Gross Kleinhendler Hodak Halevy Greenberg & Co's capital markets practice is its strongest and attracts some of the most sought after mandates from businesses looking to raise funds. Clients consider the firm's preeminence in this field as its primary attraction....
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Gross Kleinhendler Hodak Halevy Greenberg & Co's capital markets practice is its strongest and attracts some of the most sought after mandates from businesses looking to raise funds. Clients consider the firm's preeminence in this field as its primary attraction. "They are very good lawyers and experts in this area. Their instructions have a very strong standing in front of the authorities, which we like a lot," says one, who works closely with name partner and securities expert, David Hodak, the firm's head, and Aya Yoffe, who leads the capital markets practice. Another considers these lawyers particularly proficient in remaining agreeable and focused: "They are very nice but always still professional," says one.
In 2010, the firm represented the issuer on country's prize equity deal, the Azrieli Group's IPO. The $558 million listing, which was closed in May with Yoffe at the helm, was the largest ever listing on the Israeli stock exchnage.
On the debt side the firm advised on two bonds issues for Dexia Bank Israel of $159 million and $67 million, which closed in June and December 2010, respectively. The firm's corporate practice, consistently impresses. The firm has also advised on several shelf prospectuses acting for Elbit Defence Systems in May 2010 and Partner Communications in amendment in addition to notes which were issued on the TASE (Israeli stock exchange) in May 2011.The firm acted on a private placement of $125 million in notes and a $279 million debt offering for the latter client.
In the M&A field, the firm also has a fine team with a good depth of experience. Name partners David Hodak and Gene Kleinhendler are universally well respected while less established lawyer Heather Stone is praised for taking on the more cumbersome aspects of transactions: "There's a younger partner Heather Stone, who is the right hand man and does a lot of the heavy lifting on the deals," says one rival lawyer.
Managing partner and M&A practice head Richard Mann is another lawyer with a good reputation in the market. A headline deal for Mann saw him close the sale of 74% interest in Psagot Investment House for established client York Global to Apax Partners for $600 million in October.
A multibillion dollar deal saw Hodak act for Chemical China in the acquisition of a 60% interest in Makhteshim Agan, an Israeli manufacturer of agricultural chemicals, which closed at $2.4 billion in January 2011.
Banking practice head Ofer Hanoh has also finalised several mandates recently, assisting Polar Investment it's NIS100 million ($27 million) loan agreements secured through the Origo Fund. Hanoh has been advising long standing clients Fibi Bank (First International Bank of Israel) and Fibi Holdings, Mizrahi Tefahot Bank and Dexia Israel Bank on various ancillary issues over the last 12 months.
Elsewhere the firm was involved in a notable project finance deal, advising the Ministry of Finance on a tender for the establishment and operation of a public hospital in Ashdod. The successful bid for the $195 million contract was awarded in May 2011.
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