Banking and Corporate Finance

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  • Described by one legal directory as "a class of its own for domestic and cross-border banking" and another as a “veritable banking powerhouse”, we are recognized by the market as having the leading banking and corporate finance team in Israel.

     

    We act for the five largest banks in Israel, many of the world's prominent financial institutions, Export Credit Agencies, financial institutions, and corporate borrowers on secured and unsecured corporate, acquisition, leverage, working capital and equipment purchasing facilities of varying complexity.

     

    Having pioneered the legal structure of secured syndicated financing in Israel, our team has an unrivalled reputation for acting on cross border financings involving the United States, Europe, Canada, Latin America, Australia, Africa and Asia. We are also one of the very few firms in Israel that has extensive experience structuring, drafting and negotiating LMA-compliant loan documents for the Israeli market.

     

    Our areas of expertise include:

     

    • Acquisition financing (both domestic and cross border), refinancings, asset and equipment financing, corporate lending, real estate financing, project financing, aviation financing, PIK debt, junior lien
    • Subordinated financings and infrastructure financing, whether on a syndicated or a non-syndicated basis
    • Representing Bank Hapoalim, Bank Leumi, Israel Discount Bank, First International Bank of Israel, Harel Insurance and Union Bank of Israel, as lenders, and, separately, Export-Import Bank of the United States, as lender, on the financing to Bazan Oil Refineries Ltd. for the construction of a Hydrocracker. Total facilities: $900 million
    • Representing Bank Hapoalim on the financing of the acquisition by Paz Oil Company of the Ashdod Oil Refinery Ltd. Total facilities: $650 million
    • Representing the lenders on financing of the acquisition by Gazit Globe of the controlling interest of Atrium European Real Estate Limited (formerly Meinl European Land), a Jersey company quoted on the Austrian Stock Exchange. Total facilities €400 million
    • Representing the lenders in a senior facility financing transaction on the management buyout of Delek Motors as well as advising Bank Hapoalim and the Manof Fund on mezzanine financing for the same buyout for a consideration of approximately $400 million
    • Representing Bank Leumi and Bank Hapoalim on the financing of the Jerusalem Light Railway. Facilities: approximately $400 million
    • Representing Bank Leumi and its US subsidiary, Bank Leumi USA on four complex inter-related and cross guaranteed multi-currency revolving facilities of $370 million to Gazit-Globe Ltd and three of its US subsidiaries
    • Representing Space-Communication Ltd., Israel's only private satellite operator, on its $293 million financing for the AMOS-6 satellite, consisting of $106 million from Export-Import Bank of the United States, $140 million from Export Development Canada and $47 million from Israel Aerospace Industries Limited
    • Representing Bank Hapoalim and Israel Discount Bank in connection with the financing of the acquisition by York Capital of 76% of the issued share capital of Psagot Investment House for NIS 1.28 billion (approximately $300 million)
    • Representing Bank Leumi and Bank Leumi USA in connection with their $250 million revolving facilities financing to Gazit-Globe Ltd. and one of its wholly owned US subsidiaries
    • Representing a syndicate of banks, led by Bank Hapoalim, in a $230 million cross border financing of Ness Inc. and various of its subsidiaries in a mixture of secured acquisition and working capital financing
    • Representing a syndicate of foreign and domestic banks that provided financing for Netafim, the global leader in smart drip and micro irrigation solutions, following the acquisition of control of Netafim by Permira
    • Representing Bank Leumi on the financing of the design, planning construction and operation of a hospital PFI project (the construction and operation of a hospital/medical centre by Assuta in Ashdod for approximately NIS 700 million ($175 million))
    • Representing Deutsche Bank on its  €70 million equity bridge financing to Negev Energy- Ashalim Finance Ltd (an SPV owned jointly by Shikiun UBinui and Abengoa), the proceeds of which are to be used as part of the equity financing of a 110 MW solar plant located in Ashalim on a BOT basis
    • Acted as Israeli counsel for Barclays Bank Plc on various financings, including a £91 million term loan and revolving facility guaranteed by an Israeli entity and a US$ 28 million financing for the purchase of an aircraft
    • Representing Mizrahi Bank (one of the senior lenders) in connection with its participation in the NIS 2 billion (approximately US $500 million) financing of the construction of Dorad Energy’s independent power station (Israel’s largest private power station with an output of 850 MW – equivalent to 8% of Israel's total installed capacity)
    • Representing Israel Infrastructure Fund, the first Israeli private equity fund specialising in infrastructure related projects, in the US$ 110 million preferred stock financing of Dalia Power Energies Ltd, the owner and operator of an 834MW private gas-powered electricity station in Tel Tzafit
    • Representing Bank Hapoalim and Union Bank of Israel on the refinancing of working capital and long term facilities and revolving facilities arising from the merger of Hadas Arazim and Helmen Aldoubi (two of Israel's provident and pension fund managers), and acting on a separate facility for Hadas Arazim
    • Representing Bank Hapoalim and Bank Mizrahi on the financing of the leveraged buy out by Fortissimo Capital Fund (an Israeli private equity fund) of Solcon Ltd (a publicly traded company – listed on the Tel Aviv Stock Exchange)
    • Representing Israel Discount Bank, Bank Mizrahi-Tefahot, First International Bank of Israel and the Union Bank of Israel on the refinancing of the acquisition of Prizma Provident Funds from Bank Leumi in connection with the merger of the fund with Psagot Provident Fund
    • Representing the lenders on the financing of the construction and operation by Tamares Telecommunications Ltd. of an international undersea network of cables in the Mediterranean Sea
    • Representing Bank Hapoalim on the financing of the acquisition of StarHome B.V. by Fortissimo Capital Fund for $80.3 million
    • Representing Bank Hapoalim and Israel Discount Bank on the financings related to the merger of Dash Apax and Meitav Investment House
    • Representing Bank Hapoalim on the financing of Israel's largest chain of cinemas

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