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

The banking sector in Belgium has been reshaped since the financial crisis rolled through, with the collapse of Fortis Bank and state intervention into KBC Bank and Dexia, but now according to lawyers things are cautiously looking up.

"There is an increase of activity in M&As for the acquisition finance front in terms of volume, size and visibility of transactions - the biggest change seen over the last 18 months is M&A - and the general feeling is that the market and the economy are doing quite well," says one partner.

One firm found 2010/2011 "extremely hectic, as private equity leveraged finance is coming back slowly and competing with capital markets and there are a lot more M&A"; and although leveraged financing has not hit previous levels, the same partner points out that "in the boom people were lending at five, six or seven times, now we see three or four times and a private equity house has to put more money in".

The market has seen a lot of refinancing and lending deals have quickened in pace: "Last year deals were done in four to five weeks, now they are done in two to three weeks," says a partner, adding that: "Banks are cash rich and Belgian banks are deposit heavy."

However, there are still some worrying concerns. "No one is at ease with what will happen with the bank," says one partner of Dexia, which has significant investments in Greece. "Fortis, taken over by BNP Paribas, is doing very well but it is a French bank, ING is doing OK but it is Dutch. The main banks are the foreign banks, Deutsche Bank and Citigroup, which is considering moving out of Belgium because activities are too small." The real estate sector, which depends heavily on the banks, is also raising some concerns.

Elsewhere, talk is of Basel III. On April 1 2011 the supervision authority was restructured into two authorities in the hope that it would improve regulation. "Basel III is an enormous development in regulations and a little revolution in financial supervision creating a twin peaks model which leaves some ambiguity; but the general focus is on consumer protection," says a partner. "On the regulatory, side it is a very exciting practice at the moment," says another.

Project finance is a relatively young and small sector in Belgium, having "only been discovered in 2008" according to one partner, and public-private partnerships (PPP) only kicked off in the country six or seven years ago. There is now "a full pipeline of deals, prisons, roads, schools, hospitals - due to budget constraints and because government understands that it makes sense to focus on what they want and leave rest to private sector".

Another area to watch is offshore development, which "has an attractive incentive regime," says one commentator. "There is financing in renewable energy, wind, solar (partly based on government's subsidies but they have been reduced so maybe there won't be any more), and wind farms off the coast of Belgium, partly European Investment Bank financed," says a partner.

One commentator concludes that "there is more work on project finance, which was like the monster of the loch ness for a number of years but now many projects have been launched".

The legal market in banking continues to be dominated by firms with strong positions in the London banking circuit, giving them access to work local firms cannot do. Local firms have been opening offices in London to try to tap into the flow of work.

Allen & Overy secures its place in tier one once again in reflection of the volume and quality of deals it handled over the past year, as well as its strength in mainstream banking and regulatory.

"We are mostly facing A&O," says one competitor, "they are the market leader in both volume and quality and its large banking practice in London is a big advantage that is clearly reflected here".

"We worked with them on a syndication and a bond issue, the deadlines were very short, they were always there, good access, very very good answers and proposals, good reaction times, very pleased," says one client who went on to recommend Yves Van Pul and Filip Tanghe. According to another client: "Tanghe and Van Pul are the best; on the technical side Filip is very good and at the same time quite commercial." A third client gives the complete seal of approval for the firm: "Whatever type of transaction they are outstanding: offshore, project finance, corporate finance... I have never come across a problem they couldn't solve."

For a while through 2010 the firm's, and perhaps the market's, star lawyer Peter Bienenstock was preparing to relocate to Moscow to head its office there. Although the move was cancelled, competitors note that his presence was somewhat reduced as he prepared to transfer. Sylvia Kierszenbaum is the firm's regulatory expert who was kept busy advising various financial institutions, among them Citibank, on Ucits (undertakings for collective investment in transferable securities); Belgian aspects of the Euroclear system; the development of new products; insider trading rules; and the stream of new EU directives.

To give a mix of deals on the transactional side, the firm advised BNP Paribas Fortis on a €1 billion revolving credit facility to Solvay, NPM Capital on acquisition financing for TNT's acquisition of its Belgian and Italian businesses, and KBC, ING and BNP Paribas Fortis on the refinancing of a textile group. In one large deal, the firm acted for ING, Dexia, KBC and BNP Paribas Fortis on the €850 million financing for Elia and IFM's acquisition of 50Hertz Transmission.

The firm's projects team is highly praised by peers, with notable practitioners including Helga Van Peer. Major deals included advice to C-Power and its sponsors on the €1.3 billion highly acclaimed deal closed in November 2010 for phase I and II of the construction of an offshore wind farm project. The firm has also been advising a bidder on the De Lijn DBFM tender tramway passenger coaches project.

In banking and finance Clifford Chance "stands above all the others, high at the top" according to one peer. The firm still counts on former managing partner Yves Herinckx, widely accepted as one of the top two finance lawyers in town, who reputedly oversees all major transactions: "He always has a presence, even when he isn't physically there," says a competitor.

Herinckx, Lounia Czupper and Bert De Maeyer all received high praise by clients. "Herinckx is very technically skilled and has a very good business approach," says one, "he has his own opinion, in a good way, which others wouldn't take." Another says: "They are very good, a similar network to Linklaters', and legally very skilled, but we love to work with CC because of Herinckx".

One of Czupper's clients finds her "super, and very skilled, though her availability is not always as high as with the others", while another praises De Maeyer: "He is well rounded, has a good understanding of UK law and knows LMA documents, reacts on the spot on issues that arise, communicated well with us, picks up the phone whenever he needs to discuss issues and offer different possibilities, but also managed costs well".

"They helped with the recapitalisation of the whole group plus a syndicated loan facility, a huge project for us, and it is one of the best we have worked with, we appreciated the quality of answers we got and the quality of work... they were very enthusiastic and their intergroup work really added value," says a client.

Last year the firm acted for Fortis Bank and ING on a €205 million acquisition, working capital and bridge financing for ECS on its acquisition by Econocom. It also acted for Magotteaux (a long standing client of the firm and one of the crown jewels of Wallonia) on a syndicated facility, its first, of €210 million, complicated by the involvement of subsidiaries in countries such as Thailand.

The firm also acted for BNP Paribas Fortis on a €325 million facility to Carmeuse and a €360 million acquisition financing for Metallum. Apax Partners also called on the team to advise on a €600 million refinancing for its acquired business from BNP Paribas Fortis.

The firm was equally active on the projects side, advising on the €150 million Eupen Schools PPP (public-private partnership), an important project for the 70,000 German speakers in Belgium, and the financing for the €350 million A12 road PPP.

"It has a large banking practice in London and therefore has a big advantage that is reflected here," says one peer of Linklaters. None question the firm's standing in the market and it comfortably keeps its position in tier one with a strong showing in mainstream banking, leveraged finance and acquisition finance.

Clients are pleased with the firm: "They helped us refinance all the debt, issue a high-yield bond, Brussels did the overall coordination," says one who also has praise for David Ballegeer: "He was very efficient, very hands on, has an ability to move things forward on a very aggressive timetable but he is also very diplomatic and a nice guy to work with... business minded, not an academic lawyer wasting everybody's time... constantly pushing his team and pushing whole deals." Ballegeer also receives praise form peers: "He is still young but has a good reputation with the banks and in acquisition finance."

Another client admires the firm's depth of talent: "They have some very good qualified junior lawyers there who impressed too." Meanwhile the firm also "showed flexibility and were willing to discuss alternative fee arrangements, so they are commercially aware, also they are a one stop shop", says a client.

Jacques Richelle is the big name at the firm, "certainly absolutely top for pure banking" says a peer.

Linkaters made a move this year to increase its share in the regulatory market, setting up a financial regulation department managed by counsel Etienne Dessy. Regulatory clients include Belgacom, Electrabel and GDF Suez.

On the acquisition finance side, the firm acted for ING, BNP Paribas Fortis and Dexia on the NPM acquisition, helping to secure a €76 million facility for Studio10 and advising HSBC, BNP Paribas Fortis, Nomura and ING on financing to CVC Partners for its acquisition of Autobar Group.

Other highlights saw the team act, with London support, for Carmeuse on a €325 million revolving credit facility, Delhaize Group on a €600 million revolving and syndicated facility, Deutsche Bank on a €135 million credit facility, ING, BNP Paribas Fortis, KBC, Commerzbank and Crédit Agricole on a €450 million loan to Tessenderlo and another for €500 million from BNP Fortis, KBC Bank and ING. The team also acted for ArcelorMittal on €800 million of revolving facilities and a $100m senior revolving facility.

In project finance, the firm advised BNP Paribas Fortis and ING on the financing for a prison project and BNP Paribas Fortis and AG Real Estate on funding for the construction of a large school development called the Flemish School project.

Baker & McKenzie "deserves its position, they acted for the banks in the BPost deal and were very efficient," says a peer, while another says the firm has a "very good banking practice which acts a lot for BNP Paribas and handles many syndicated loans, acquisition financings and property financings".

According to a client, the firm is "at the top in our view, along with Allen & Overy, definitely the best for speed and quality". Indeed, the only reason Baker & McKenzie is not in the top tier is because it does not have a considerable project finance practice. "We would not recommend them for project finance but for corporate finance and equity capital markets Baker is quality from A-Z," says a client.

According to another client, the firm "is very high quality, very hands on and practical. They understand perfectly how to do things and how not to do things, the drafts are always of high quality". Another says: "[Antoine] De Raeve and [Michael] Van Acker are both bright, act proactively, when you discuss with them a certain approach they do exactly what you want them to do."

De Raeve gets market wide praise as does newly listed leading lawyer Van Acker. The firm does 90% lender work and key work included acting for BNP Paribas Fortis on a €600 million syndicated loan to Delhaize Group, and that same client along with KBC and ING on a €210 million syndicated facility to Magotteaux.

The firm also advised KBC, BNP Paribas Fortis and Dexia on a €103 million acquisition finance to Willemen for its acquisition of Aswebo.

Despite its reputation, the firm also had some showing in project finance, advising regular client BNP Paribas Fortis and ING Bank on a €165 million financing to Sea-Tank 510 NV liquid bulk tank.

For banking and finance Stibbe holds its tier two position thanks largely to its expertise in project finance and public-private partnerships (PPPs). "Since Ivan Peeters joined the firm from Freshfields it has done more and more in PPP and project finance, and it is an absolute market leader in everything to do with business law and public law," says a peer.

Another peer from a top tier firm says: "They do a lot of PPPs; they are usually our opponents, we have done most of the PPPs with them and they are the best in loan finance and projects finance".

Clients give a more mixed appraisal: "They are familiar with LMA documentation and good for local transactions with international techniques," says one.

Ivan Peeters, best known as the firm's top securitisation lawyer, handles financings along with Wouter Ghijsels and, from the wings, corporate partner Jan Peeters. "Jan Peeters is less on lending, does some projects, and very bright which is why he does finance as well as corporate," says a competitor.

The firm has been working on financing for the Sanoma acquisition on the banking side, while in projects Ghijsels acted on the Flemish School project, drafting the agreement which created DBFM company Scholen van morgen in order to invest €1.5 billion by 2016 to construct 200 school buildings and renovate others.

Ghijsels also advised BPost as borrowers counsel for €300 million club loan by KBC, ING and BNP Fortis (a first for BPost) and advised Vandemoortele on a €300 million financing including a €75 million acquisition tranche for an acquisition in Netherlands by BNP Paribas, KBC, ING, Dexia and Rabobank.

Eubelius holds its position in tier three thanks to "strong advisory work alongside international firms", in the words of one peer.

The firm has indeed done a lot of work for foreign firms, giving the Belgian independent exposure to some very large pan-European deals. One example saw it working with German heavyweight Hengeler Mueller on the Belgian aspects of the partial €13.5 billion refinancing for the Continental Group, where the firm advised Citigroup Global Markets, RBS and Deutsche Bank on the Belgian refinancing aspect worth €6 billion.

The firm also worked on the Belgian security aspects for Doosan Group's €2.9 billion multi-facility term loan facility from the Korean Development Bank. It won mandates on project financings and PPPs (public-private partnerships), among them the €33 million PPP for a Flanders transport project with De Lijn, and from NMBS Logistics on the €50 million financing by ING for a section of Belgian railway.

The firm also acted for Rabobank and ABN Amro in collaboration with Dutch independent De Brauw Blackstone Westbroek to set up custody agreements for Rabobank Pensioenfonds and ABN Amro Pensioenfonds.

Marieke Wyckaert led on most of the deals, while Tom Boedts and Sven Bogaerts were active on the banking side. Alain François and Erwin Destuyver worked on the projects.

With Freshfields Bruckhaus Deringer's network strength and huge presence in London, the firm, we are reminded by peers, is never one to discount. There is a lingering impression in the market that since the departure of Ivan Peeters to Stibbe the firm has pulled back a bit, however Charles-Antoine Leunen and his team have cultivated a very high level of respect in the market. It is widely considered the strongest of the tier three firms and is poised to move up.

One frequent client of the international firms in Belgium explains the importance of not relying on London: "It is important to have people on the ground in Brussels, the main difference with the London people is that the quality of service is better in that the people are more dedicated and care more about the client; Freshfields have a very good local team."

Another peer comments that the firm is "not that big but gets some very nice transactions, it has a very strong brand name, good reputation with the banks and you really can't ignore them".

Leunen comes in for personal praise: "I have a high belief in him, very high quality, made partner two years ago, young but great," says one peer.

The firm has a strong legacy in project financing and PPPs (public-private partnerships), and it continued to handle top projects throughout 2010, most notably advising CFE on the Eupen Schools project, which aims to provide educational facilities to the German speaking population, and on one of the largest project financings in 2010 advising Sofina as equity investor in €1.2 billion financing for 03b Networks.

Elsewhere, the firm advised on the BAM PPP and has managed to back the preferred bidder on two of the four prison projects being tendered on a PPP basis.

On the banking side, the firm advised BNP Paribas Fortis on a €190 million financing to Metallum, Volvo Cars on €198 million term loan facility by ING and guaranteed by Gigarant, and Fluxys on a €400 million revolving facility from BNP Paribas Fortis and KBC.

Loyens & Loeff has by all accounts a very solid position as a leading banking and finance firm and its ubiquitous leading partner, Marc Vermylen, is well-known by peers.

One of the firm's winning points is pragmatism. According to a banking client, the firm is "pragmatic and knows what the bank needs and how it can be achieved". Another picks out the same quality: "We look for the best firms in the market to advise us on transactions and from what we see... they are much more pragmatic than [other firms]."

In a direct comparison to its peers, one commentator says: "They are capable of leading on big deals, which we wouldn't necessarily see from its competitors." Significant banking deals saw the firm work alongside US firm Skadden Arps to advise Balta Group on a €260 million syndicated refinancing, and with Clifford Chance to assist Commerzbank, HSH Nordbank and UniCredit on a €110 million financing to Stemcore.

On the project finance side, the firm was mandated by UK firm Watson Farley Williams as Belgian counsel to advise the European Investment Bank (EIB), EKF, KfW, KBC, Dexia, ASN, Rabobank, Commerzbank and Société Générale on Belgian aspects of a €912 million financing for an off-shore wind farm.

According to one client, "Vermylen has a lot of knowledge especially in renewable energy businesses".

NautaDutilh's market reputation is strongest in the capital markets and on financial regulatory and financing matters connected to the real estate sector, as one client testifies: "We are very happy with them, they are good across the corporate spectrum and especially in real estate which is why we approached them."

A few of Nauta's lawyers are well respected in banking circles, among them Didier De Vliegher who, says a peer, "produces excellent quality", and Yvette Verleisdonk, who handles by far the majority of the firm's mainstream banking deals. The pair is supported by a team of finance lawyers with diversified practices which includes Benoît Feron.

In 2010 the firm also won accolades for its project finance work which gave the team a certain amount of impetus. In this sector, De Vliegher advised the lenders for the De Lijn's Bus Depots Cluster I Project, which closed in June 2010. This was a public-private partnership (PPP) for the designing, construction, financing and maintenance of bus depots in Bruges, Overijse and Zomergem.

On the banking side, the team advised the Ideal Standard Group on financing by Standard Chartered and Goldman Sachs, and perhaps in its most notable deal, it acted for Econocom (along with Spanish firm Uría Menéndez) on acquisition financing worth €205 million.

The firm also won referrals from global players and alongside Slaughter and May and Shearman & Sterling advised Ineos on the Belgian aspects of a €1billion refinancing. In a final notable deal, the firm also acted for 50Hertz Transmission on a refinancing project, which involved a mix of structure of bond issues and bank lending.

White & Case is primarily known as a corporate firm with a strong restructuring and private equity funds practice.

One peer's comment that "the firm is very much in the bad days" strikes an odd note against the strength of its portfolio of recent transactions, and against the market reputations that its leading finance partners, Thierry Bosly, Muriel Alhadeff (who made partner in January 2011), Gisèle Rosselle and Stefan Odeurs, have.

As the merger markets pick up and private equity starts to find its feet, White & Case will no doubt go from strength to strength. Its role on a number of big projects keeps it firmly in tier three.

Living up to its reputation, the firm advised Deutsche Bank in the restructuring of Truvo's €1 billion debt through a Chapter 11 framework and helped to negotiate additional financing of €600 million. The deal involved a number of offices, but the Brussels team takes the credit for managing the coordination of the deal.

The firm bagged a number of financings for private equity funds, acting for Cobepa for its financing of an acquisition of shares in SGG, and for Crédite Agricole, Natixis, CIC, KBC and Commerzbank as lead arrangers on financing for the acquisition by PAI Funds of Cerba Laboratory Group. Still in the private equity space, the firm advised Gimv-Agri + Investment Fund and Gimv on an investment into and financing of the Eden Chocolates Group.

Rosselle led on a large project financing, assisting the European Investment Bank (EIB) on a €450 million financing for the second and third phases of the C-Power wind farm in the North Sea. The deal was the first for the off-shore wind sector and the first where banks have financed the installation and operation of new generation wind turbines.

Altius is known in the market as a finance firm and its consistent stream of transactions over the past year has kept it well in the market, making it the strongest of the tier four firms according to a number of peers.

Clients enjoy the firm's professionalism, client care, pro-activeness and business sense. "Altius added a lot of value, bringing their partners together to develop our product, it was a very productive cooperation - they knew us well, and knew what we wanted as clients," says one client.

The firm's lead partner Johan De Bruycker is highly recommended. "De Bruycker is an excellent guy, we will definitely use him again. He has a great network and a good sense for business opportunities," says one client, while another adds: "Johan is well supported by his colleagues and their attitude was 'OK, this can work, lets do this together'. They have a real deal making ability, there were a lot of hurdles and he reacted in a very professional way."

De Bruycker handled almost all of the big deals for the firm, among them advising Barclays on a facilities agreement to Ineos Group and Marine Harvest on a €775 million facility agreement from DnB Nor Bank to help refinance a €1.1 billion debt.

The firm also acted for Access Capital Partners Group on a €16m facility from Pohjola Bank and Nordea Bank and Wells Fargo Bank on an amendment and restatement of a facility to Tekelec International.

Another deal saw the team assist Citibank on a $150 million loan agreement with Automotive Systems.

Ashurst keeps its position in tier four this year and according to some competitors the firm is "good, it is the exception in the fourth tier in that its banking practice is not simply ancillary to other core practices, but we do not see them very often".

The firm's reputation in strong in private equity, which means it will be in good stead as the market picks up and leverage deals grow in volume and size.

The firm advised Westdeutsche Immobilien Bank (Westimmo) on the acquisition financing for the acquisition of two buildings in Brussels by the fund HFSB Metropolen Westeuropa. It also acted alongside Ropes & Gray and Sullivan & Cromwell for Goldman Sachs and the Texas Pacific Group to provide a €700 million facility for the acquisition on Ontex, the largest LBO in 2010.

In also represented the European Investment Bank (EIB) on the restructuring of several project financings and supported the London team on the Belgian aspects of the Shanks Group refinancing by a group of banks, which included Barclays Bank.

All the deals were led by Arnaud Wtterwulghe, head of the banking and finance department. He is supported by a team of five associates, including a recent associate recruit from Liedekerke.

DLA Piper has moved very aggressively into the market to wrestle a share for itself in banking and finance.

It has so far been most successful on the projects side, building on a highly rated environment and administrative law practice. On the banking side it has had some success when it comes to regulatory work and advising on Ucits (undertakings for collective investment in transferable securities).

All project finance practitioners have noted the growing presence of the firm in the market. "They have purchased their market share by granting huge discounts, and now they have built a reputation," says one.

According to another, DLA's dash for project finance mandates "is the biggest change in market; they started two years ago and we now see them more and more in the Belgian field. They are doing good work and have a good reputation and are especially strong in banking involving Africa".

Another peer supports the firm's move into the tiers saying: "They have a dedicated banking department and are quite strongly involved in project finance and PPPs (public-private partnerships)."

"Bob Martens is very strong in project finance." says one client.

Laga, which has a close relationship to accounting firm Deloitte, is often seen as one of the strongest of the tier four firms along with Altius. "They have a much more complete finance team," explains a peer, "they've been quite active and done some good restructuring work."

Clients find Laga a good alternative to the top firms especially in real estate work and for national deals. According to one, it is a question of "quality and price: they have a better price than other companies like Linklaters and Loyens & Loeff, but the quality is good and it is quite standard for them to produce it".

A real estate client praises the firm's expertise and client care, saying: "They very strong in real estate, very hands on, flexible and not aloof; you can call them directly." The firm's Achilles heel, arguably, is the lack of a strong network as one client says: "The network is not great, we had to use another firm in [another country], they organised it all but at a little extra cost."

Werner Van Lembergen leads on the main finance transactions and recently assisted Barclays to refinance and restructure a number of real estate companies and shopping centres, totalling €200 million of debt related to real estate assets in Brussels, Antwerp and Ostend.

In another deal, the firm advised Barco on an €85 million syndicated credit facility, and also helped the client structure a €250 million vendor financing arrangement in the digital cinema market, allowing for the conversion of many cinema screens to a digital format.

Liedekerke is best known for its M&A work, however it has been pushing hard to expand its finance practice over the past year. The firm opened a dedicated financial services practice in May 2010 and hired Tom Van Dyck from Stibbe's banking and finance department. It has also been focussing on its advisory practice.

In the banking field the team is led primarily by Jan Vincent Lindemans, who over the past year has won mandates from banks and borrowers, one of which saw him including advise ABN AMRO on an acquisition finance agreement of €120 million for HealthCity Fitness Group's acquisition of Passage Fitness.

Lindemans also assisted Vision IT Group and a consortium of banks on €12 million financing for various acquisitions, Den Braven Beheer on a €70 million finance scheme with ING Bank and M&S Mode on a €55 million refinancing package with Rabobank.

Thierry Tilquin also led finance deals, and recently helped Invesco Property Income Trust restructure a 2007 financing with RBS worth €30 million.

Lydian does well in referrals and is particularly noted in the market as often working as local counsel for Hogan Lovells. It does also receive mandates from a number of other international firms as well as on stand-alone deals.

Among the bigger mandates from Hogan Lovells, the firm, led by Tom Geudens, advised on the Belgian aspects of a restructuring by Mizuho Corporate Bank, Morgan Stanley International, Dresdner Bank and others of a £1.25 billion financing to Select Service Partner (SSP) Group, and a $2.8 billion financing of Honeywell International by Citibank and JPMorgan.

In a third mandate with the international firm, Lydian helped Natixis, BNP Fortis Paribas, Société Générale and others provide a €105 million facility to EuroMedia Group.

Elsewhere, the firm provided advice to Siemens Enterprise Communications relating to its €65 million facility by UBS, Wells Fargo and Jefferies and to Citigroup and Barclays in connection with a €60 million revolving credit facility to InterXion.

On a project finance deal, Wouter Neven advised the sponsors SNC Lavalin, Cofinimmo, Cordeel and Willemen in the financing of €350 million to build four new prisons under a PPP (public-private partnership) agreement.

CMS DeBacker is well reputed in banking litigation. It has an active banking practice working on day to day issues and some transactions. Through 2010, the firm handled asset-based lending and property financings for clients including BNP Paribas Fortis and LB Lux and on asset financings, corporate financings and insurance sector transactions.

The firm is aiming to establish itself in the upper mid-tier and lower top tier.

Simont Braun is known for having a solid position in the French speaking market and it has of late been building a market share on the Flemish side.

Vanessa Marquette leads the finance team and recently advised Europa Capital, a European real estate fund manager, on a loan agreement with BNP Paribas Fortis to finance the acquisition of a plot of prime real estate in central Brussels.

One of the firm's regular clients is Société Générale and its subsidiary SG Private Banking. The France based bank instructed the team on various transactions throughout the past 12 months for matters such as credit agreements and banking regulatory matters related to the EU Payment Service Directive.

Another notable banking deal saw the firm advise SFINC Group (part of AXA Private Equity) in negotiations with a syndicate of banks including ING, KBC and Fortis, for financing of an acquisition of Jadico Holding (a Dutch group of food industry companies).