Banking & Finance: Australia

THE FIRM The Allen & Overy team continues to strengthen its impressive capability in the region, offering clients expertise in acquisition, asset and corporate finance, and additionally in the nascent area of Islamic finance. Its strong cross-border transactional offering is further enhanced by its access to the firm's global network of offices. It has acted on numerous significant transactions including advising Leighton Holdings on a syndicated lease purchase agreement, arranged by ANZ. On another notable matter, it represented Standard Chartered Bank as arranger and lender of a secured USD1 billion facility for the Adani Group in connection with its purchase of the Abbot Point Coal Terminal. Some of its other notable clients include Barclays, Deutsche Bank, HSBC, JPMorgan and Morgan Stanley.

KEY INDIVIDUALS Respected practitioner Chris Robertson has amassed over 20 years' experience advising on domestic and cross-border banking and finance transactions. Reflective of his standing, one source said: “His real strength is the way he understands how to bring a transaction together in a constructive manner. He is not a lawyer who is there to score points, he gets the job done.” 

Jason Huinink is endorsed by one interviewee as “commercial in his approach," with another commenting: "He understands things from a client's perspective rather than just a legal one; he knows the market and its numerous structures.”

Managing partner Grant Fuzi earns solid praise from market observers for his standout, all-round finance expertise. His practice encompasses corporate, leveraged and project finance. 

Adam Stapledon is a name to watch, according to market feedback. He is described by one source as an “extremely strong finance lawyer who is very commercial with his advice as well as being technically excellent.” He includes National Australia Bank (NAB) and Deutsche Bank amongst his clients.  

THE FIRM This market heavyweight remains a byword for banking and finance excellence, with the recent alliance with Linklaters only adding to its outstanding reputation across the region and beyond. It attracts top-flight Australian and international banks, financial institutions and blue-chip corporates such as NAB, ANZ, Citi and Origin Energy. Recent highlight transactions include acting for the banks, such as UBS Investment Bank, on the provision of financing for Whitehaven's merger with Aston Resources and the acquisition of Boardwalk Resources. In another highlight, it represented a Goldman Sachs and Brookfield Asset Management consortium on a successful bid for a AUD1 billion New Zealand loan portfolio from Bank of Scotland. Despite a subdued property market, the team has acted on a number of high-value transactions for clients such as Centro and Investa Properties.

Sources say: “They have a set of really excellent senior associates.”  “They are a slick operation that gets deals done quickly.” 

KEY INDIVIDUALS The universally respected Diccon Loxton has recently assumed the mantle of senior counsel. With his vast experience, he provides guidance and advice on the most complex of corporate, leveraged and structured finance transactions. He was also involved with the Attorney General's Department in relation to the drafting of the Personal Properties Securities Act.

Alan Maxton is particularly noted for his acquisition and asset finance skills. He continues to consolidate his reputation in the market, with one source noting: “It was really down to his commercial awareness that he was able to see through the deal and understand what we wanted to achieve.” His clients include a range of financial institutions, both borrowers and lenders, including Macquarie Bank and Meridian International Capital. 

Phillip Cornwell remains highly regarded amongst commentators, particularly for his project, acquisition and all-round corporate finance skills. His recent work includes advising UBS on the financing of Archer Capital's purchase of a controlling stake in the motorsport group V8 Supercars. 

Andrew Boxall is especially well regarded in property finance, and more generally the financing around infrastructure projects, with one client enthusing: “He is excellent and owns the financing space." He counts Suncorp Metway and Westpac amongst his high-profile clients. 

Richard Gordon is held in high esteem by his clients, who explained that “having worked for sponsors and banks, he can provide sensible advice which can bring about a good outcome for all parties.” Gordon has handled a number of high-value matters in the past year including the Whitehaven financing mentioned above.

Reflective of Ian Wallace's depth of knowledge in overseeing complicated and innovative asset finance transactions, he has attracted an impressive roster of domestic and international banks and major corporate borrowers who seek access to his wealth of expertise. 

New to the list, Jason Morris is singled out by one source, saying: “He is very capable, organised and thorough in the way he considers the legal implications for his clients.”

THE FIRM With an enviable client base including the likes of Telstra Super, Goldman Sachs, Lloyds TSB and Bank of Scotland, this firm remains a popular choice in a competitive market, for the quality of its execution of transactions. It handles a wide array of corporate financing, restructuring and insolvency matters and has a particularly fine reputation for its property finance offering. Standout highlights handled by the group include advising a number of senior lenders, including TPG, on the AUD2.8 billion reconstruction of Alinta Energy. On the property finance front, one of the many transactions undertaken included representing an international consortium, including Goldman Sachs on the AUD415 million takeover of the Redcape Property Fund by way of schemes of arrangement and recapitalisation.

Sources say: “The skill set and execution demonstrated by the team were flawless. I would certainly hire them again." “They are efficient, commercial, solution-seeking and easy to work with.”

KEY INDIVIDUALS Stephen Sharp heads the banking and finance group and is noted by sources as being “an exceptionally commercial and experienced banking and finance lawyer.” He is particularly sought after for his property finance skills and counts Telstra Super amongst his clients. 

Ben Mahoney's versatile skills include advising on debt and equity financings and restructuring transactions. He led on the Redcape Property deal. 

Paul Rubenstein attracts praise from the market such as "he has seen a lot of deals and has an intelligent and strong business sense. He definitely adds value.” His year included advising Investec Bank (Australia) on a range of financing and restructuring matters.

THE FIRM This powerhouse group can handle large, sophisticated transactions across multiple jurisdictions. Over the past year, it has significantly increased its head count to match a growing roster of clients and panel appointments. The team provides the highest-quality guidance to both borrowers and lenders across every aspect of banking and finance, from asset, corporate and project finance to Islamic finance. Recent highlights include acting for NAB, Westpac Banking and Goldman Sachs on the provision of acquisition facilities tied to the GBP200 million purchase of DTZ Property Services by United Group. In another matter, it guided Bright Foods Group on all of the Australian aspects of the financing for its acquisition of Manassen Foods.

Sources say: “They are commercial and cost-effective, providing quick turnarounds with good advice.”

KEY INDIVIDUALS Martin Coleman is considered one of the foremost lawyers in the market, particularly on the corporate and acquisition finance fronts. Appreciative interviewees have commented: “He is a great operator, I can't say enough good things about him.” "He is outstanding and incredibly commercial.” His notable work includes acting for a bank club comprising a number of the major Australian banks in respect of the restructuring and refinancing of Canberra airport's facilities.

The greatly admired John Field continues to attract glowing praise from market observers: “He is a leading and excellent practitioner who deserves a top billing.” He heads the project, asset and structured finance division, areas in which he is considered pre-eminent.

Timothy Lipscombe is unanimously well respected amongst sources, who note: “He is a strong technical lawyer who understands the field and is well versed in Australian finance and securities.” His year's work included a number of high-value property finance transactions. 

The recent addition of Shawn Wytenburg to the team has been signalled by market observers as “a real coup for Ashurst.” Reflective of his leading position on acquisition and leveraged finance transactions for over 20 years, he remains a popular choice amongst leading banks and other financial institutions. 

Whilst being based in Sydney, Robert Ritchie spends part of his year in Hong Kong and Macau. He is particularly valued for his track record in the corporate and project finance spaces. 

Well respected amongst his clients and peers, Steve Smith continues to impress, taking the lead on domestic and cross-border acquisition, project and corporate finance transactions. He advised a syndicate of lenders on the debt-for-equity swap undertaken for the Godfreys Group, thereby avoiding receivers being appointed.

THE FIRM Leveraging the strength of its full-service global offering, this firm continues to enhance its position in the region. The team was retained to advise on numerous impressive acquisition, corporate and property finance mandates on behalf of the likes of ANZ, Standard Chartered Bank, CHAMP, Emeco Holdings, Bank of China and Manassen Foods Australia. Most recently, the team represented Eurus Energy of Japan on its acquisition of the Hallett 5 wind farm from AGL Energy. In another highlight, it guided Leda Holdings on its financing of the Tuggeranong shopping centre, a matter complicated by the fact that Centro was a joint owner of the property.

Sources say: "We relied on Bakers heavily for their nous; to make things fit the commercial requirements, their performance in this area has been great."

KEY INDIVIDUALS Tim O'Doherty is valued by clients for his ability to provide comprehensive solutions on complex transactions. He is particularly adept on property and project financing and his notable work includes representing Host Hotels & Resorts (a US real estate investment group) with the refinancing of the debt of HHR Conventions by way of an AUD82 million term loan facility.

Sean Rush, who recently joined the group, brings with him considerable international project and acquisition finance expertise. He lately acted for the Singapore branch of ICICI Bank, as part of a syndicate, on the provision of a facility to Lanco Resources International and Lanco Resources Australia, which would be used, in part, for the acquisition of Griffin Coal and Carpenter Mine Management.

THE FIRM This practice has enjoyed a successful year advising on a range of high-value and complex acquisition, corporate, asset and project finance transactions. It works closely with a diverse range of clients including CBH Financing, Iluka Resources, Collins Foods, NAB and Westpac Banking. Demonstrating its depth of expertise, it advised Bain Capital on the leveraged financing of its AUD1.3 billion acquisition of MYOB, with financing being provided by a range of international institutions. In another impressive mandate, it guided Optus on the refinancing of its Australian facilities, which involved putting in place a AUD1.5 billion syndicated facility. 

KEY INDIVIDUALS Graeme Gurney, who heads the Sydney practice group, is a prominent name in the profession, particularly in property financing. He has handled a number of complex property financing and refinancing matters in the past year and counts Macquarie Bank and Deutsche Bank amongst his clients. 

Geoff Geha has taken the lead on a number of the year's notable corporate and leveraged finance transactions, one example being advising CHAMP on the leveraged financing of its acquisition of oOh!media by way of a scheme of arrangement.

Paul Gatward's versatile practice encompasses corporate, acquisition and property finance. He acted on the Collins Foods matter and also counts ANZ and a number of property funds amongst his clients. 

Bruce Cooper heads the project finance team and has a particular focus on acquisitions in the energy and infrastructure sectors. His notable work includes advising the project company Australia Pacific LNG on the USD8.5 billion funding of its LNG project at Curtis Island, in Queensland.

Sydney-based Alex Schlosser continues to play a leading role within the team. He has an especially keen focus on acquisition and leveraged finance; he assisted Collins Foods on a AUD145 million syndicated facility amid the group's IPO.

THE FIRM This well-regarded and growing practice had an excellent year, particularly in the fields of acquisition, corporate and project finance. The depth of its offering is reflected in the size and complexity of the mandates it has attracted. It has, for example, advised a group of banks, including Deutsche Bank, HSBC and Morgan Stanley, as senior lenders to Bain Capital on the funding of its AUD1.3 billion acquisition of MYOB. In another notable transaction, it assisted JPMorgan and NAB in respect of The Blackstone Group’s AUD806 million acquisition of Valad Property Group. Its thriving projects finance practice handled financing transactions for clients such as QR Network and the State Bank of India.

Sources say: “The main strengths of the firm are its industry knowledge and client focus.”

KEY INDIVIDUALS Brad Robinson, based in Melbourne, is a key contact for the firm.

THE FIRM This firm's banking and finance practice offers high-quality expertise combined with a focus on building client relationships. It is particularly noted for its acquisition, corporate and asset finance know-how and also fields highly regarded restructuring and insolvency and project finance teams. Dedicated to providing comprehensive solutions together with a cross-border capability, it attracts clients of the calibre of Westpac Banking, UBS and Pacific Equity Partners. In a notable mandate of the past year, it represented The Blackstone Group on its AUD700 million financing connected to the purchase of Valad Property Group.

Sources say: “They are a fantastic service provider; we find them approachable and upfront, transparent and straightforward."

KEY INDIVIDUALS The talented and highly regarded John Schembri is singled out by sources who note: “He is knowledgeable, hard-working and the best banking lawyer we have worked with by a considerable distance.” According to another interviewee “he has a strong work ethic and is great at meeting deadlines.” LBOs, debt trading and structured finance are some of the many components of his broad banking practice. 

At the time of going to press, it was announced that Simon Lynch will be joining the firm. He is one of the most respected practitioners in the Australian market, appreciated for his "huge depth of experience across all of the banking sector." According to another source “he is very much in demand: if there is one lawyer you really want to battle for your life then it is him.” 

THE FIRM Continuing to build on its strong relationships with some of the country's leading banks, financial institutions and funds, this seasoned group is appreciated for providing high-quality technical and commercially pertinent advice on a range of corporate, project, acquisition and structured finance matters. In the past year it advised Merrill Lynch, Morgan Stanley and other US banks on the provision of a facility in excess of USD2 billion for Peabody Energy in relation to its acquisition of Macarthur Coal. It also represented Morgan Stanley Real Estate Global Fund VII on its purchase of a portfolio of real estate loans from Lloyds TSB. 

Sources say: "Nothing is too much trouble, you can ring up and get an answer without always being billed - they are very good like that and extremely efficient." “They offer practical execution on transactions and have a strong insolvency bench.”

KEY INDIVIDUALS Alex Mufford, who heads the team, is a key contact. 

THE FIRM This banking and finance heavyweight remains a front runner, offering clients top-quality technical know-how combined with commercial acumen. It handles some of the largest and most complex mandates and since combining with Herbert Smith it is poised to take on increasing levels of cross-border work. Most recently, the group advised Archer Capital on the debt financing connected with its acquisition of Quick Service Restaurant Holdings from Quadrant Private Equity. It also assisted ANZ, NAB and Merrill Lynch on a USD900 million facility for Fortescue Metals Group, which is thought to be the largest mining equipment lease financing transaction completed in 2012. 

Sources say: “Their strengths include their knowledge of the market both in terms of the deals and the industry participants, and their ability to act commercially in their dealings.”

KEY INDIVIDUALS John Angus is regarded by interviewees as a go-to lawyer for asset finance matters. Reflective of the quality of his banking experience, he recently advised APA Group on its AUD1.45 billion unsecured syndicated loan facility. He also represented AGL on its AUD200 million export credit facility.

Well-respected practitioner Mark Breheny is singled out by one source for his “excellent knowledge of market precedents." According to another interviewee he “has the ability to oversee complex deals with a level-headed approach and understands risk allocation in a transaction.” 

Wendy Gwyn's much-admired property finance capabilities were aptly demonstrated when she represented Toga and LaSalle Investment Management on the AUD135 million secured debt facility in respect of the costs for the first two stages of a residential development project at Macquarie Park.

Justin Pelly is widely praised for his extensive practice, particularly in the corporate, property and acquisition finance spheres. His busy year included advising Lend Lease on the debt financing for the Barangaroo development.

Emma de Carle's reputation, particularly in acquisition finance, continues to grow. One of her many transactions of the past year involved acting for the financiers of CHAMP’s acquisition of oOh!media. One source commented: “She is always able to find a creative solution in order to get things done.”

John Nestel's practice incorporates an impressive blend of expertise on project, corporate and structured finance and restructuring. He advised the senior lending syndicate, consisting of approximately 29 alternative asset management firms and financial institutions, on the restructuring and recapitalisation of the I-MED group.

Amanda Wales is continuing to build an excellent reputation, especially in asset finance where she has handled some of the year's most notable deals. 

Lucy McCullagh is able to manage large-scale corporate finance projects, as evidenced by her handling of syndicated facilities for corporates such as Epic Energy and TRUenergy. Clients express appreciation that "she approaches things in a commercial manner, across the whole deal, and she deals with complexity very well."

THE FIRM This five-partner group stands out in the market for its exclusive borrower practice, ensuring it is free from conflicts of interest on the lender side and so remains unrestrained by bank panel arrangements. This relatively small group punches above its weight to handle complex transactions for the likes of Rio Tinto, Brookfield, Abacus Property Group and South East Australia Gas. Recent highlights include advising OneSteel on a range of debt finance matters including a multicurrency USD1.3 billion syndicated facility. It also represented the Goodman Group on the financing of its industrial property joint venture with Brickworks Limited.

Sources say: “In my experience the partners are heavily involved on all deals, combining national and international experience.” “They have great negotiation skills and are not afraid to stand up to the banks.”

KEY INDIVIDUALS Jim Hunwick earns high praise from interviewees: “He is practical, knowledgeable and efficient, so that means we get smart and value-for-money advice." "He offers unbiased, commercially focused and straightforward advice.” He has wide-ranging fund-raising experience and his busy year included acting for CP2 on the financing of its AUD2.2 billion acquisition of ConnectEast. 

A new addition to the team, Matthew Allchurch has amassed over 20 years of banking experience from which he understands both the borrower and lender sides of deals. Sources appreciate that he is "practical and pragmatic and in tune with the commercial drivers in the market.” 

THE FIRM With 27 partners, this practice is equipped to handle some of the most prestigious and complex transactions in the market. Following the merger with King & Wood, its impressive coverage in the region has only been further enhanced. Major mandates include continuing work with the China Development Bank, most recently on the increase of a project loan to USD1.8 billion, in respect of its financing of the Karara iron ore mine. In another highlight, it represented a syndicate of nine banks on the AUD1.9 billion refinancing of Mirvac Group's existing corporate facilities. In addition to a range of high-value acquisition, corporate and project finance matters, the group has also handled a range of asset finance matters, particularly in the aviation industry. 

KEY INDIVIDUALS Multi-talented Yuen-Yee Cho is highly regarded amongst market experts as a leading corporate and acquisition finance practitioner, with one source simply commenting: "We trust her experience." 

Ken Astridge has a superb reputation, especially in property finance. A highly impressed market source commented: “He is fantastic, I can't rate him highly enough. He acts for financiers and borrowers so he knows the market really well at any given time. He is an excellent technical lawyer who offers real commercial insights to his advice.”

Noted by interviewees for his ability to drive deals home, John Canning is particularly well regarded in the asset finance space. In the past year, his busy workload has included advising on the financing of assets in sectors such as aviation and resources. 

Richard Hayes is endorsed by commentators for his excellent offering in acquisition finance. He is praised by one source as “approachable, knowledgeable and thorough." 

Melbourne-based Ian Solomon stands out for his expertise in the property, corporate and structured finance space, acting for a strong roster of domestic and international financial institutions. 

New to the rankings this year, Jonathan Oldham is rated highly amongst sources, who point to the tremendous commerciality he brings to transactions. His recent work includes handling refinancings for Epic Energy, including AUD850 million in connection with the expansion of its South West Queensland pipeline. 

THE FIRM This practice remains a first port of call for a blue-chip clientele of major domestic and overseas banks and leading corporates. The group is particularly fêted for its outstanding property finance offering but also brings to the table skilled asset, acquisition and corporate finance practitioners who are handling increasing levels of incoming investments. Some notable highlights include advising the 'big four' Australian banks on the provision of AUD1.9 billion of funding to subscription television provider FOXTEL, to assist in part on its acquisition of AUSTAR. On the property finance front, it represented a prominent syndicate of banks on a AUD1 billion secured debt facility to fund the takeover of Charter Hall Office REIT by an international consortium.

Sources say: "They have a strong bench of partners and senior associates who stand out when deals need to close within a tight timeframe.”

KEY INDIVIDUALS Daniel Marks attracts glowing praise for his collaborative approach and great negotiating skills. Sources noted: “He is proactive and always available. He is a very good lateral thinker and this makes him probably one of the best if not the best commercial lawyer in this area.” He is especially admired for his property and corporate finance skills; most recently, he advised on the Charter Hall Office REIT matter.

With over 20 years of experience playing a central role on property and corporate finance deals, Tony Berriman continues to be in demand. Of late he acted for a group of lenders, including major domestic banks, in respect of unsecured facilities of AUD2.58 billion for General Property Trust, an Australian-listed REIT.

John Mosley is singled out by one source because “he is incredibly experienced, knows the market and is on top of all the issues: he knows how to work around them and provides solid commercial advice.” He acted for a syndicate of eight lenders on refinancings for Primary Health Care which totalled AUD1 billion.

David Eterovic draws praise from both peers and clients, particularly for his skills in acquisition and project finance, which he combines with debt restructuring expertise. He is valued for having "an excellent grasp of corporate reality" and for being "extremely commercial." Most recently, he acted for Affinity Equity Partners in respect of its acquisitions of Tegel Foods (New Zealand) and Primo Smallgoods.

John Elias is highly regarded for both his capital markets and asset finance skills. In relation to the latter, his workload included advising Qantas on funding for the acquisition of additional Boeing aircraft. 

Well respected amongst both his clients and peers, Stewart Robertson handles a range of acquisition, leveraged and corporate finance work. Most recently he acted for a syndicate of foreign and domestic banks on a highly complex restructuring of Hastie Group's financing arrangements. 

James Mok joined the team from King & Wood Mallesons in November 2012. He has broad banking experience with specialisms in asset and acquisition finance. 

THE FIRM This 14-partner team works closely with the restructuring group, and has had a busy year in which it has expanded its practice and client base, further consolidating its position in the Australian market. It offers the additional advantage of a global network of colleagues with whom it collaborates. It acts for a diverse range of banks and corporates such as HSBC, Bank of China and Laing O’Rourke across numerous sectors, particularly in the resources industry. A representative key mandate includes acting for Brisbane Airport Corporation on the renegotiation of its debt terms with Commonwealth Bank of Australia, NAB and the Bank of Tokyo-Mitsubishi UFJ.  

KEY INDIVIDUALS Nuncio D'Angelo, who recently joined the firm, continues to win plaudits in the corporate finance arena for being "a really good operator" and as someone who is "technically strong, good to work with and available at all times.”