
Stek houses a finance practice which is strong on acquisition and leveraged financing, financing work in the health and energy sectors, and local counsel work for high-profile international law firms and large corporates. Key lawyers include Maarten van der Graaf, Frans Haak, Sharon Kaufmann, and Herman Wamelink.
‘Stek’s team is great and very commercial. All team members are extremely responsive and helpful always trying to get to the nature of an issue and have it quickly resolved.‘
‘People at Stek are result- and quality-oriented, always trying to meet committed deadlines.‘
- Advising Boels rental company on its financing package consisting of a combination of syndicate lending, European Investment Bank financing and Schuldschein transactions.
- Acted for Postillion Holdings and its subsidiaries on its finance transaction with ABN Amro and ING as lenders.
Van Benthem & Keulen
The finance team at Van Benthem & Keulen is strong on real estate financing, particularly the financing of portfolio transactions, as well as receiving a strong flow of instructions in the field of acquisition financing. Practice co-head Robin van Driel is also recommended for refinancing and other financial restructuring work, while fellow co-head Frank Richel is more active on the regulatory front.
Emil Frey Nederland (formerly known as PGA Nederland)
- Advising, as Dutch lead counsel, Emil Frey Nederland on its refinancing.
- Assisting Harvey Nash with a €90m receivables finance facilities agreement.
- Acting for Ardagh group on the financing (ABL facility and notes) of Trivium Packaging, a Dutch-incorporated joint venture in which Ardagh’s Food & Specialty Metal Packaging business is combined with the business of Exal Corporation, a leading producer of aluminium containers.