Banking and finance: lender or arranger side in Netherlands

Clifford Chance‘s first-rate team demonstrates its market-leading credentials across a multitude of large and complex financings, including those involving real estate finance, leveraged finance, export credit finance, trade and commodity finance, structured finance, syndicated lending and club deals. Titus de Vries leads the team, which is comprised of both Dutch and English law-qualified lawyers. In addition to acting for mainstream financial institutions, the firm also has a broad private debt client base. In the project finance space, a highlight in 2020 involved counsel David Woolmer and others acting for ING Bank and the Development Bank of South Africa on the €640m financing of seven solar farms in Angola with a combined capacity of 370MW, including one of the largest solar projects in sub-Saharan Africa to date. Also notable is that Folko de Vries advised Idinvest on the financing of the acquisition of Pe Pe Parts by Bencis Capital Partners. Other practitioners of note include Nienke van Stekelenburgh, Jelle Hofland, Angela McEwan and counsel Boudewijn Vermeer. Mark Huddlestone is a consultant.

NautaDutilh has a stand out reputation handling complex and innovative finance transactions for Dutch and global financial institutions, as well as alternative debt providers. The practice is led by Arjan Pors, whose wide-ranging expertise includes general corporate lending, project finance and acquisition finance. His recent work included acting for the European Investment Bank on a financing for Serum Institute of India Pvt. Ltd. through its Dutch special purpose vehicle Serum Life Sciences B.V.  Another highlight saw David Viëtor and Janneke de Goeij – Prins assist Crescent Capital Group LP with the unitranche financing of the acquisition of CNC Holding by Sun European Partners from the Coöperatieve Nederlandse Champignonkwekersvereniging in 2020. Other notable individuals include Marc Orval, who has specialist expertise in leveraged/special situations financings, and Diederik Vriesendorp.

Dentons is highly reputed for its work on the lender side of finance transactions, with it acting for all of the largest banks in the Netherlands, as well as a significant number of international financial institutions. Marcel Janssen leads the team, whose experience spans a number of areas, including project/energy finance, supply chain finance, real estate finance, export/trade finance and strutured finance. In 2020, highlights included Janssen, Jacqueline Bell, Jack Schrijver and others advising Berlin Hyp on the provision of a €59m financing to Greystar for the acquisition of 'Project Rock' in Utrecht. Elsewhere, the firm is a strong choice for emerging markets transactions and matters involving ESG/sustainable finance.

Equally strong acting for private credit funds and financial institutions, DLA Piper‘s recent workload included sustainability financings, acquisition finance transactions and real estate finance matters. Practice head Lex Oosterling and senior associate Adam Abou Habaga were among the advisers to ABN AMRO and ING Bank on their recent financing of NPM Capital’s acquisition of Futurewhiz. On the real estate finance side, Oosterling and legal director Stephanie Menz assisted Berlin Hip with financing the acquisition and development of the Zandkasteel building (ING’s former headquarters). Max Mayer, who is an English law-qualified solicitor, is also recommended.

Hogan Lovells International LLP acts for leading Dutch banks on many of their largest and most complex real estate finance and acquisition finance transactions, and it is also a first port of call for a number of the world’s largest international financial institutions. Beyond the firm’s work for banks, it also excels in working with non-bank lender clients on unitranche and other alternative lending products. Wouter Jongen, who is dual English and Dutch-law qualified, recently acted for a large syndicate of lenders on the ESG refinancing of Hoogwegt. Jongen co-heads the practice with Robert Masman. Counsels Dylan Goedegebuure and Siddharth Saxena are also recommended.

Houthoff‘s excellent reputation in complex cross-border transactions sees it regularly attract referral work from international (particularly US) law firms. Loet Venrooy leads the team in Amsterdam, which is widely recognised for its strong capabilities across the full spectrum of finance transactions, including those involving acquisition finance, structured finance, project finance and syndicated and bilateral loans. The group particularly excels in real estate finance transactions and real estate loan transfer transactions. In addition, it is notably active in the financing and refinancing of large infrastructure investments. Jessica Terpstra works in both the London and Amsterdam offices.

Loyens & Loeff‘s team is highlighted for its ability to handle myriad complex financings for domestic and international clients. The practice is led by Willem Jarigsma, whose practice is split between London and Amsterdam, and has particular expertise in asset-based lending and transportation finance (particularly ship finance and aircraft finance). He works with Gianluca Kreuze, who has a notable focus on secured corporate lending and leveraged finance transactions. In addition, other key practitioners include Kim Koops and senior associate Ruben den Hollander, who advised Berlin Hyp on a €75m term loan to Matrix Innovation Center in 2020. Ehsan Shirzadi is also recommended.

Stibbe is prominent in large deals in the Netherlands and further afield in Europe, with it being able to advise on Dutch, EU and English law on the ground in Amsterdam and in joint collaboration with London-based firms. The transactional and advisory practice was strengthened by the arrivals of Marieke Driessen (who is Dutch and English-law qualified) and senior associate Niek Groenendijk from Simmons & Simmons in January 2021. Driessen co-heads the group with Maarten de Bruin and Rein Van Helden. The team has extensive expertise in areas such as real estate finance, syndicated lending, leveraged finance, project finance, corporate finance and restructurings, among various others. In a recent mandate, van Helden and Groenendijk advised JP Morgan on the financing aspects of TA Associates’ acquisition of Unit4, in addition to advising private debt asset management firm Arcmont on a debt and equity investment related to the acquisition.

Van Doorne has a particular capability in real estate and development finance transactions, with 12 practitioners focusing on this area. Elsewhere, the firm’s workload covers leveraged finance/corporate lending, hospital financing, sub- and non-performing loan portfolio sales, asset-based lending and debt restructurings. Stefan van Rossum and Angelique Thiele jointly lead the practice, which is highly active in cross-border transactions, and generates a strong flow of work from Dutch, German, US and UK banks. It also has a strong profile among Dutch and international non-bank lenders, such as insurance companies and loan funds. Van Rossum and Anneloes van Uhm recently acted for VTB Bank as lender and arranger on the £3.7bn financing of Nova Resources’ acquisition of shares in Kaz Minerals Plc by way of a public offer.

AKD‘s practice is notably active in handling the Dutch law aspects of cross-border bank financing transactions. Its work spans areas such as real estate finance, project finance, acquisition finance and structured finance. One of the main contacts at the firm is Vincent Bettonville, who has over 20 years of experience in this space. He works with managing partner Erwin Rademakers and Jasper Verhoog.

As part of the firm’s wider international banking and finance practice, CMS' team in Amsterdam plays a key role in cross-border finance transactions, in addition to undertaking domestic matters. Although real estate finance is seen as a core area of focus, the group’s workload is broader and encompasses leveraged finance and acquisition finance, asset finance and structured finance, project finance and financial restructurings. Counsel Etiënne Courbois has expertise in syndicated lending (investment grade, leveraged and real estate). Marc van Zanten leads the team, which acts for a mix of Dutch and international banks, as well as alternative lenders. In 2020, Eduard Scheenstra and associate Jenny Noordermeer were among the advisers to Münchener Hypothekenbank on the €28m financing granted to a subsidiary of Patrizia for the acquisition of a residential property located at the Pontkade in Amsterdam.

In a key development at Norton Rose Fulbright, Omar Salah joined the firm from De Brauw Blackstone Westbroek N.V. in August 2021. He serves as the head of financial restructuring and insolvency in Amsterdam. In addition, Salah is a leading expert in Islamic finance and he is also well-known for his experience of acquisition and leveraged finance transactions. Elsewhere, the firm has a stand out reputation in the project finance arena, with its team playing a key role in domestic and international PPP projects, particularly major PFI infrastructure (and accommodation) projects and those in the power and renewable energy sector. It is also prominent in the digital infrastructure space. Other matters relate to general corporate lending, export finance, trade and commodity finance and development finance. Wouter Hertzberger is the overall head of the banking practice, which also includes Joris Ravelli.

Stek‘s team regularly acts as local Dutch counsel to international law firms and foreign financial institutions in transactions involving Dutch borrowers and/or assets. Its client roster also includes the largest Dutch banks in the market. The firm’s work spans a number of key areas, including acquisition/leveraged finance, general corporate lending (involving a combination of lending and asset-based financing) and project finance transactions. It is also one of the few firms in the market to be notably active in healthcare/hospital financings. The practice is jointly led by Maarten van der Graaf, Frans Haak, Sharon Kaufmann and Herman Wamelink. Recent highlights included Wamelink, associate Katinka van der Brink and others advising ABN AMRO Bank and Rabobank on the financing of Rendo, which is a major name in the Dutch glass fibre market. Guy Pegels was promoted to counsel. Another key counsel of note is Marleen Veenstra, who was recently hired from ABN AMRO Bank.

Bird & Bird's finance practice attracts a growing volume of work from mainstream commercial banks, alternative lenders, special opportunity lenders and development banks/multilaterals. Project finance transactions are a major area of strength; practice head Roger van Buuren has over 20 years of experience in this space, including the finance aspects of infrastructure and renewable energy projects. In addition, under van Buuren’s leadership, the firm handles a significant portion of telecoms-related finance work. Elsewhere, acquisition finance transactions are also a mainstay of the practice. In addition, emerging markets finance and asset finance are other key areas of expertise for the team. A recent highlight saw van Buuren and others act for ABN AMRO Bank on the provision of a project finance facility to Plastic Recycling Amsterdam for the construction and operation of a plastic recycling facility.

Led by Martijn Koot, the team at Heussen B.V. excels in handling complex financings and restructurings with a cross-border dimension. Its expertise spans areas such as syndicated lending, acquisition and leveraged finance, structured finance and project finance. Koot works with Sandy van der Schaaf, who is dual-qualified in the Netherlands and Germany, and leads the firm’s German desk. In addition, Tim Schreuders is another key individual.

Orange Clover Law has a strong track record in lender/arranger-side mandates, as is reflected by its work for a wide base of international banks such as JP Morgan, Société Générale and Barclays. Illustrative of its strong credentials, the team often encounters international law firms in large and complex transactions, and its deep industry expertise sees it regularly attract referral work. Practice head Kees Hooft acted for a lending syndicate on the €4.2bn financing of Nouryon and the €1.8bn financing of its spin-off Nobian (its base chemicals business). In addition, his other work included advising a consortium of lenders on the $1.7bn financing of Advent’s acquisition of the Global Connect consumer goods data business from the Nielsen Company.