IFLR 1000
The Guide to the World's Leading Financial Law Firms

Heading the debt and structured finance and securitisation practices at McCann Fitzgerald is Roy Parker. A team led by Parker advised EBS Building Society over the establishment of its mortgage covered securities programme and the establishment of a covered bond bank and subsequent bond programme; the first for an Irish building society.

The firm acted for two of the six Irish credit institutions covered by the Government's guarantee scheme, establishing a €10 billion debt issuance programme for the Irish Nationwide Building Society and a €6 billion programme for EBS.

Another standout deal was advising Bord Gais Eireann on a $450 million private placement into the US market in February 2009. The deal, led by partner Fergus Gillen, showed that opportunities for Irish companies abroad had not dried up.

The firm's equity team is included under the umbrella of its corporate finance division. The team is headed by Barry Devereux, who was also lead partner as the firm advised Petroceltic in relation to a subscription by Iberdola for 216 million new shares. This was coupled with an option allowing Iberdola to acquire a 49% interest in any of the company's major assets for $55 million.

In October 2008 a team led by partner David Byers advised JPMorgan, Cazenove and Lazard and Davy as the sponsor and placing agents on Waterford Wedgewood's proposed €154 million equity issue

In structured finance, Hugh Beattie led in a stand-out deal advising Depfa Bank, Dexia Capital Markets and Delta Spark in an issue of limited recourse notes backed by a portfolio of tariff-deficit energy credit rights. The deal was valued at €1.3 billion and closed in September 2008.

McCann Fitzgerald is another firm with a long-held reputation in banking work in Ireland and this is reflected by their top-tier ranking. The banking practice is headed by Ambrose Loughlin.

In August 2008 a team led by Eamon de Valera acted as lead counsel to Ulster Bank in the provision of loan facilities to a Bidco promoted by Alchemy Partners in connection with the acquisition of the Noonan group.

Another notable deal in June 2008 saw the firm advising AerCap in the establishment and financing of a 50/50 joint venture with Deucalion Aviation Funds for the $489 million purchase and lease back of 19 aircraft from the TUI Travel group of companies.

The firm also acted for Anglo Irish Bank in July 2008 on the provision of facilities to Quinlan Private to fund the acquisition of a site at Heuston South Quarter in Dublin, and to fund the development of two buildings on the site.

McCann Fitzgerald's investment management group is led by Mark White, who is well respected by his peers. "If I was to pick out a lawyer it would be Mark White from McCanns," says one competitor.

The team has a particular expertise in hedge funds and property funds, although like other firms it has found its practice dominated by work on Ucits (Undertakings for Collective Investment in Transferable Securities) and Qualifying Investor Funds (QIF).

Most of McCann's work consists of portfolio management for its biggest clients. One role saw it act as advisor to AIB Investment Management on all the funds it manages, while the firm also acts as legal advisors and listing sponsors for both Ignis Asset Management and UBS, whose Ucits umbrellas alone contain over 40 sub funds.

Harbourmaster Capital Management also instructed the firm on a number of leveraged loan sub-funds in an existing umbrella platform.

The corporate M&A department at McCann Fitzgerald is headed by partner David Lydon and has had its numbers swelled by the promotion and appointment of six new solicitors.

Like its capital markets team, McCann's corporate practice has also done work regarding the Waterford Wedgewood insolvency, acting as counsel to WWRD Holdings on its distressed acquisition of certain Waterford assets.

In December 2008 the firm acted for Marathon Oil Corporation in its sale of Marathon Oil Ireland to the Star Energy Group for $180 million. In the same month a team led by Ben Gaffikin advised Amdocs on its acquisition of Changing Worlds via a share purchase.

Gaffikin was also the lead partner when the team advised the management team of Noonan Services in its buyout by Alchemy Partners. This was one of the few private-equity transactions to take place in Ireland in 2008.

Led by Eamonn O'Hanrahan, McCann's project finance team was active this year, advising Bank of Ireland on the financing of the non-commercial Digital Radio Network, operated by Tetra. The team was led by Colm Fanning who also advised SWS Energy on the refinancing of aspects of its portfolio in July 2008.

In December 2008 a team led by Claire Lenny advised O'Hare & McGovern and Interserve on the Derry Diocese bundled schools public-private partnership (PPP) project. This was one of only three PPP projects closed in 2008.

After returning to the firm last year Jane Marshall has taken over as head of the restructuring and insolvency department at McCann Fitzgerald, and alongside partner Michael Murphy is involved in most of the firm's key actions. Clients were clearly pleased with her return: "She's probably the best insolvency lawyer in Dublin," says one.

Marshall advised the Mosaic group of companies, including Principles, Karen Millen and Shoe Studio, on the administration of their UK parent companies. In the case of Principles and Shoe Studio the firm also applied for the appointment of a provisional liquidator.

The firm has worked in the retail sector, acting in the liquidation of Zavvi Retail (Ireland) and for the administrator of Stylo. McCann FitzGerald is also advising HSBC Bank and HSBC Invoice Finance over the funding of Shires Ireland and seven related companies which entered examinership in March 2009.