IFLR 2015

Banking & Finance  

Band 1
In late 2013 the firm saw a change in the departure of partner Pablo San Gil to Watson Farley & Williams and promotion of structured finance specialist Gaspar Atienza to partnership, but outside this the team remained unchanged at senior level. The department in general had a strong year in the market, according to commentators.
The firm was advising Monarch Alternative Capital, Centerbridge Partners, Silverpoint Capital and Knighthead Capital Management as investors in relation to the €3.3 billion refinancing of media company Promotora de Informaciones (Prisa), which owns El País among other companies. The deal comprised a €350 million new money facility and was unusual as the lenders were not banks but funds and the transaction itself involved multiple parties structured into multiple tranches. 
The firm advised SAREB on the €830 million refinancing of Quabit Inmobilaria from six different banks, a step in rebuilding the value of the entity it now owns.
Leading Lawyers:
Rafael González-Gallarza, José Miguel Pinillos, Gonzalo Rivera.
Capital Markets  
Structured Finance and Securitisation: Band 2
Debt:  Band 1
Equity:  Band 2
The firm holds its position in the capital markets tables. According to an equity client, the team is “proactive [and] efficient” and has good “business understanding”.
There were no changes in the firm’s capital team over 2013-14. Key mandates saw the firm advise BBVA on its issue of contingent convertible (CoCo) securities into ordinary shares of BBVA for €1.5 billion. The team worked on Spanish law aspects with Allen & Overy on UK law. The BBVA preferred securities issue is the first of its kind in Europe that allows a bank to increase its Tier 1 Additional Capital in accordance with the latest regulations.
The team acted for International Consolidated Airlines Group on six capital increases worth a total of €679 million and handled another significant first, advising a Bankia-led group of placement entities on the listing by Sociedad Anónima de Obras y Servicios (Copasa) of notes on the non-regulated market Alternative Fixed-Income Market (MARF), the first such listing opening new opportunities to raising capital for Spanish companies. 
Elsewhere the team advised Empark Aparcamientos y Servicios on a refinancing through a high yield bond issue of €385 million along with a €30 million revolving credit facility. 
Leading lawyers:
Fernando Vives, Javier Ybáñez, Marcos Botella, Gonzalo García-Fuertes
Rising star: 
Marta López-Brea
Band 1
In M&A the office saw partner Alvaro Valle relocate to its office in Peru. “Prompt, efficient and accurate,” says one client while another says the team “provided a fantastic service” that was “quick, very professional and practical”.
In one standout deal the team advised Ono’s principal shareholders Providence Equity Partners, CCMP, THLee and Quadrangle on a 100% sale of shares in Grupo Corporativo to Vodafone for €7.2 billion, signed in March 2014. The deal marks one of the biggest M&A transactions in Europe in recent years and is a big consolidation in the Spanish telecoms market.
Another notable deal saw the firm advise General Atlantic and Warburg Pincus on the Spanish aspects of their acquisition of half of Banco Santander’s global asset management arm, valuing it at €2.76 billion. The firm collaborated with global counsel Cleary Gottlieb Steen & Hamilton. The team also advised Apollo Global Management on its €1.6 billion acquisition of Evo Bank, part of the nationalised A Coruna based NCG Banco. The deal was the first time ever that a fund has succeeded in acquiring control over a Spanish deposit-taker.
Leading Lawyers:
Fernando Vives, Mónica Martín de Vidales, Alvaro López-Jorrín
Project Finance
Band 1
On the project finance side, one deal saw the firm act for a consortium of sponsors (including Acciona Infraestructuras, Cintra Infraestructuras and Meridiam Infraestructure Finance) and the concessionaire (Sociedad Concesionaria Autovía de la Plata) on a €160 million financing for the construction of Highway A66 between Benavente and Zamora.
Leading Lawyers:
Marcos Botella
Restructuring / Insolvency
Band 1
On the restructuring and insolvency side Garrigues again won roles on large transactions. In one deal the firm has been advising OHL Group on the insolvency filings of its subsidiaries Aeropistas and Eje Aeropuerto, which in total have liabilities of up to €650 million. 
The team was also representing Damm and Luxempart in relation to the €3 billion-plus bankruptcy of Pescanova, which filed for insolvency in April 2013 resulting in the highest profile bankruptcy case in Spain. Damm and Luxempart were the company’s main shareholders. 
Elsewhere, the firm has been acting for Panrico on pre-insolvency and restructuring and Peterson Energía Inversora and Peterson Energía, two Spanish companies owning substantial stakes in Argentinian YPF. The case has significant a cross-border elements in the US and Argentina as well as liabilities exceeding €2 billion. 
Leading Lawyers:
Antonio Fernández, Borja García-Alamán