Banking and Finance

Home Expertise Banking and Finance

Navigating complex markets

Our team advises on all aspects of New Zealand law that apply to borrowers and lenders in the bank and mezzanine loan markets; the delivery of complex projects; the entry into and operation of derivative contracts; and the regulation and delivery of financial services.

We understand how the New Zealand loan and derivatives markets work, the key participants and the important issues.

We also understand the relevance and impact of financial regulation to and on the effective and efficient delivery of financial services. We advise on licencing requirements, assist with application for exemptions and advise on the implementation of AML/CFT programmes.

Our lawyers provide comprehensive advice to local market participants, inbound lenders and investors and inbound financial service providers.

Our experience includes advising on:

  • Leveraged and other acquisition financing.
  • Takeover finance.
  • Securitisations and repackaging transactions.
  • Structured derivatives.
  • Projects and asset finance.

Bank and Mezzanine Lending

Our corporate, leveraged and acquisition team advises commercial and investment banks, funds, private equity houses and borrowers across the full spectrum of New Zealand industry. Our experience includes:

  • The financiers to Bapcor's takeover bid for Hellaby Holdings Limited.
  • The bidder in respect of the takeover offer for NZX listed Abano Healthcare.
  • Acting for Credit Suisse as arranger and the related banking syndicates on various secured credit facilities provided to Rank Group (including Carter Holt Harvey, Reynolds and Autoparts groups).
  • Advising on lending/borrowing transactions involving Argosy, Vital, Precinct, Goodman, Kiwi, Stride, Scentre Group and NZPFI in the listed property space.

Project and Asset Finance

Our project and asset finance specialists advise banks and sponsors on traditional and PPP structures, with and without ECA elements. Recent transactions include:

  • Advising the banks of the Transmission Gully toll-road.
  • Advising the sponsor on the first two school PPP projects.
  • Establishing ELO and ECGD funding platforms.

Restructuring and Insolvency

Throughout insolvency or restructuring proceedings, our dedicated national restructuring and insolvency practice delivers the confidence our clients need. Our team of expert practitioners from across our practice areas, provide financial advice, corporate advisory and assistance with litigation.

Our trusted team provides advice to financiers, insolvency practitioners, special situations investors, trustees and companies. Recent work includes advising:

  • Receivers of the Pumpkin Patch retail group.
  • Senior financers in relation to Solid Energy New Zealand’s restructuring.
  • Senior record creditors on the New Zealand recognition proceedings (Chapter 11) for UCI Holdings.
  • Bath Street Capital in proceedings bought by Pyne Gould Corporation in respect of the sale of shares in Perpetual Trust Limited.
  • An investor in respect of its senior debt holding and shareholding in the Mediaworks debt for equity restructure.
  • The receivers of the Mainzeal Group.
  • The voluntary administrators and deed administrators of RED Group, including the Whitcoulls and Borders New Zealand retail chains.
  • The receivers of the Hurlstone Group.
  • Senior and subordinated lenders to the Yellow Pages Group.
  • The security trustee and senior banks in relation to the NZ Glass (Metroglass) restructure.

Rankings and awards

The Banking and Finance team is recognised as 'Band 1' in the Chambers and Partners Asia-Pacific 2020 guide, 'Tier 1' in The Legal 500 Asia Pacific 2020 guide, and as 'Outstanding' in the 2020 Asialaw guide. 

Banking and Finance partners Guy Lethbridge, John Powell, Deemple Budhia, Tom Hunt and David Weavers are ranked in Chambers and Partners' 2020 Asia Pacific guide, and Guy Lethbridge, John Powell, Deemple Budhia and David Weavers are also ranked in The Legal 500 2020 Asia Pacific guide. 

Russell McVeagh has been recognised as a finalist for Debt Market Deal of the Year for its work advising on the LGFA syndicated bonds offer, led by Banking and Finance partner Deemple Budhia.

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