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

There is little doubt of Badea Clifford Chance's credentials among competitors and clients. When asked which capital markets practice is the strongest on the market, one competitor states: "Well that is the million dollar question, Badea Clifford Chance." Such sentiments as to the capabilities of the firm remained unchallenged. "I've met them on several transactions. They're very involved," another competitor says.

The story on the client side doesn't alter this perception either. "A quite great experience, extremely efficient, quick, punctual and correct," says one client, adding: "They have a great understanding of the international framework. They applied international standards to local regulations. It was an innovative and creative deal, as it was the first of its kind."

In the last 12 months, the firm was involved in the largest bonds programme in Romania when it supported Société Générale on the €7 billion MTN programme of the Romanian State. Furthermore, the firm advised Erste Group Bank as arranger on the update of Banca Comerciala Romana's €3 billion MTN Programme. This, one should remember, was the first MTN programme launched by a Romanian entity. In the range of €150-200 million, the firm also advised UniCredit, Raiffeisen and ING on a secondary public offering by a large listed Romanian company.

Daniel Badea has been active in all the major deals of the firm and competitors routinely cite him as a leading lawyer. Additionally, Radu Ropota is described as "one of the stars in the capital markets".

Badea Clifford Chance is a market leader and this fact remains uncontested. "Clifford chance is a worldwide name with the capacity and number of transactions to be in tier one," says one partner. "Clifford Chance is in tier one because they're great in finance law across Europe and there's nothing in the structure in Romania that prevents that," another rival says.

Clients have reported their satisfaction with the firm's service. "It is obvious from their approach they are part of a large, international-focused network, which is beneficial for the Romanian legal market," one client says.

In contrast to other firms with international representation, Badea Clifford Chance is integrated in the Romanian market. "It is more attractive to have one law firm," says one partner. The firm now represents all the major international and investment banks in Romania on a considerable number of cross-border finance transactions. Over the last year, driven by Daniel Badea, the firm has been involved in some high profile mandates.

Closed in November 2010, the firm advised lead arrangers ING and Rabobank with regard to a €694 million loan for commodities trader Nidera. Additionally, the firm supported UniCredit on a €45 million development and investment loan facility for the construction of a retail centre in Craiova. This was engaged by a joint venture of Bel Rom, which involved co-financing of the development by Auchan. The firm also supported agent and lenders BRD - Société Générale in connection to the refinancing of an existing syndicated facility of €60 million to Hidoconstructia.

"They are a lot more expensive," one competitor says. However, as one client puts it: "They're not cheap but it is premium quality. They're in the premium segment."

Badea Clifford chance has had a solid year and consolidates its tier two ranking. As the only magic circle firm with a fully integrated practice in Romania, the firm continues to build market share. The firm is also known for its global network and the Bucharest office plays a significant role to this end.

One advantage a fully integrated firm like Badea Clifford Chance has on the market is the ability to follow a mandate the whole way through. "Clifford Chance could have done the deal as one firm," one partner says.

In line with the quiet optimism, which grips the market, the corporate/ M&A practice of the firm secured the largest volume of transactions in the last 12 months.

The firm advised Innova Capital with regard to the acquisition of 96% of Provus Services Provider and its subsidiary, RomCard, a Romanian card processing and e-commerce business. This was a transaction with several parties and involved negotiating and drawing up intricate transaction documentation. Additionally, the network capabilities of the firm were on display when it supported Immofinanz, in five jurisdictions, on the largest real estate transaction in the region since the start of the crisis. The firm's ongoing advice is related to the potential acquisition of a large real estate portfolio in Romania, Moldova, Croatia, Turkey and Ukraine. Furthermore, the firm advised Sony Pictures Television with regard to the acquisition of an equity stake in a Romanian company engaged in sales of television advertising, including on competition law issues.

Badea Clifford Chance continues to strengthen and build market share as its top tier position remains unchallenged. The firm has renowned experience and is proficient in theoretical and practical understandings of legal, regulatory and policy issues pertinent to project finance transactions. In advising major international lenders and contractors in infrastructure, PPP (public-private partnerships) and energy projects, the firm amassed its wealth of experience. "Clifford Chance has good international lawyers on site," one partner says. Clients have also been appreciative of the experience of the firm. "They have a pretty good business understanding, says one client, adding: "We have, at times, when wondering about legal [sic] issues, we ask for their views."

With regard to renewable energy, the firm supported EDP Renováveis with regard to the financing of its development of two wind farm projects in Romania, Dobrogea. The deal is valued at €320 million and has an installed capacity of roughly 230MW. Moreover, the firm advised the International Finance Corporation (IFC) on the financing, development and construction of a wind power project in the western part of Romania. This particular project has an installed capacity in the region of 60MW.

In infrastructure, the firm advised Banca Comerciala Romana, Erste Bank and UniCredit on structuring the bankability of the €4 billion PNDI infrastructure programme of the Romanian Government.

Interestingly, and illustrative of the Moldovan connection, the firm advised the IFC and Government of Moldova with regard to the restructuring, documentation and implementation of two PPP projects in the healthcare sector in Moldova, the first PPPs in the country.

With regard to the real estate side of project finance, Perry Zizzi is drawn out for praise. "Perry Zizzi is a real estate specialist. He's a star player in real estate project finance," says one partner.