IFLR1000

International Financial Law Review (IFLR) rater verdens førende advokatvirksomheder inden for M&A, Banking and finance og Insolvency and restructuring.

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IFLR1000

IFLR1000 Rating 2016

Mergers and Acquisitions

Bech-Bruun is recognised as one of the leading financial and corporate firms in Denmark. In the corporate space, especially, the team continues to excel and secure some of the most impressive mandates in the Danish market.

Clients specifically point to the “professional and enthusiastic service” provided by the team as a key highlight. “They are very good and helpful in getting the deal through on the terms agreed,” says one senior executive in at an investment group. “There is no lawyering or getting in the way of the deal but instead they are very constructive and helpful in solving issues occurring along the way. The team was led by Jacob Hjortshøj who is one of the very best.”

The firm’s corporate practice, in particular, is something many clients highlight. “I would recommend Bech-Bruun highly and continue to use them on all my work,” says one in-house counsel working in the media sector. “Bech-Bruun are my first choice M&A firm and they handle even the largest and most complex deals excellently.”

That strong praise is supported by others. “It is one of the best experiences I have ever had working with an overseas firm,” says one international partner. “Bech-Bruun are head and shoulders above – in terms of knowledge, value for money and results – of all other firms I've used in Denmark. Their availability was excellent, there were no communication problems and the billing arrangements were flexible and very reasonable considering the work done. They were responsive, understanding of the subject and very good value for money. They are the only firm I would undoubtedly use in Denmark.”

One of the more significant matters the banking and finance team worked on this year saw Morten Krogsgaard taking charge as the firm acted for Solix and the Cembrit group in connection with a junior payment-in-kind (PIK) note issue for the purpose of refinancing certain financial indebtedness. Elsewhere, the team also assisted Landesbank Baden Wurtemberg in connection with its financing of a solar power plant sited at Lerchenbord Gods.

The capital markets team had busy year, with one example of its work seeing it advising LM Group Holding on its (Norwegian) kr475 million green bond issue. It also acted as Danish counsel to Danica in its acquisition of bonds issued by Sitecore.

Probably the strongest practice within the firm – certainly one of the strongest in Denmark – is the M&A team, for whom it was another strong year. For example, this year Ole Nørgaard led a team advising Teradyne on its $285 million acquisition of the entire share capital of Universal Robots. Elsewhere, Simon Milthers was the partner in charge when the firm assisted AP Møller–Mærsk with the kr4.1 billion sale of Esvagt to 3i Infrastructure and AMP Capital Investors.

One of the top names in the Danish restructuring and insolvency space, examples of the firm’s recent work include seeing Ole Borch acting for F-Group – with Nordea as the major creditor – in its in-court restructuring process. He also continues to lead the way in assisting Aage Østergaard Horsens – where Sydbank and Danske Bank are the major creditors – with its out-of-court restructuring.

 

IFLR1000, Mergers and acquisitions

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.

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“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

IFLR1000

IFLR1000 Rating 2016

Energy and infrastructure

Bech-Bruun continues to develop its position as one of the leading names in the Danish energy and infrastructure market. This year it successfully expanded its team to bring in new expertise to supplement the already strong lawyers on its roster. It has also continued to impress on the energy side in particular, where it has again secured some of the most significant mandates in the Danish markets.

“Bech-Bruun’s energy team is providing a full-scope service for high-profile and complex renewable projects, including procurement, regulatory, competition, corporate and financing,” says one in-house counsel at a major European energy provider. “They have outstanding knowledge of Danish energy law and the Nordic energy market and all the relevant stakeholders. They are also very friendly, pragmatic and have a good responsiveness.”

Generally, clients praise the accuracy of the firm’s work as above average, with the work ethic of some of the senior lawyers praised in particular.

“Why we are using Peter [Østergaard Nielsen] is that he has a very good commercial touch and knows the supplier market on wind, he knows the industrial players and is strong on the supply agreements,” says one in-house counsel at a Danish investment group. “He is very well known on the supplier market for wind. When he moved to Bech-Bruun we followed him, because we are attached to Peter, not the firm he works for.”

Nielsen joined the team in February 2016 from Moalem Weitemeyer Bendtsen and brings a strong reputation in the wind and renewables market with him. The firm also brought on board another new partner in January 2015 in the shape of Claus Berg from Viltoft to help boost its construction and public procurement capabilities.

While the firm is known for its strength in the energy market, it has also had a productive year on the infrastructure side as well. This includes the continuing advice being provided to the Region of Southern Denmark on the development of a new hospital and working with Aarhus Kommune on the public-private partnership (PPP) construction of a new office building.

IFLR 1000, Energy and infrastructure

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