Banking

Our Practice

Our international banking team operates as a global fully-integrated practice acting for banks, government agencies and corporates on some of the most complex and innovative transactions worldwide. Our expertise includes acquisition and bid finance, structured finance, syndicated lending, secured lending, project finance, trade finance, asset finance and workouts and restructurings.

Our team works to ensure that banking transactions proceed quickly and effectively, with the minimum of fuss. Our position as a world class law firm, with a finance practice covering all facets of debt, structured lending and securities issues, enables us to put any transaction into the right context and provide the services which are appropriate to it.

The team has 127 staff, including 37 partners. Our lawyers advise on global banking issues, operating from the following locations: Abu Dhabi, Amsterdam, Brussels, Düsseldorf, Frankfurt, London, Madrid, Milan, Paris, Hong Kong and Tokyo.

Experience

Abu Dhabi Water and Electricity Authority

  • advising on the UAE law aspects of the banking and project financing elements of its US$1.4bn Taweelah A1 and US$1.6bn Shuweihat projects (including advising on Islamic banking issues).

Air France

  • advising Air France on its €1bn multi-currency revolving credit facility arranged by Barclays Capital, Credit Agricole Indosuez and Natexis Banques Populaires.

Bank of Latvia

  • acting for the Central Bank in the reconstruction and rehabilitation of Rigas Komercbanka.

Barclays

  • advising Barclays on a number of leveraged finance transactions including the recent US$33m bridge facility in the context of the disposal of the Abela group, which involved a security package in a number of jurisdictions including France, the UK and the Netherlands Antilles.

Barclays Capital

  • advising Barclays Capital and the UK Government's Export Credits Guarantee Department (ECGD) in connection with a highly innovative and groundbreaking US$2.6bn structured export facility for the Republic of South Africa. The facility was guaranteed by the ECGD and included currency, securitisation and gold options. This deal was awarded 'Deal of the Year' by Structured Trade Finance
  • advising Barclays Capital (New York) in connection with its role as arranger of a series of collateralised bond obligations. So far, five transactions worth in excess of US$1.5bn have been completed.

European Investment Bank

  • acting on a €570m loan to Wind Telecomunicazioni - a joint venture between Italy's ENEL and France Telecom - in connection with a project for the construction of a new fixed and mobile national telecommunications and data network
  • acting on the financing of Portugal's first shadow toll road - total financing over €750m.

Gallaher Group

  • advising in connection with €2bn and £900m term and revolving credit facilities arranged by Dresdner Kleinwort Wasserstein, Barclays Capital and HSBC Investment Bank in connection with the acquisition by Gallaher of Austria Tabak for £1.14bn and to provide working capital facilities for the enlarged group.

GTP/Diners Club Deutschland

  • advising GTP on the acquisition of Diners Club from CITIBANK and on the ABS financing of the acquisition.

Interbrew

  • advising on the financing of the acquisitions of the Whitbread Beer Company business (acquired for £400m) and the Bass Brewers business (acquired for £2.3bn). The loan facilities totalled nearly €6.5bn, making it one of the largest syndicated loans in 2000 for a non-telecoms acquisition
  • advising on the financing of the acquisition of Brauerei Beck & Co ('Becks').

Mediobanca and Barclays Capital

  • advising Mediobanca and Barclays Capital, who acted as mandated managers, on the financing of the successful US$1.23bn bid by Consorzio Leonardo for a 51.2 per cent stake in Aeroporti di Roma, the Rome airports operator, from state holding company Istituto per la Ricostruzione Industriale. In naming Barclays Capital 'Debt Provider of the Year' special mention was made by Acquisitions Monthly of the Aeroporti di Roma transaction.

Pacific Century CyberWorks Limited (PCCW).

  • advising on a US$12bn bridge facility, the largest ever syndicated loan raised in Asia, as part of the financing for the merger of PCCW with Cable & Wireless HKT. This deal has won many awards including Asia Pacific Loan of the Year 2000. Also advising PCCW in all aspects of the refinancing of the bridge facility including PCCW-HKT Telephone Limited in its US$4.7bn syndicated facility.

Royal Bank of Scotland

  • advising RBS on leveraged buy-outs throughout Europe, including an acquisition programme in France, the UK, Belgium, The Netherlands and Germany
  • advising RBS on the financing of the acquisition of a subsidiary of the HOLZBRINK- Gruppe.

Several leading international banks

  • advising National Bank of Abu Dhabi, Abu Dhabi Islamic Bank, Union National Bank, Gulf International Bank, HSBC, and other lenders in relation to a US$950m bridge loan facility.

Société Générale

  • advising Societe Generale on a number of leveraged buy-out transactions in France and continental Europe, as well as the recent US$300m note purchase facility for Carlton Communications in the context of its disposal of Technicolor to Thomson Multimedia.

Specialist Expertise

Our banking practice is particularly strong in the following core areas:

Acquisition finance

  • all aspects of cross border and domestic leveraged acquisition finance.

Asset finance

  • domestic and cross border asset finance and leasing, with emphasis on bespoke tax enhanced structures.

General transactional banking

  • secured and unsecured lending work, syndicated and bilateral loan agreements and asset finance.

Real estate finance

  • we act for both lenders and borrowers and we cover the full range of financing and funding transactions, including bank financings, securitisations and mortgage portfolio transfers. Our advice includes tax structuring, for example to mitigate stamp duty liability.

Structured finance

  • both domestic and international, asset securitisation issues, property and other asset related structured finance, tax efficient and off-balance sheet financing.

Trade & commodity finance

  • across the whole spectrum of trade & commodity finance products, including financing and monetisation of commodities in production, transit and storage, receivables financing, export credit agency-backed financings and trade finance instruments.