Banking and Finance

Financial markets are becoming more complex and financial transactions more international. 
We have Denmark's largest and leading banking and finance team with over 40 lawyers, many of whom are recognised as leaders in their field with top ratings from rating agencies such as Chambers Europe, Legal 500 and IFLR 1000.

We actively participate in and follow developments in the financial markets in Denmark and abroad through our strong Danish and international network, by assistance to the Danish government in drafting of new legislation and by participation in international events.

With our international experience and pragmatic approach, we add value to all aspects of financial transactions, whether in relation to strategy, structuring or documentation.

Where required we work in specialist teams to provide clients with access to the best possible expertise and transaction management.

We advise on all aspects of banking and finance law, including:

  • Corporate finance 
  • Acquisition financing
  • Bonds 
  • Ship finance
  • Leasing, aircraft and other assets
  • Project and export finance
  • Restructuring
  • Financial Regulation
  • Derivatives

CORPORATE FINANCE

Changing market conditions affect the way in which businesses are being financed.

We have extensive experience in corporate financing and follow developments in Danish and international financial markets closely. We have substantial experience in working with Anglo-American loan documentation for borrowers and lenders and many of our lawyers have worked abroad. We are members of the Loan Market Association and also draft LMA-based loan documents.


We advise businesses on both external and intercompany funding, including on products, strategy, structure and documentation, and are often involved in commercial discussions on behalf of clients.


We assist Danish and international banks, corporations, private equity funds, lenders and borrowers with inter alia:

  • Bilateral and syndicated loans
  • Bond issues 
  • Granting of security
  • Intercompany funding, including cash pools
  • Securitisation
  • Factoring and leasing 

ACQUISITION FINANCE

Since the start of the financial crisis, the basis on which acquisitions are financed has changed considerably along with the relationship between banks, sponsors and borrowers, challenging traditional funding structures. These challenges require legal advisers with up to date knowledge of market conditions and experience in complex transactions.

Many of our financing lawyers have mergers and acquisitions experience and we work closely with our M&A team.

Our combined experience in M&A transactions and financing ensures that our clients get commercial funding solutions that reflect Danish and international financial markets developments.

We assist Danish and international banks, corporations, private equity funds, lenders and borrowers with, inter alia:


  • Bilateral and syndicated loans, including revolving credit facilities
  • Mezzanine capital and other subordinated debt
  • Bond issues, including high yield bonds 
  • Intercreditor relations 
  • Granting of security

BONDS

Bonds may be a better source of funding for some businesses than bank funding. Recently, the number of corporate bond issues has been increasing. Advising on bond issues requires in-depth knowledge of market conditions and market participants.

Our banking and finance team has extensive experience in bond issues and other structured finance transactions.

We follow debt capital markets developments closely and have participated in legislative work in this area.

We have also assisted large Danish businesses and banks in obtaining funding through the issue of bonds and other structured finance products in Denmark and abroad. We have assisted issuers and managers with bond issues for general business funding purposes and in connection with acquisitions.

Our advice includes:

  • International bond programmes (EMTN programmes and US private placements)
  • Investment grade bonds
  • Covered bonds 
  • High yield bonds
  • Securitisation 
  • Corporate structure of financing companies 
  • Convertible bonds 
  • Structured financial products

SHIP FINANCING

Ship financing is often complicated due to changing market conditions, the cross-border nature of the transactions and complex registration issues.

We have over twenty years' experience in representing Danish and foreign banks with the financing of Danish and foreign vessels, including considerable experience in distressed ship loans.

We also advise on the legal aspects and practical implications of enforcement proceedings in Denmark and abroad.

Together with our extensive Danish and international network, we offer clients legal and practical advice on all aspects of ship financing.

Our advice includes:

  • Financing structures
  • Loan agreements 
  • Security documents, including international security
  • Enforcement and realisation of security, including vessels
  • Arrest, detention, maintenance, insurance and operation of vessels

LEASING, AIRCRAFT AND OTHER ASSETS

Large asset financing requires both strong and flexible solutions tailored to the specific asset.

We have extensive experience in the legal and commercial aspects of funding large assets, including funding and leasing of aircraft, ships, containers, trains and motor vehicles.

We assist Danish and foreign banks, leasing companies and lessees.


Our advice includes:


  • Drafting and implementing short- and long-term lease agreements
  • Obtaining finance and granting security
  • Corporate structuring of financing companies
  • Repossession and realisation
  • Distressed loans, restructurings and insolvency 
  • Regulatory issues, including aviation licences and airworthiness certification, and insurance matters 
  • Litigation and disputes about leases and other credit agreements

Read more about our expertise within aviation.

PROJECT AND EXPORT FINANCE

Project and export finance transactions are based on extensive documentation and complex structures.

We have a thorough understanding of the complexities of project and export finance and the need for comprehensive documentation and we are leaders in this area. 


We have advised on projects involving cement factories, container terminals, on- and offshore wind parks, solar parks, biomass plants, infrastructure, mining, and other production facilities. We also assist in public-private partnerships (OPP) and public-private cooperation projects (OPS). In this area, we advise across sectors and countries. 


We advise lenders, investors, sponsors, banks and other financial institutions as well as export credit agencies on issues such as:


  • Finance, syndication and funding structures
  • Loan agreements 
  • Guarantee and security documents as well as the underlying performance-based documentation

RESTRUCTURING

The financial crisis significantly increased the number of distressed companies and lead to complex restructurings of many Danish businesses, often with international elements. 

We have been involved in almost every significant Danish-based restructuring in recent years, including cross-border and national restructurings and in the restructuring of private and listed companies and financial institutions which makes us leaders in this field.

Our restructuring team, one of the largest in Denmark, has lawyers specialising in banking and finance, insolvency and restructuring, securities law and real property. We have many years' experience in handling distressed companies, in particular banks, and shipping and leasing companies. 

During the financial crisis, we assisted banks and large groups of creditors with distressed loans on restructuring issues, including the drafting and completion of bank agreements and enforcement of loan and security documents.

We act as legal and strategic adviser to our financial clients when handling distressed loans and we also act for distressed businesses.

Our advice includes:

  • Refinancing of distressed loans
  • Enforcement of loans and security
  • Agreements between banks and distressed enterprises
  • Crisis management in banks, including solvency and liquidity requirements
  • Litigation

Read more about our services under Insolvency and Restructuring.

DERIVATIVES

We have considerable experience in, and knowledge of, OTC and exchange-traded derivatives and related regulation.

Our work includes:

  • Advice and assistance with negotiating framework agreements for derivatives, repo transactions and securities lending, including the ISDA Master Agreement, the TBMA/ISMA Global Master Repurchase Agreement, the Global Master Securities Lending Agreement, and the EFET General Agreement;
  • Preparation of, and advice and assistance regarding, financial institutions' and commercial businesses' own form derivative agreements and derivative agreements for specific transactions; and
  • Regulatory advice and assistance in relation to entering into OTC derivatives and exchange-traded derivatives

Our clients include pension funds, banks, investment management companies and other financial institutions, and commercial businesses 

We also advise regulated investors and regulated issuers of financial products with regulatory issues. 

Contacts within Banking and Finance

Thomas Kaas

Partner (Copenhagen)
TK@kromannreumert.com