Client Services / Finance & Banking / Banking and Finance - London

Banking and Finance - London

Our London Banking & Finance Group provides seamless transatlantic and international advice for all our clients' legal needs. We provide effective local and international solutions and strategic advice across the banking, financial and capital markets sectors.
We advise on a wide variety of financial products and transactions including:

-acquisition and venture capital financing
-asset finance
-capital markets
-cash management products
-commercial banking
-corporate finance including M&A
-electronic banking
-financial services regulation
-securitisation
-structured finance
-syndicated and bilateral lending
-telecoms financing
-trade finance

We make it a priority to understand our client's business so we can anticipate and advise on the commercial impact of legislative changes. We build strong long term relationships with our clients and have a practical understanding of their commercial requirements and challenges often gained through secondments or as in-house counsel. We seek to supplement in-house knowledge with regular seminars and briefings on pertinent current legal points. Our legal services are underpinned by innovative communication, electronic document management and knowledge management resources. We invest in technology to provide a unique time and cost efficient service, whilst maintaining the edge on legal innovation.

BANKING
Our London banking practice provides sound judgement and bespoke business solutions to our broad range of global clients. Through versatility, industry knowledge and breadth of practice we provide advice on a wide variety of transactions from full service teams responding to a wide range of legal needs. Throughout the working relationship, our clients appreciate the consistently accurate, commercial minded and timely legal advice that we offer, regardless of whether we are advising on a single structured arrangement or their ongoing banking requirements.
Distinct amongst international firms in Europe, our clients benefit from our strength in all matters of UK, US, German and Italian finance law. In addition to advice from acknowledged leading UK practitioners, we offer top level US banking and securities advice provided by our US Securities lawyers in London and across the Firm's network.
Transactions include:

  • Advising a major international group on a US$2.9bn financing
  • Advising the Arrangers on two US$200m Medium Term Note Programmes
  • Advising an Issuer on the refinancing of a US$1.4bn bond issue
  • Advising on a major CDO structured finance transaction
  • Advising on the sale of debt in an Iraqi telecommunications project to a third party bank
  • Advising Schmalbach-Lubeca on the securitisation of its trade receivables portfolio arranged by Bank One
  • Advising one of Europe's largest banks on the structural and capital reorganisation of UK entities and business divisions consequent upon the merger of the two banks
  • Advising Kvaerner, the international engineering and construction group, on the financing aspects of the $100m sale of its hydrocarbons and process technology divisions to Yukos Oil, the Russian oil company
  • Advising on the reorganisation of cross-border financing arrangements across Europe
  • Advising major US corporations in a series of structured financings, working closely with our Tax Group

PROJECT FINANCE
Our London project finance practice has broad capability, with cost effective teams handling all issues and relevant documentation. The practice combines the different disciplines needed to complete a project financing, providing close knit teams possessing a comprehensive range of experience and substantive knowledge. The teams, often with direct industry experience, work in partnership with our clients, thus fully understanding all the aspects of the project.
On a global scale, our clients benefit from first rate advice from acknowledged leaders in Germany, where many leading project finance banks are based. With the Firm's substantial US project finance capability we offer a sizeable and broadly based projects practice to deliver cohesive, multijurisdictional advice.
Our clients include project sponsors and financial institutions, in addition to leading European construction companies.
Transactions include:

  • Advising the Thermaiki Odos consortium on approximately €480m financing of the construction and operation of a tolled submerged road tunnel in Thessaloniki in northern Greece
  • Advising separate consortia on project financings of the Maliakos Toll Tunnel in Greece
  • Advising an investment bank in its capacity as financial adviser to a consortium bidding for the concession for the Markopoulo Racecourse, Pari-Mutual Betting System and Olympic Facilities Concession

ENERGY TRADING
We have an active Energy practice in London where we advise leading investment banks on the documentation and implementation of energy trading arrangements in the UK and Europe.  For further information on our Energy Group, please click here.

DERIVATIVES
Our London derivatives team advises on a wide variety of derivatives activities and swaps matters. As our team has in-depth capabilities, we offer bespoke business solutions over a broad range of products. Our clients have unparalleled access to experienced advisers in associated practice groups (such as tax) to support the most complex structured transactions. We work closely with highly regarded derivatives lawyers in our New York, Washington, DC and Chicago offices providing our clients with comprehensive cross-Atlantic advice.

In addition, our clients benefit from advice from leading US securities lawyers on all US securities elements. The team not only offer first rate legal skills across the board, but also bring a wealth of background industry knowledge. Our capability is reflected in a growing client list which spans the financial services and corporate sectors, including leading international commercial and investment banks and other international financial institutions.
Our experience includes:

  • Advising a Major international investment bank on derivative, physical and fixed income products trading
  • Advising a major US investment bank on the closing out of derivative transactions and set-off law arising under UK and international insolvency law
  • Advising a major international investment bank on cross-border legal and regulatory requirements in relation to trading (financial and physical) in coal, emissions, gas, oil, power and freight across 35 jurisdictions, along with drafting of notifications and license applications to relevant state-level regulators across numerous jurisdictions and advising on trading documentation forms
  • Advising on UK and European standard gas, power and emissions trading and credit support documentation and carrying out a programme of negotiations with 44 separate counterparties, for a major energy group

RESTRUCTURING AND INSOLVENCY
Our London Insolvency & Restructuring Group benefits from the combined talents of experienced UK, US, German and Italian-qualified corporate and finance lawyers. Our strong multidisciplinary service and extensive capabilities covers a wide range of the latest cutting edge financial restructuring techniques.
Our full range of services includes:

  • Europe and UK-based workouts, restructurings, insolvencies, receiverships, administrations, creditors' voluntary arrangements and liquidations
  • US-based workouts, restructurings and bankruptcies, including Chapter 7 and Chapter 11 proceedings
  • cross-border workouts, restructurings and insolvencies of all types
  • public and private debt and equity exchange offers and swaps
  • restructuring of equity and debt (including high yield debt) investments in companies across numerous jurisdictions

Our clients include debtors, creditors, investors, financial advisers, banks, funds and other institutions.
We work intensively with specialist teams within banks and other institutions in order to leverage opportunities for investors at the same time as providing financial support to the companies concerned.
We can call on the services of our corporate, banking, telecommunications, bankruptcy, tax, litigation and intellectual property groups.

Our experience includes:

  • Advising Korea Asset Management Corporation (KAMCO) on one of the world's largest distressed debt acquisitions of approximately $4bn of debt owed by companies within the Daewoo Group
  • Advising Dresdner Kleinwort Wasserstein in New York and London as financial advisors and dealer managers on several high yield exchange offers and recapitalisation transactions involving a range of jurisdictions
  • Advising GE Capital on complex cross-border insolvency issues arising out of certain investor transactions
  • Advising a syndicate of international banks on the restructuring of a facility made available by them to a major power station project which ran into difficulty as a result of significant exposure to Enron Corporation. The power station has been financed on a project finance basis and so the restructuring is highly complex involving numerous affected groups
  • Advising Brokat Technologies on a proposed recapitalisation and restructuring of its outstanding high yield bonds. This was one of the first in a series of proposed consensual restructurings in the European high yield bond market involving a non-bankruptcy solution and involved German, English, US and other affiliates and operations

ACQUISITION FINANCE
Our Acquisition Finance Group assists debt providers, financial advisers, corporate borrowers and private equity sponsors in the structuring, negotiating and documentation of bid financings, public-to-privates, leveraged buyouts (including senior, mezzanine and high yield debt), restructurings and other acquisition-related financing transactions.
We have experience in large and mid-market, domestic, international and cross-border transactions and work closely with our colleagues in Italy, Germany and the US. 
We work for a broad range of international clients and provide a seamless service with dedicated resources, know-how and deal experience.
Transactions include:

  • Advising Aldersgate Investments Limited as part of a consortium on the agreed cash offer for Chelsfield plc for £2.1 billion, which comprised £585 million cash and £1.5 billion in assumed debt
  • Advising Aldersgate Investments Limited, one of the leading investors in Duelguide plc, on the finance aspects of a recommended offer for Chelsfield plc
  • Advising HIG Capital on the financing of the acquisition of assets and subsidiaries of Total Safety Group, including on UK financial assistance aspects of the transaction which required special statutory procedures in order to validate the transaction
  • Advising on the UK financing and collateral aspects of a cross-border corporate acquisition by J W Childs
  • Advising Collins Stewart, as adviser on the £67.4 million recommended offer for Hercules Property Services by Erinaceous Group
  • Advising Constellation Brands Inc in relation to a US$2.9bn acquisition financing

HIGH YIELD AND LEVERAGED FINANCE
Our high yield and leveraged finance practice combines the talent of experienced UK, US and German lawyers to provide a strong multidisciplinary service covering a wide range of the latest cutting-edge high yield and leveraged finance techniques.
To ensure a comprehensive service for our clients, our London-based practice is supported by lawyers from our international banking and finance, corporate and insolvency legal teams. In addition, we can call upon advice from a solid team of US-qualified London based US securities lawyers.
We regularly advise issuers, initial purchasers, investors, financial advisers, funds and other institutions on high yield debt issues and related matters including:

  • New issues of high yield bonds by US and Europe based issuers
  • Exchange offers, tender offers and consent solicitations involving high yield bonds and convertible securities
  • High yield covenant compliance and transactional structuring
  • Trading and portfolio management in the high yield area

Recently we have been particularly active in debt exchange offers and restructuring transactions in the European high yield environment.

Our experience includes:

  • Advising a major multinational group which is a market leader in its field on the English legal aspects of a US$4.1 bn leveraged financing
  • Advising an investment fund on the implications of investing in high yield bonds issued by Alfa Laval and Grohe
  • Advising a NYSE-listed consumer products company on a proposed high yield acquisition financing, including related bridge financing
  • Advising WestLB Panmure as initial purchaser on the offering of high yield bonds by a Neuer Markt listed German technology company
  • Advising CoreComm Limited on its offering of convertible notes
  • Advising Wasserstein Perella and Chase Securities as initial purchasers on the offering of high yield bonds by an international transportation company

FINANCIAL SERVICES & FUNDS
Our Financial Services & Funds Group in London Group is a multidisciplinary team providing those in financial services with specialist legal, regulatory and tax advice.  We have the skills and experience required for structuring investment funds and advising on the regulatory regimes governing their promotion and distribution. Our skills in London enhance our European and US capability to service multijurisdictional and cross-border transactions and financial services activity.  Given the complexity and international nature of many funds and cross-border securities transactions, such a capability is critically important. 

We also work closely with our International Hedge Funds Practice to provide advice to start-up and established hedge fund managers, advisors and financial institutions that engage in business with hedge funds.   For further information on our Financial Services & Funds Group, please click here.

Contacts

Finance & Banking Client Services

McDermott Will & Emery

McDermott Will and Emery