Binder Grösswang's capital markets team has traditionally been overshadowed by its leading banking practice, but the firm has had a strong year.In June 2011, Florian Khol and Tibor Fabian advised Lenzing, an Austrian cellulose fibres group, on a €620 million capital increase and secondary offering....
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Binder Grösswang's capital markets team has traditionally been overshadowed by its leading banking practice, but the firm has had a strong year.
In June 2011, Florian Khol and Tibor Fabian advised Lenzing, an Austrian cellulose fibres group, on a €620 million capital increase and secondary offering.
On the debt side the pair, which is described by clients as "pragmatic", also acted for Lenzing, advising on a €120 million issue of bonds in Austria and Luxembourg in October 2010. The pair also advised steel company Voestalpine on its €1 billion debt programme, which closed in January 2011.
A team consisting of Khol, Fabian and Thomas Berghammer also acted on two separate issuances of real estate bonds for mortgage providers Hypo Wohnbaubank and Raiffeisen Wohnbaubank. Hypo's bonds could be worth an aggregate of €860 million and Raiffeisen's could reach €1.15 billion.
Some commentators were hesitant about the team's capacity to challenge firms above them when securing the more significant deals. "I don't see them being mandated by the banks, which is really the test," was one lawyer's appraisal of its position in the market.
Fabian also advised the struggling Kommunalkredit Austria on its €2 billon DIP (debtor in possession) financing in November 2010 and Khol and Berghammer acted for Shedlin Capital in connection with the approval of a prospectus for investments in private equity fund participations.
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There is no doubt in the market that Binder Grösswang deserves its place in the top tier. The banking practice is highly regarded among peers: "They are one of the only firms in Austria that has banking regulatory know-how," says one partner, who is particularly impressed by property finance partner Tibor Fabian....
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There is no doubt in the market that Binder Grösswang deserves its place in the top tier. The banking practice is highly regarded among peers: "They are one of the only firms in Austria that has banking regulatory know-how," says one partner, who is particularly impressed by property finance partner Tibor Fabian. "If it comes to hardcore legal questions, I very often turn to him," says one client.
The firm advised on several new money financings, private equity deals and a PPP (public-private partnership) project, in addition to refinancing work prompted by the crisis.
The team acted for lenders in two notable private equity transactions, with Stefan Tiefenthaler advising UniCredit on the financing of private equity house Triton's €175 million acquisition of Wittur Group, a lift component supplier, in November 2010. Emanuel Welten also assisted the lenders in the €850 million acquisition of Takko group by private equity house Apax Partners.
The team won borrower side mandates with Tiefenthaler advising Lenzing, a textile manufacturer, on acquisition financing of a 75% share purchase in Czech pulp producer Biocel Paskov.
Elsewhere Tiefenthaler advised a banking syndicate including Erste Group Bank, Raiffeisenlandesbank and UniCredit, on a share purchase in electricity company Verbund.
In July 2010 the firm represented the banks in connection with the €80 million Maissau Bypass PPP project. The road project was the only one of its kind to be awarded in the country last year and there is hope that it will stimulate PPP activity.
Also on the projects side the firm advised a utility company on the financing of the construction of a new CCGT (combined cycle gas turbine) power plant in Toul, France.
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One client sums up the Binder Grösswang's M&A team succinctly: "They have broad range of experience and they are technically competent." Of the team, partner Thomas Schirmer is highlighted by peers, but Gottfried Gassner is commended by clients: "For me Gottfried would stand out," says one, "He was dealing in quite a complicated area where we needed advice and he knew the law and was very organised....
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One client sums up the Binder Grösswang's M&A team succinctly: "They have broad range of experience and they are technically competent." Of the team, partner Thomas Schirmer is highlighted by peers, but Gottfried Gassner is commended by clients: "For me Gottfried would stand out," says one, "He was dealing in quite a complicated area where we needed advice and he knew the law and was very organised."
A-Tec Group's €800 million insolvency, the third largest bankruptcy in Austria's history, is going to create a great deal of work for M&A lawyers as the company is stripped of its assets. In December 2010 Binder aided construction company Andritz in its acquisition of one of the group's insolvent subsidiaries, Austrian Energy & Environment.
Squeeze-outs are popular in Austria since the implementation of the EU Takeover Directive and the firm advised steel company Voestalpine on such an action against minority shareholders at newly acquired manufacturer Böhler-Uddeholm in a deal worth €4.5 billion.
In other notable work, Gassner and name partner Michael Binder advised GrECo, an insurance broker, on its sale of a 20% share to the Jardine Lloyd Thompson Group. More recently, Schirmer advised DCC Energy Group on the purchase material assets from Top Oil Reitinger in April 2011. The sellers managing director now fulfils the same role at DCC.
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