Den finansielle sektor

Vi er eksperter inden for:

  • Fremskaffelse af kapital, herunder prospekter, programetablering- og opdatering og obligationsudstedelser
  • Syndikerede lån
  • Projektfinansiering
  • Kontakt til tilsynsmyndighederne
  • Omstrukturering af nødlidende engagementer  
  • Garantier og sikkerhedsstillelse
  • Strukturerede produkter
  • Derivattransaktioner
  • Sekuritisation-transaktioner
  • Ansøgning om medlemskaber af børser og clearing-houses
  • Whistleblower-ordninger
  • Skatteforhold.

Hvordan kan vi hjælpe?
Vi rådgiver både store og mindre finansielle institutioner om at fremskaffe kapital og andre regulatoriske forhold. Vi har desuden mange års erfaring med at rådgive udenlandske finansielle institutioner om forholdene på det danske finansielle marked og om opfølgning på danske engagementer.

Vi har medvirket til at etablere finansierings- og sikkerhedsstrukturer i en række komplicerede engagementer og rådgivet i mange købs- og salgsprocesser.

I forbindelse med problematiske engagementer hjælper vi med at tilrettelægge og gennemføre den kommercielt bedst mulige løsning gennem salg, rekonstruktion eller afvikling.

Branchens udfordringer
Vilkårene for drift af pengeinstitutter og andre finansielle institutioner har gennemgået store forandringer. Finanskrisen har betydet, at finanssektoren gennemgår en konsolideringsproces og er blevet underlagt tættere regulering. Det gælder både i forhold til samfundet, herunder krav til soliditet og solvens, og i relation til kunderne, hvor kravene til dokumentation for kundekendskab og -rådgivning er øget.

Det har resulteret i en intensiveret dialog med tilsynsmyndighederne, øget fokus på mulighederne for at fremskaffe kapital og skærpede krav til, hvordan større engagementer tilrettelægges og til opfølgning på problematiske kundeforhold. Sektoren oplever derfor typisk et behov for rådgivning om både regulatoriske og kommercielle forhold.

Emneord

Vores ratings

Chambers and partners

Chambers Europe Rating 2018
-  Banking and finance

What the team is known for Highly regarded finance team acting on behalf of banks, private equity houses and large corporations, including international companies on all aspects of acquisition finance. Recognised for its expertise on financing in the energy sector, including projects and restructurings involving renewables and oil and gas. Other areas of specialism include asset finance, high-yield bond work and regulatory issues. Recent client wins include Danfoss.

Strengths Sources report that the firm's "main strength was their ability to respond quickly to queries raised by our clients, and their ability to explain specific aspects of Danish law in a succinct and understandable way. We felt that they fully understood the transaction, so responses were always appropriate and on point."

A client says: "I like their flexibility, as it is second to none. I also like their grasp of the whole sector, as it means that the knowledge is at a high level."

Work highlights Advised ING on lending issues in relation to financing a transaction regarding double-deck rail coaches owned by Beacon Rail Leasing.

Assisted Danske Bank with financing Axcel's acquisition of Lessor, a specialist in IT-based payroll and HR systems.

Significant Clients Handelsbanken, HSH Nordbank, PenSam, Danica Pension, Scandinavian Airlines.

Notable practitioners
According to sources, Morten Krogsgaard is “very knowledgeable, especially of local law and the leveraged finance market. He is someone who can translate concepts into practice. He is very hands-on and personally involved. I routinely recommend Krogsgaard for transactions in Denmark.” He advises financial institutions and private equity houses on debt financing, restructuring issues and asset finance. He advised Nordea on the financing of Sampo's mandatory offer of up to EUR1.5 billion in respect of TopDanmark.

Chambers and Partners Europe, Banking and Finance

Chambers and partners

Chambers Europe Rating 2018
-  Capital Markets

What the team is known for Noted for its work on IPOs, securitisation and regulatory matters. Acts on behalf of corporates and financial institutions on compliance work, share buy-backs and public tender offers. VP Securities is among the latest client wins for this department.

Strengths Clients praise the "high quality of work," adding that the team "knows the market and our business approach. The lawyers offer very good client service and are always available."

A further source recommends the group's "excellent service, timeliness and round-the-clock availability."

Work highlights Guided Expedit on the DKK125 million public tender offer made by Wanzl for Expedit.

Advised 3i and Layout Bidco on their DKK1.5 billion public to private takeover of BoConcept.

Significant Clients Danske Bank, UBS, Jyske Bank, BEC, Blackstone.

Notable practitioners
Steen Jensen advises clients on ECM transactions, including passporting and takeovers. He recently assisted Exiqon with its DKK1 billion public-to-private takeover by Oncotec.

David Moalem provides regulatory advice on capital markets-related matters. He assisted Lundbeck with the implementation of a new capital markets compliance set-up in light of the new EU Market Abuse Regulation. Clients say: "He gives very practical advice which we can easily implement and he provides very good service."

Chambers and Partners Europe, Capital Markets

IFLR1000

IFLR1000 Rating 2016
-  Banking and finance

"Bech-Bruun are very professional,” says one client. “They are always doing a solid, thorough job, reverting quickly back to us.” Another adds: “Excellent. They are solution-oriented and pragmatic."

The banking and finance team bolstered its ranks this year with addition of partner Steen Puch Holm-Larsen to the line-up. This helped boost the practice, which is especially known for its work in acquisition finance and bond financing.

One example of this saw the firm advising the Solix Group on the financing for its acquisition of the Cembrit Group. Led by partner Morten Krogsgaard, this work was especially notable as the deal was structured to be paid in three tranches. Krogsgaard was again the key partner involved when the team assisted Credit Suisse on the Danish aspects of the $50 million royalty bond issuance by Zealand. This was the first ever royalty bond issued by a Danish company and involved a non-dilutive and non-recourse bond financing backed by 86.5% of the future annual royalties - and other payments which the company is entitled to - on lixisenatide – a drug used to treat diabetes – as a stand-alone product under its license agreement with Sanofi.

IFLR 1000, Banking and finance

IFLR1000

IFLR1000 Rating 2016
-  Capital Markets

That deal was demonstrative of a general improvement in the capital markets in Denmark this year, which the team at Bech-Bruun was able to capitalise on. Other examples saw (Morten) Krogsgaard take the lead in acting for the PWT Group on the Danish law issues relating to PWT Holding’s placement of a kr300 million (€40 million) high-yield bond on the Nasdaq OMX Stockholm and in assisting SAS on the Danish aspects of its kr1.6 billion (€169 million) issuance of convertible bonds.

(...)

“A very competent and always in-touch full service provider,” is the way one general counsel describes the capital markets practice.

IFLR 1000, Capital Markets

IFLR1000

IFLR1000 Rating 2016
-  Insolvency and restructuring

On the restructuring and insolvency side the team again had a busy year. Ole Borch, for example, led a team in acting as the administrator in an in-court restructuring process for Da’core, utilising a new model of in-court restructuring. Borch was again in the lead as the team assisted MSE, with Tryg and Nordea as the major creditors, on its multi-million euro bankruptcy which managed to continue construction projects the company was working as it was being restructured and sold to new owners.


Clients were also very pleased with the work of this team. “We are very satisfied with Bech-Bruun and Carsten Ceutz and his team and have no complaints,” says one banking client. “They showed very high levels of professionalism and offered serious treatment with quick responses and answers to our questions.”

IFLR1000, Restructuring and insolvency

Bech-Bruun Recommended by Legal500

Legal500 Rating 2018
-  Banking and finance

The nine-partner banking and finance team at ‘one of the most reputable law firms in Denmark’, Bech-Bruun, ‘always meets the client’s expectations’. It is regularly involved in internationally focused acquisition finance and syndicated loans as well as asset financing and leasing, refinancing, structured products, derivatives and project financing. Thomas Thordal Sevelsted advised Danske Bank on the financing of the acquisition of the LESSOR Group through an Axcel managed fund. Under the leadership of renowned practice head Morten Krogsgaard, the group assisted a bank syndicate with the financing of Sampo’s compulsory takeover offer to Topdanmark.

Legal 500, Banking and Finance

Bech-Bruun Recommended by Legal500

Legal500 Rating 2018
-  Capital Markets

Bech-Bruun provides ‘very valuable advice’ as well as ‘excellent and professional service’. Practice head Morten Krogsgaard recently assisted DSV Miljø Group with a senior secured FRN bonds and the revolving facility agreement, while Steen Jensen advised Exiqon in a public to private takeover. David Moalem is praised for his ‘extremely quick answers’ and ‘business understanding’.

Legal 500, Capital markets

Bech-Bruun Recommended by Legal500

Legal500 Rating 2018
-  Insolvency and restructuring

Bech-Bruun’s ‘top’ insolvency and restructuring team handles the full array of matters, including business restructurings, debt restructurings, acquisition of distressed assets, and insolvencies. A recent highlight was advising Nordex Group on the acquisition and restructuring of distressed SSP Technology. Recommended Troels Tuxen regularly handles bankruptcy-related litigation. Michael Serring is praised for his ‘dedication’ and ‘comprehension’.

Legal 500, Insolvency

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    E info@bechbruun.com
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