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

Bell Gully remains in the top tier this year after strong feedback from peers and clients alike: "Bell Gully is New Zealand's premier legal firm across the spectrum and also in capital markets work," says one client. "Unparalleled expertise and experience in capital markets" with a "strong team culture and outstanding leadership from management", adds another.

Last year the team advised DNZ Property Fund on its IPO and listing on the New Zealand stock exchange (NZX), the largest domestic IPO in 2010 and one of only two to reach completion. The deal also featured a follow-on capital raising for this portfolio investment entity.

Another notable highlight saw the team advise Goodman Fielder on a NZ$250 million ($206 million) senior unsecured fixed rate bond issue to the New Zealand public through subsidiary Goodman Fielder New Zealand. The bond issue was a key component in the company's wider debt re-financing programme for 2010.

"A strong team that excels technically and delivers services in a clear and client focussed manner," was one client's view of the team's work. "They are always aware of our expectations and deliver accordingly. They just deliver a solution to a success," comments another.

Bell Gully's "highly regarded banking practice" continues to actively work with the most significant and innovative transactions in New Zealand. Clients comment that the team has "very good knowledge and understanding" and "is always available, with clear suggestions on pros and cons options".

Partner and leading lawyer David McPherson remains a stalwart in the department, which also counts on Hugh Kettle and Murray King, who as a pair occupy “the heart and soul of the team" says one peer. Clients have commented that they are both "very good, responsive and commercial, and their ability to advise on complex issues is outstanding". Another notable practitioner in the team is Rachel Paris, regarded by a rival law firm partner as "an up and coming future superstar".

The banking team is advising the Department of Corrections on New Zealand's first central government public-private partnership (PPP), the Wiri prison project in Southern Auckland. The project is still in the procurement phase and will require the successful bidder to design, build, finance, maintain and operate the facility. The banking team is also advising New Zealand Treasury and its National Infrastructure Unit on the development of a model contract for PPP procurement in New Zealand.

Another highlight for the team was advising SKYCITY Entertainment Group on its NZ$400 million ($344 million) syndicated refinancing. The Group, an entertainment and gaming business, sought to enhance its debt profile by negotiating new and extended flexible funding facilities on attractive terms. This transaction significantly enhanced SKYCITY's debt profile.

Bell Gully retains its top tier status with another transaction-filled year. The firm maintains a strong bench of talent, which is recognised by the market. "Garry Downs and James Gibson are well regarded," says one peer. The firm's depth and expertise extends to Anna Buchly, "a rising star who has been an integral part of the team [advising us] on both our joint ventures", says a recent client.

Last year, Downs, Gibson and Buchly were led a team to advise Crown Fibre on all legal aspects of the New Zealand Government's ultra-fast broadband initiative, aimed at getting UFB to 75% of New Zealand households by 2019. Crown Fibre is the government's investment vehicle for the UFB initiative with NZ$1.5 billion ($1.2 billion) in funds. This is one of the largest infrastructure projects in New Zealand's recent history and is extremely high profile in both the public and private sectors.

"The firm has the ability to reach internationally if necessary", says one client, and this was demonstrated when the team advised New Zealand building materials manufacturing and distribution company Fletcher Building on its successful NZ$1 billion-plus takeover offer for the Australian company Crane Group. The company wanted to diversify its presence in Australia to include the plastic pipe and plumbing trade distribution markets.

It is relatively rare for New Zealand companies to buy companies in the larger Australian market and the transaction represented the largest on-market takeover of an Australian public company to date. It was also the first successful script-based takeover offer a New Zealand company has made for an Australian company.

The Bell Gully restructuring and insolvency team is "very professional" with a "good responsive nature and strong knowledge when providing quality advising", says a client. It continues to be involved with the most significant complex transactions in the New Zealand market.

The past year saw the team advise New Zealand's largest directories business, Yellow Pages Group (YPG), on a major debt and corporate restructuring after the group breached banking covenants in March 2010. The NZ$1.8 billion ($1.5 billion) transaction was the biggest restructuring arising as a result of the global financial crisis and one of the biggest ever undertaken in the New Zealand market.

The deal involved the trading companies and intellectual property assets being sold from the 'old' Unitas and OTPP owned corporate group to a 'new' group that was ultimately owned by YPG's senior lenders and interest rate swap providers. The purchase price was NZ$750 million, leaving approximately NZ$1.05 billion of unpaid debt sitting in the old group without any underlying assets.

One of the firm's "highly competent lawyers" is Jenny Cooper, who "continues to be a leading lawyer in restructuring work", says a rival. Cooper is highly regarded by fellow practitioners as a "good fiery lawyer that is admired and respected".

Another notable highlight was advising Australia & New Zealand Bank and KordaMentha on the trading receivership of Cedenco Foods, one of New Zealand's biggest fruit and vegetable processors.

This NZ$120 million trading receivership contained complexities from operating the business for a long period while carrying out the receivership. By successfully managing the New Zealand and Australian businesses in tandem, the receivers were able to sell for a strong price to ensure secured creditors and most unsecured creditors were paid.