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

Loyens & Loeff moves down a tier this year, but not due to a perceived drop in quality. Rather, it is reflection of the increasing market strength of the firms in the second tier.

"Marc is a knowledgeable lawyer – in particular, his technical know-how is impressive and he has a good understanding of processes," says one client. "[He is] very pleasant to work with."

However some commentators question the depth of the practice beyond Vermylen, especially with the departure of Roel Valkenborgh – who left to start his own practice – and the loss of Wilfred Goris to retirement.

A notable assignment for the firm this year saw Evelop, an energy project developer, mandate Vermylen to act as finance counsel in the construction of an offshore wind farm 46km off the Belgian coast.

Vermylen also acted as lead counsel for Intermediate Capital Group in the restructuring of the facilities granted to the Aviapartner group.

"Loyens & Loeff ... have some excellent people," says a client. "It is a very diverse firm and great if you want to do business in Belgium or Holland – they know their markets very well."

Partner Gilles Dusemon and his team welcomed Commonwealth Bank of Australia as a client when it relaunched a major infrastructure fund after a significant review of terms in order to adapt to market conditions.

In addition, the firm acted for Bilfinger Berger and ADCB (Abu Dhabi Commercial Bank) – helping with a series of feeder funds into an Abu Dhabi-based master fund range.

Loyens & Loeff also acted for 4RAE, a renewable and alternative energy investor, in relation to a fund investing in alternative and renewable energies. The value of the March 2009 deal was around €400 million.

"Gilles Dusemon is a good lawyer," says one client. "Knowledgeable and with a good nose for his client's interests. He is flexible and thinks actively about solutions while you talk – that is a strong talent."

"They have a very nice, diverse practice," says a rival partner. "Kitty Lieverse is very good." Loyens & Loeff holds its tier two ranking throughout a difficult year in the Dutch financial markets.

One of Kitty Lieverse's highlights this year was winning a mandate from Fortis to advise on its €250 million note issue. Nelleke Krol led a team advising Bite Finance International in the buy-back of its senior subordinated floating rate notes, and represented Dexia Bank Belgium in the update of its Euro MTN programme. Goldman Sachs also mandated the firm on the establishment of its guaranteed MTN programme.

In February 2009 partner Nelleke Krol and senior associate Martijn Schoonewille represented real-estate company Homburg Invest in its public offer of 99-year unsecured and subordinated notes, valued at €75 million.

"I like their style," says a rival partner about the firm. "They are a bit formal but very technical. Nelleke Krol is a good lawyer, very skilled."

"My experiences with Loyens & Loeff are very positive," says one client. "They are legally strong and I never have to worry about the quality of their answers."

The firm has strong bank-side practice, shown when it acted for Fortis Bank, Rabobank, Lloyds TSB and Dexia Bank when they financed the delivery of a €250 million windmill installation ships.

Partner Willem Jagersma advised Rabobank, KBC Bank and ING Bank on a €138 million facility for Ecoval, a large dairy trade player. Rabobank also consulted Loyens when the Hoogwegt Group, an important player in the milk industries market, required a €400 million facility.

A widely publicised deal saw the firm advise Corio on a €100 million facility from ING Real Estate. Other clients of the firm include the Royal Bank of Scotland and Delta Lloyd.

Loyens & Loeff moves up a tier this year following positive remarks from a large number of rival partners. "Loyens did well recently. I think they are comparable to Nauta and Stibbe," says one competitor. "Their size justifies a tier two position. Their presence is felt more and more in the Dutch market."

One of the firm's key deals this year saw it advise the Bank of America on its €15 billion acquisition of LaSalle from ABN Amro. Sea Accommodation Resorts, a lease company based on the Isle of Man, was advised by Bas Vletter on its sale of a 35% stake to NPM Capital, a Dutch private-equity firm.

Loyens & Loeff acted for the Van der Sluijs Groep, a Dutch operator of oil and gas service stations, on the merger of its operational activities with Frisol, a Dutch trader of fuel oil and gas. Together they formed the North Sea Petroleum Holding.

Although it is still subject to regulatory approval at the time of writing, Loyens represented VermogensGroep, a Dutch wealth management firm, on its proposed sale to UBS.

"[Loyens is] traditionally known from tax but they could be a bit higher on your list," says one rival partner. "I compare them to NautaDutilh or Clifford. They are quick and efficient, and that is what the client wants in a time where he is more than ever aware of the costs."

"They have a nice practice," says one rival partner about Loyens & Loeff. "Willem Jarigsma is a good lawyer." This year the team was strengthened by Jeroen Bergervoet, who returns to the Netherlands from Loyens & Loeff's New York office.

In August 2008, the firm acted for Fortis Bank, Rabobank, Lloyds TSB and Dexia Bank in the financing and the construction of three windmill installation vessels worth €250 million.

Marc Vermylen is acting as counsel to energy project developer Evelop in the €600 million construction of an offshore wind farm on the Bligh Bank, located 46 km off the Belgian coast near the Belgian city of Zeebrugge.

"I like working with Marc Vermylen," says one client. "He is knowledgeable, knows what the client wants and manages his associates well. He always gets back to me quickly which is pleasant."

JVH Gaming, a provider of gambling products, called in Loyens & Loeff for its restructuring in August 2008. The refinancing was valued at €150 million. The firm also acted for several creditors in the Lehman Brothers bankruptcy, with an estimated value of €1 billion.

Partner Ilan Spinath represented Kloosterboer when it was sold, after bankruptcy, to Daalimpex for an estimated €40 million in December 2008.

"They do not disclose a lot, but Ilan is a top lawyer," says a competitor. "He was recently asked to write a review on the new bankruptcy law because he is an expert, and that is impressive because he has not even been that long in the business."