Banking

Meitar's broad-based international banking expertise allows us to advise clients in a wide variety of banking transactions, both in Israel and overseas. Our banking transactions include institutional lending and asset-based lending transactions, operating and capital lease transactions and syndicated financings. We act both for lenders and borrowers in structuring their bank loans, including acquisition finance, project-based lending and general corporate borrowing, and in preparing and reviewing loan documentation. In addition, we regularly advise international banks and other lenders on their Israeli security package, including preparation of security and pledge agreements and other ancillary documents, and other Israeli regulatory issues. We also advise foreign lenders and local borrowers on the tax and withholding implications of their Israeli loans.

In the domestic market, we are very active in advising local banks on regulatory compliance issues. Our leading role in Israel's derivatives market in general, as well as our role as the author of the ISDA netting opinion for Israel, has allowed us to advise local banks on the use of derivatives and similar tools to facilitate compliance with local reserve ratio requirements. We have also advised a number of local banks, and foreign underwriters, on hybrid structures for raising Tier-1 and Upper Tier-2 capital.

Representative transactions:

• Representation of Gazit-Globe in a multinational credit facility agreement (involving five different jurisdictions) with a syndicate of Israeli banks, to finance its investment in the Vienna-listed Atrium European Real Estate Limited (formerly Meinl European Land), in the amount of 400 million Euro.
• Representation of an international consortium in the Israeli portion of the $20 billion financing of the acquisition of the Hilton Hotel chain by Blackstone.
• Advising aninternational consortium of banks in the financing of a major acquisition of shares in one of the largest companies traded in the Tel Aviv Stock Exchange.
• Representation of leading mezzanine lender as part of consortium in Carmelton, the Haifa tunnel project.
• Representation of a major US underwriter in structuring a Tier-1 capital issuance abroad by an Israeli commercial bank.
• Representation of a foreign holding company in a commercial loan agreement with one of Israel’s largest banks to finance its investment in an Israeli financial services company.
• Representation of Lumenis in restructuring its $210 million debt to Bank Hapoalim.
• Representation of major mezzanine lender as part of consortium in CityPass, the Jerusalem light-rail project.
• Representation of private equity fund in a leveraged financing with an international consortium of banks led by Credit Suisse in connection with acquisition of publicly traded Israeli company.
• Representation of Bank Mizrahi in issuance of NIS 1 billion of hybrid capital instruments in December 2006.
• Representation of Israel Discount Bank in issuance of NIS 1 billion of hybrid capital instruments in May 2007.
• Representation of Bank Hapoalim in issuance of NIS 600 million of subordinated debt in August 2008.