Capital markets in Norway

Advokatfirmaet Schjødt

Advokatfirmaet Schjødt’s ‘business-minded attitude results in concrete problem-solving suggestions helping clients to move forward easily’ with issues encompassing equity and debt capital markets transactions, restructurings and public M&A. The group is regularly involved in the market’s top mandates, and recently advised Evry on its merger with Tieto and the combined entity’s subsequent secondary listing on Oslo Børs. Viggo Bang-Hansen and Bjarne Rogdaberg jointly lead the practice, which was recently bolstered by the recruitment of restructuring specialist Egil Horstad and the promotion of Peter Bugge Hjorth to equity partner. Other key individuals include the ‘responsive, pragmatic and solution-orientedThomas Aanmoen and Audun Bondkall, who focuses on public and international transactions.

Practice head(s):

Viggo Bang-Hansen; Bjarne Rogdaberg

Other key lawyers:

Audun Bondkall; Egil Horstad; Peter Bugge Hjorth; Thomas Aanmoen

Testimonials

‘The team is highly knowledgeable about the sector and has a hand-on, pragmatic approach to legal issues. Their business minded-attitude results in concrete problem solving suggestions helping us as clients to move forward. Their short response time to complex challenges is also highly appreciated.’

‘Bjarne Rogdaberg takes great pride in delivering top quality advice based on a deep insight in the legal framework and the financial sector. He acts as a true advisor and always has the client’s business in mind when applying the law.’

‘We have used Thomas Aanmoen for many years. It is basically him that we go to the firm for. He is an extremely hands on, responsive, pragmatic, and solutions-oriented lawyer. He has a team of younger associates that strike us as effective and capable in terms of execution.’

Key clients

Pexip Holding ASA

Aker BioMarine AS

Morgan Stanley & Co. International

Euronext

BRAbank

ABG Sundal Collier ASA

Ocean Yield ASA

Fjordkraft

Pareto Securities AS

Pareto Bank ASA

ABG Sundal Collier

DNB

DNO ASA

Songa Offshore

Self Storage Group ASA

NEL ASA

Work highlights

  • Assisted EVRY ASA as one of the two parties with the cross-border merger between Tieto Oyj. and EVRY ASA, and a secondary listing of the combined entity on Oslo Børs.
  • Advised Pareto Securities AS and Skandinaviska Enskilda Banken AB as underwriters’ counsel on the pre-listing private placement and subsequent listing on Oslo Axess of Hafnia Limited.
  • Advised Havila Holding AS on its acquisition of 15% of the shares in Fjord1 ASA, a company listed on Oslo Børs.

BAHR

The capital markets practice at BAHR stands out for its record in handling complex equity capital markets mandates; areas of expertise include share offerings by both private and public companies, stock exchange listings, IPOs and public takeovers, large secondary issuances and private share placements. Lars Knem Christie is the key contact for ECM work; he jointly heads up the practice with Richard Sjøqvist, who concentrates on DCM mandates. The group is highly active in advising on securitisations and high-yield bond issuances, and also handles complex capital markets regulatory issues and is experienced in less-common financial instruments. Svein Gerhard Simonnæs focuses on public and private M&A, Rolf Johan Ringdal specialises in the shipping and energy sectors, and Bjørn Gabriel Reed handles securitisation mandates.

Practice head(s):

Lars Knem Christie; Richard Sjøqvist

Other key lawyers:

Arne Tjaum; Svein Gerhard Simonnæs; Rolf Johan Ringdal; Bjørn Gabriel Reed; Lars Kristian Sande; Erik Langseth

Testimonials

‘Very commercial and results oriented. Deep insights into legal doctrine.’

Key clients

ABG Sundal Collier

Aker Group

Pareto Securities

Norwegian Trustee

DNB Bank and DNB Markets

Norwegian Air Shuttle

Arctic Securities

HitecVision

Morgan Stanley

JP Morgan

Work highlights

  • Acting for OSE-listed Noreco on its acquisition of Shell’s Danish oil and gas assets, with a related $ 1.5bn financing.
  • Assisting Norwegian Air Shuttle with its private placement of new shares, raising gross proceeds of NOK2.5bn, and convertible bonds, raising gross proceeds of $150m.
  • Advising PGS ASA on a key refinancing, comprised of NOK7bn in debt and a NOK850m private placement of new shares carried out in parallel.

Advokatfirmaet Thommessen AS

Christian Grüner Sagstad heads up the group at Advokatfirmaet Thommessen AS, which acts for clients including large corporates listed on the Oslo Stock Exchange and leading investment banks, advising on debt, equity and regulatory capital markets issues. Core pillars of work comprise IPOs, private placements and subsequent offering issues, and the conversion of bond and lease debt to equity. Solveig Fagerheim Bugge and Anders Arnkværn are noted for their expertise in capital markets transactions, securities law and regulations. Einar Grette is a key name for bond and debt transactions and financings in the bank and bond markets.

Practice head(s):

Christian Grüner Sagstad

Other key lawyers:

Anders Arnkværn; Einar Grette; Solveig Fagerheim Bugge; Hans Cappelen Arnesen; Lars Eirik Gåseide Røsås; Lars Martin Sveen

Testimonials

‘Very knowledgeable. Always available. Able to provide clear advice on complex matters.’

‘Good knowledge, commercial approach.’

‘Probably the best quality team available in the country. Always our first choice for comprehensive services. Very broad competence, and the best case advice we find anywhere.’

‘Strong experience. Ability to manoeuvre in different situations and solve challenges. High-quality work. Efficient.’

‘Good partner involvement. Hans Cappelen Arnesen stands out with high capacity and strong experience.’

‘The Thommessen team tends to be more solution oriented than competing firms. Meaning, they rarely come with just a problem, they also have some potential solutions lined up. ’

‘Hans Cappelen Arnesen – very calm and in control, even in very difficult situations. Lars Eirik – very hands-on and reachable with a steady hand. Lars Martin Sveen – efficient in execution.’

‘Always available, extremely customer minded, valuable advice and concrete solutions.’

‘Generally very efficient and “no-nonsense” approach. Easy to work with and very clear and open communication, especially on the equity capital markets side and general advisory side.’

‘Anders Arnkværn has a particularly efficient and no-nonsense approach.’

Key clients

Goldman Sachs International

ABG Sundal Collier

Pareto Securities

DNB Markets

Danske Bank

Nordea

Arctic Securities

Skandinaviska Enskilda Banken AB

Sparebank 1 Markets

Morgan Stanley

UBS Investment Bank

Fearnley Securities

Seadrill Ltd

Salmones Camanchaca S.A.

DOF ASA

Webstep ASA

Elkem ASA

Odfjell Drilling Ltd.

B2Holding ASA

Oslo Børs VPS Holding ASA

Kongsberg Gruppen ASA

Shelf Drilling, Ltd.

BW Group Limited

BW Offshore Limited

BW LPG Limited

BW Energy Limited

Hafnia Limited

Nordic Trustee AS

Navamedic ASA

RAK Petroleum plc

Stolt-Nielsen Ltd.

Kahoot!

XXL

MPC Container Ships ASA

Magseis Fairfield ASA

Work highlights

  • Advised ABG, DNB Markets and Danske Bank as managers in connection with the complex refinancing of Norwegian Air Shuttle ASA, which comprised a public offering raising NOK400m as well as the conversion of both bond debt and lease debt totalling NOK12.5bn.
  • Assisted ABG Sundal Collier, Carnegie and Pareto Securities as joint global coordinators and joint bookrunners for Pexip with its IPO with a deal value of NOK2.4bn.
  • Acted as Norwegian counsel to SATS ASA in connection with its NOK1.4bn IPO and listing on the Oslo Stock Exchange.

Wiersholm

Wiersholm covers the full range of capital markets work, including derivatives, structured products and regulatory issues in addition to equity and debt offerings, advising investment banks and issuers in the Norwegian market and handling a significant share of Norwegian bond offerings. Sverre Sandvik has experience with IPOs, rights offerings, private placements and convertible bond issues, areas where Tone Østensen is also recommended; Sandvik jointly leads the practice with ECM-focused Simen Mejlænder. Managing associate Anne Lise E. Gryte works with Norwegian and international issuers, shareholders and managers on IPOs, share offerings and other equity transactions, and has considerable securities law expertise.

Practice head(s):

Sverre Sandvik; Simen Mejlænder 

Other key lawyers:

Tone Østensen; Anne Lise E. Gryte

Testimonials

‘Very experienced and pragmatic team.’

‘Sverre Sandvik is extremely knowledgeable about capital markets issues, and combines this with a pragmatic and commercial mindset. He is also well respected among Norwegian and international counterparts, which is a big advantage.’

‘Anne Lise Gryte is a rising star on the capital markets scene. Very knowledgeable and provides fantastic client service.’

‘Partner Simen Mejlænder is highly competent providing practical and good advice in an efficient manner,’

Key clients

ABG Sundal Collier

DNB Markets

Carnegie

Nordea Markets

Arctic Securities

Danske Bank

Mowi ASA

Nordic Nanovector ASA

Sparebank 1 Markets AS

Fearnley Securities

Kongsberg Automotive ASA

Komplett Bank ASA

MPC Container Ships

Pareto Securities

Norske Skogindustrier ASA

Schibsted ASA

Work highlights

  • Advised Schibsted ASA on Adevinta’s €7.86bn acquisition of eBay’s Classifieds Group.
  • Advised Kongsberg Automotive ASA, a company listed on the Oslo Stock Exchange, on its NOK700m private placement and NOK300m subsequent offering.
  • Advised Arctic Securities, DNB Markets and Pareto Securities in connection with Norwegian Air Shuttle ASA’s NOK2.5bn private placement.

Wikborg Rein

With ‘an extremely experienced and very well connected’ team, Wikborg Rein is a go-to firm for blue-chip clients and high-profile mandates; it recently advised ABG Sundal Collier and DNB Markets on the combined senior secured bond issuance and IPO of Norske Skog, and acted for the managers on a NOK15bn government bond issuance by the Kingdom of Norway. The practice is also highly active in environmental, social and governance (ESG) investing. Dag Erik Rasmussen heads up the department and Stian Tande Mortensen leads the debt capital markets group. Per Anders Sæhle is a key contact for ECM transactions, Filip Truyen leads the corporate team in Bergen, and Ole Andenæs leads the financial services practice.

Practice head(s):

Dag Erik Rasmussen; Stian Tande Mortensen

Other key lawyers:

Per Anders Sæhle; Filip Truyen; Ole Andenæs

Testimonials

‘Well diversified team capable of supporting customers with whatever issues need. Also represented globally either with own office or associated companies that they collaborate with.’

‘Good knowledge about our business and company working efficiently and are very responsive regarding requests.’

‘Both extremely experienced and very well connected – a network enabling them to know how different people and organisations will operate. Highly skilled on negotiations, empathy and the finer points of law. Very trusted as independent negotiators on our behalf. ’

‘Dag Erik Rasmussen – An extremely experienced go-to guy for any securities, listing or stock exchange related matter. Will take immediate hand of any project, has most often seen this before, and approaches every issue in a very calm and professional, yet friendly, manner.’

Key clients

The Norwegian State

DNB Bank ASA

Norsk Hydro ASA

ABG Sundal Collier ASA

Axxis Geo Solutions ASA

Pareto Securities AS

Danske Bank A/S

Scatec Solar ASA

Blommenholm Industrier AS/ the Tinius Trust

Carnegie AS

Yara International ASA

Kohlberg Kravis Roberts & Co

Arctic Securities AS

Fearnley Securities AS

Clarksons Platou Securities AS

Work highlights

  • Handled the Norwegian State’s two secondary private placements of shares totalling value of NOK5.7bn in Entra ASA.
  • Handled the combined senior secured bond issuance and IPO of Norske Skog ASA.
  • Advised Danske Bank, DNB Markets, Nordea Bank and SEB as managers on a NOK15bn government bond issuance by the Kingdom of Norway.

Arntzen de Besche

The capital markets department at Arntzen de Besche handles the full range of matters on both the debt and equity sides, and has extensive experience advising on bond issuances, both Norwegian bonds with foreign issuers and those involving foreign assets as collateral. The practice is particularly strong in the shipping, seafood, oil and gas, technology, finance and real estate sectors. Team lead Marianne Sahl Sveen concentrates on public and international cross-border transactions, and Vidar Løhre is the primary contact for DCM work, while Trond Kildal handles ECM mandates.

Practice head(s):

Marianne Sahl Sveen

Other key lawyers:

Trond Kildal; Vidar Løhre; Henrik Braavold Johansen

Testimonials

‘Competent, always available, creative in negotiations.’

Key clients

RASMUSSENGRUPPEN AS

Magseis Fairfield ASA

Shearwater Geoservices AS

NTS ASA

TrønderEnergi AS

SINTEF

Storm Real Estate ASA

Emas Offshore Limited

Sino Agro Food

Altera Shuttle Tankers

African Petroleum Corporation Limited

Work highlights

  • Acted as lead legal counsel for DNB Markets (a part of DNB Bank ASA) and Sparebank 1 Markets on the negotiation, drafting, issuance and completion of OKEA AS’ $120m secured bond issuance.
  • Assisted Altera with all matters, including the negotiation, drafting, completion and listing, of its $125m green bond issuance.
  • Advised African Petroleum Corporation Ltd, a company listed on Oslo Axess, in connection with the reverse take-over of Cyprus-based PetroNor E&P Ltd.

Advokatfirmaet CLP DA

The ‘experienced and highly competent’ practice at Advokatfirmaet CLP DA ‘stands firmly behind its clients’ with notable expertise in ECM mandates; the group is also a key name for private equity clients. Other areas of expertise include securities transactions and stock exchange law, and acting for issuers, shareholders, investment banks and investors. In a recent highlight, group head Edvard Cock advised Atlantic Sapphire on its listing on the main board of the Oslo Stock Exchange. Andreas Kildal is also singled out for public and private M&A and listed securities trading issues.

Practice head(s):

Edvard Cock

Other key lawyers:

Andreas Kildal

Testimonials

‘Edvard Cock shows very loyal support and dedication to his clients.’

‘Tailored attention, quick responses despite differences in time zones, practical legal advice – incredible service and attention for complex issues.’

‘Edvard Cock is an exceptional lawyer – knowledgeable, yet business savvy and practical.’

‘CLP stand very firmly behind their clients.’

‘Andreas Kildal: experienced and strong competence of M&A transactions and in particular the securities trading act and everything related to the listing of companies, private placement, etc. High availability, and a valued discussion partner.’

Key clients

Techstep ASA

Atlantic Sapphire ASA

poLight ASA

Aqua Bio Technology ASA

Element ASA

S.D. Standard Drilling Plc

Funcom N.V.

Hofseth BioCare ASA

Saga Tankers ASA

Induct AS

Black Sea Property AS

KID Interiør ASA

Data Respons ASA

NattoPharma ASA

Team Tankers International Ltd

Nordic Semiconductor ASA

Mercell Holding AS

Work highlights

  • Advised Atlantic Sapphire ASA on its listing process for the main board of the Oslo Stock Exchange.
  • Advised Mercell Holding AS on a NOK850m private placement and listing on Merkur Market.
  • Advised Data Respons ASA on a voluntary offer from AKKA Technologies SE.

Advokatfirmaet Haavind AS

Advokatfirmaet Haavind AS handles the full spectrum of capital markets work and has recently been involved in several large public takeovers and listings; the group advised Tieto on its public cross-border merger with Evry and the subsequent listing of the new company on Oslo Børs. The team is also singled out for its expertise in private placements, bond issuances and IPOs. Cornelius Sogn Ness leads the group, which also includes Andreas Vik, who acts for private equity houses; corporate expert Bård Sandstad, and DCM specialist Hans-Christian Donjem.

Practice head(s):

Cornelius Sogn Ness

Other key lawyers:

Andreas Vik; Bård Sandstad; Kjetil Hardeng; Hans-Christian Donjem

Key clients

Telenor ASA

Axactor SE

Equinor ASA

Aqualis ASA

Norsk Hydro ASA

Aker Solutions ASA

Arctic Securities ASA

Sparebank 1 Markets

Work highlights

  • Advised Tieto Corporation on the NOK25bn public cross-border merger between Tieto Corporation and EVRY ASA.
  • Advised on the listing of TietoEVRY on Oslo Børs with a market cap on the first day of listing of NOK25bn.
  • Advised Fibo Group AS on a high-yield bond issuance and subsequent listing on Oslo Børs.

Advokatfirmaet Selmer AS

Advokatfirmaet Selmer AS is a notable choice for Norwegian financial institutions, advising investment and savings banks on ECM and high-yield bonds. Andreas Jarbø is an expert in securities law, and also focuses on equity transactions. He jointly heads up the team with Jon Fredrik Johansen, who has extensive experience in private placements, IPOs and public M&A, along with stock exchange law. Bernt Olav Steinland is a key name for regulatory work, Robert Sveen specialises in transactional work, and Christopher Jensen handles DCM mandates.

Practice head(s):

Andreas Jarbø; Jon Fredrik Johansen

Other key lawyers:

Bernt Olav Steinland; Robert Sveen; Christopher Jensen

Testimonials

‘Unrivalled knowledge of the Norwegian savings bank market, and capital markets knowledge concerning equity certificate capital.’

‘Extensive hands-on experience, industry leading in regulatory matters concerning savings banks. Commitment to clients’ success.’

‘Bernt Olav Steinland and Andreas Jarbø are the best in the market concerning issues related to savings banks. Immediately available and service minded.’

Key clients

Ekornes QM Holding

Infront

Kitron

Photocure

PCI Biotech

Nordic Nanovector

SpareBank 1 Østlandet

Selvaag Bolig

Europris

Sparebanken Vest

Scatec Solar

Aprila Bank

Work highlights

  • Advised Helgeland Sparebank on its acquisition of SpareBank 1 Nord-Norge’s operations in the Helgeland area.
  • Advised Europris on its agreement with Runsvengruppen to establish a joint discount retail platform across the Nordic region, by which Europris acquired a 20% equity stake.
  • Advised Sparebanken Vest on a conversion of primary capital to equity certificate capital in the amount of NOK2.4bn.

Advokatfirmaet Simonsen Vogt Wiig

Advokatfirmaet Simonsen Vogt Wiig’s capital markets practice is divided between the firm's banking and finance, and corporate teams, with DCM and ECM work respectively led by Halvor Klingenberg and Christoffer Bjerknes. The group is notably active in high-profile listings and IPOs, debt issuances and securitisation transactions; it recently assisted Norwegian Air Shuttle with a private placement and convertible bond issuance totalling NOK2.5bn, led by Amund Fougner Bugge, who clients praise as ‘always calm and sharp’.

Practice head(s):

Christoffer Bjerknes; Halvor Klingenberg

Other key lawyers:

Amund Fougner Bugge; Morten Winther

Testimonials

‘In-depth knowledge of complex transactions, and the airline industry in particular. All-rounders well prepared to draw on the appropriate supporting resources within the firm.’

‘Strong client focus – always strives for the best outcome solution oriented – focus on what matters, always takes time to explain clients what is important.’

‘Amund Fougner Bugge – very experienced and commercially oriented. Extremely prompt delivery, draw on other resources quickly if that can make the response more expedient.’

‘The team is very dedicated and works hard, very customer-oriented and friendly. Quick to respond and to be creative in finding solutions, with high integrity. Knowledgeable, both with respect to legal matters and our company’s business and organisation.’

‘All team members are friendly and collaborative, giving the customers full attention, at any time. Are sincerely interested in the customer’s business. Dedicated towards their practice and their customers, and work hard, all hours, all time. Trustful, credible.’

‘Amund Bugge: strong leader, always calm and sharp throughout processes, also when the climate gets challenging. Retains strong client focus. Available all hours.’

Key clients

Norwegian Air Shuttle ASA

Jinhui Shipping and Transportation Limited

Norwegian Finans Holding ASA

Your.MD AS

Zwipe AS

Miris Invest AS

Næringsbanken ASA

Aquaship AS

Njord Securities AS

HBK Holding AS

Ragde Eiendom AS

AKA AS

Skitt Fiske AS

Novelda AS

Work highlights

  • Assisted Norwegian Air Shuttle ASA with a private placement and convertible bond issuance in the total amount of NOK2.5bn.
  • Assisted Zwipe AS with its NOK75m partly guaranteed rights issuance and its secondary listing on the Nasdaq First North.
  • Advised AquaShip AS and its shareholders in relation to a sale of shares and a share capital increase in the total amount of NOK520m, of which NOK420m was related to the share capital increase directed towards AquaShip Invest, LP.

Advokatfirmaet Grette AS

Advokatfirmaet Grette AS ‘makes complicated legal matters easier to discuss’ under the leadership of Andreas Myrstad, who clients praise as being ‘among the best Norwegian capital markets lawyers’. The group has recently handled a range of IPOs, stock exchange listings and restructurings; it is also a key name for advising SMEs on high-yield bond mandates and assists state-owned infrastructure providers with EMTN programmes. Thomas J. Fjell and Thomas Borch-Nielsen are active in restructurings and transactional work, while Erik Alsvik Skogsbakken is the primary debt financing practitioner.

Practice head(s):

Andreas Myrstad

Other key lawyers:

Thomas J. Fjell; Thomas Borch-Nielsen; Erik Alsvik Skogsbakken

Testimonials

‘Great availability, response time, good quality. Makes complicated legal matters easier to discuss for laypeople.’

‘Knowledgeable, focused on understanding the business before solving legal questions. Very accessible and easy to hold a discussion with.’

‘Andreas Myrstad is among the best Norwegian capital market lawyers.’

‘Erik Alsvik Skogsbakken: very well prepared and focused on solving legal issues in a way that works for all parties. Good at negotiating and finding ways forward.’

Key clients

Danske Bank

DNB Markets

Sparebank 1 Markets

ABG Sundal Collier ASA

Avinor

Norske tog

Jool Markets

Oceanteam ASA

Observe Medical ASA

Intertrust

AspIT

Work highlights

  • Advised Avinor AS on updating its €3bn Euro Medium Term Note Programme.
  • Assisted investment bank SpareBank 1 Markets AS with a NOK100m high-yield bond issuance by a real estate company.
  • Advised Navamedic ASA, Observe Medical ASA and Carnegie on the spin-off of the medtech division of Navamedic into Observe Medical ASA, and the listing of the shares of Observe Medical ASA on Oslo Axess.

Kluge Advokatfirma AS

Kluge Advokatfirma AS has a strong regulatory offering, with particular experience acting for public sector clients and energy industry companies, and distinctive expertise in securities and exchange law. Atle Degré heads up the team.

Practice head(s):

Atle Degré