Capital Markets

Plesner is one of the clear market leaders in Denmark in capital markets. By participating in countless Danish and international capital market transactions, we have developed unique expertise in capital markets law.

We are among the few preferred advisors on capital markets transactions (equity capital markets as well as debt capital markets) and legal matters relating to companies and securities listed or issued on Nasdaq Copenhagen or on other Danish and international markets. We advise Danish businesses on listings and issues on foreign regulated markets, including NASDAQ New York, the New York Stock Exchange, the London Stock Exchange, the Luxembourg Stock Exchange, Nasdaq Stockholm and First North Stockholm.

We draw on our vast experience gained through collaboration with leading capital markets firms in London and New York. In addition, most of our capital markets partners have degrees and/or overseas work background, securing them direct experience of international capital markets environments.

Our clients are listed corporate issuers in Denmark as well as a wide range of Danish and international investors and financial institutions. We have experience and expertise in all areas of capital markets law, including:
  • IPOs
  • Bond issues in all parts of the capital markets' structure, including providing advice on the to date only issues of hybrid corporate bonds in Denmark
  • Establishment and maintenance of EMTN programmes and issues thereunder
  • Public M&As (buyer's side, and advice to the company and its board of directors)
  • Rights issues
  • Accelerated Book Buildings (ABBs)
  • Private placements
  • PIPE transactions (Private Investments in Public Equity)
  • Other financing, for instance convertible bonds and royalty financing
  • General capital markets law for listed corporate issuers, including advice on continuing obligations (disclosure requirements, flagging, etc)

Our team

Our team offers coherent advice focused on business insight. We adapt our advice to the ever-changing market standards and attach great importance to ensuring active partner involvement throughout all stages.

In instances where a company is pursuing an IPO track alongside an M&A sale track ("dual-track" process), we successfully assign a partner team with in-depth capital markets and M&A experience to make sure that the precondition for providing highly specialised advisory services at short notice is constantly met. This approach has been instrumental in creating maximum value for our clients in dual-track cases.

Highlights

  • Netcompany A/S - advisor to the company in connection with its listing on Nasdaq Copenhagen A/S (2018)
  • TDC A/S - adviser to consortium in connection with voluntary takeover offer to buy the company (2018)
  • Nordjyske Bank A/S - advisor to the company in connection with a public take-over offer from Jyske Bank A/S and in connection with the merger with Ringkjøbing Landbobank A/S (2018)
  • Dong Energy A/S (now Ørsted A/S) - advisor to the Danish government in connection with IPO on Nasdaq Copenhagen (2016)
  • Topdanmark A/S - advisor to Sampo plc in connection with the submission of a mandatory tender offer to the shareholders of Topdanmark A/S (2016)
  • Zealand Pharma A/S - adviser to the company in connection with its IPO (dual listing) on NASDAQ, New York (2017)
  • Nets A/S - advisor to joint global coordinators in connection with the IPO of Nets A/S on Nasdaq Copenhagen (2016)
  • Tryg A/S - adviser to Nordea as financial adviser in connection with the private placement of new shares valued at approx. DKK 4 billion (2017)
  • NKT Holding A/S - advisor to joint global coordinators in connection with the offering by NKT Holding A/S of new and existing shares at a total value of approx. DKK 1.4 billion through an ABB (2016)
  • Scandinavian Tobacco Group A/S - advisor to the joint global coordinators in connection with the listing of Scandinavian Tobacco Group A/S on Nasdaq Copenhagen (2016)
  • IPOs and Rights Issues:

  • Netcompany A/S - advisor to the company in connection with its listing on Nasdaq Copenhagen A/S (2018)
  • Orphazyme A/S - adviser to joint global coordinators in connection with the IPO of Orphazyme A/S on Nasdaq Copenhagen (2017)
  • Nilfisk Holding A/S - verification lawyer in connection with spin-off listing on Nasdaq Copenhagen (2017)
  • Zealand Pharma A/S - adviser to the company in connection with its IPO (dual listing) on NASDAQ, New York (2017)
  • Dong Energy A/S - advisor to the Danish government in connection with IPO on Nasdaq Copenhagen (2016)
  • Nets A/S - advisor to joint global coordinators in connection with the IPO of Nets A/S on Nasdaq Copenhagen (2016)
  • Nordic Waterproofing A/S - Danish legal advisor to the company and the selling shareholders in connection with admission to trading on Nasdaq Stockholm (2016)
  • Scandinavian Tobacco Group A/S - advisor to the joint global coordinators in connection with the listing of Scandinavian Tobacco Group A/S on Nasdaq Copenhagen (2016)
  • Ascendis Pharma A/S - advisor to certain shareholders in connection with the listing of Ascendis Pharma A/S on NASDAQ, New York (2015)
  • Nordjyske Bank A/S - advisor to the company, listed on Nasdaq Copenhagen, in connection with its rights issue (2015)
  • Nuevolution AB (publ) - advisor to the company in connection with its admission to trading on Nasdaq First North Sweden (2015)
  • Sparekassen Sjælland A/S - verification lawyer in connection with the listing of Sparekassen Sjælland A/S on Nasdaq Copenhagen (2015)
  • Forward Pharma A/S - advisor to the banks in connection with the listing of Forward Pharma A/S on NASDAQ, New York (2014)
  • ISS A/S - advisor to the joint global coordinators in connection with the IPO of ISS A/S on Nasdaq Copenhagen (2014)
  • Fast Ejendom Danmark A/S - verification lawyer in connection with the listing of Fast Ejendom Danmark A/S without a public offer on Nasdaq Copenhagen (2012)
  • Veloxis Pharmaceuticals A/S - advisor to the company in connection with its rights issue (2012)
  • Sanistål A/S - advisor to the company in connection with its rights issue on Nasdaq Copenhagen (2011)
  • Nordic Tankers A/S / Nordic Shipholding A/S - rights issue (2010) as well as private placing
  • Zealand Pharma A/S - advisor to the company in connection with its IPO on Nasdaq Copenhagen (2010)
  • Takeover Offers and Transactions:

  • TDC A/S - adviser to consortium in connection with voluntary takeover offer to buy the company (2018)
  • Nordjyske Bank A/S - advisor to the company in connection with a public take-over offer from Jyske Bank A/S and in connection with the merger with Ringkjøbing Landbobank A/S (2018)
  • NeuroSearch A/S - advisor to Gefion Group in connection with a voluntary take-over offer to the shareholders of NeuroSearch A/S (2018)
  • Topdanmark A/S - advisor to Sampo plc in connection with the submission of a mandatory tender offer to the shareholders of Topdanmark A/S (2016)
  • Copenhagen Network A/S - advisor to the company in connection with the voluntary takeover offer from Dansk OTC (2016)
  • Land & Leisure A/S - advisor to @Leisure Holding B.V. in connection with the takeover of Land & Leisure A/S (through a voluntary takeover offer) (2016)
  • Nørresundby Bank - advisor to Nordjyske Bank in connection with the takeover of Nørresundby Bank (through a voluntary takeover offer and subsequent merger) (2015)
  • DiBa Bank A/S - advisor to Sydbank in connection with its takeover of DiBa Bank (through a voluntary takeover offer) (2014)
  • Origio A/S - advisor to the company (previously admitted to trading on the Oslo Stock Exchange) in connection with the public takeover offer from The Cooper Companies (2012)
  • Brdr. Hartmann A/S - advisor to the company in connection with the voluntary takeover offer from Lactosan-Sanovo (2011)
  • Cimber Sterling A/S - advisor to Mansvell Enterprises Ltd. in connection with the purchase of a majority share in the Danish regional airline company, Cimber Sterling (through a public takeover offer) (2011)
  • Danisco A/S - advisor to DuPont in connection with the takeover of Danisco (through a voluntary takeover offer) (2011)
  • Other Transactions:

  • Bavarian Nordic A/S - adviser to Janssen Pharmaceuticals, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson, in connection with the PIPE transaction (2017)
  • Brødrene A&O Johansen A/S - advisor to Sanistål A/S (listed on Nasdaq Copenhagen) in connection with the sale of approx. 40% of the share capital back to A&O Johansen A/S (also listed on Nasdaq Copenhagen) (2016)
  • TORM A/S - advisor to a number of lenders in connection with the reconstruction of the listed Danish shipping company TORM A/S (2015)
  • Bavarian Nordic - PIPE transaction (2014)
  • DONG Energy A/S - advisor to DONG Energy in connection with raising DKK 11 billion of new share capital in DONG Energy from Goldman Sachs, ATP and PFA in one of the largest private placements ever in Europe (2014)
  • Bang & Olufsen - PIPE transaction (2012)
  • Chr. Hansen - advisor to Novo A/S in connection with the purchase of 25% of Chr. Hansen (private placement) (2012)
  • Genmab A/S - advisor to Janssen (owned by Johnson & Johnson) in connection with PIPE transaction (2012)
  • DFDS - A.P. Møller-Mærsk's investment in DFDS through a private placing (2009)
  • Clipper Group - the former Nordic Tankers' purchase of Clipper's activities within the product carrier segment (through a private placement of shares in Nordic Tankers to Clipper Group)
  • Issues of Debt:

  • DKT Finance ApS (controlled by the consortium that owns TDC A/S) - Danish legal advisor in connection with the issue of notes at a value of EUR 1,400,000,000 (2018)
  • Norican A/S and Altor (ultimate owner) – legal adviser to Norican A/S and its subsidiaries as to Danish law in connection with Norican A/S's issue of notes at a value of EUR 340,000,000
  • A/S Storebæltsforbindelsen - EMTN programme
  • A/S Øresundsforbindelsen - EMTN programme
  • DONG Energy A/S - annual updates of DONG Energy's EUR 3 billion EMTN programme and DONG Energy's issue of senior notes under the programme, most recently in 2013
  • DONG Energy A/S - DONG Energy's issue of listed hybrid capital for the purpose of refinancing outstanding subordinated notes (closed in May 2015). Since 2005, we have been assisting DONG Energy with tenders and buy-backs of structured hybrid bonds - so far the only issue of hybrid capital by a Scandinavian corporate issuer
  • GlobalConnect A/S - assistance to Nordic Trustee in connection with GlobalConnect's bond issue
  • ISS A/S - assistance to managing banks in connection with ISS A/S' EMTN programme
  • Zealand Pharma - royalty financing through the issue of unlisted bonds in the USA (2015)
  • Accelerated Book Buildings:

  • Tryg A/S – adviser to Nordea as financial adviser in connection with the private placement of new shares valued at approx. DKK 4 billion (2017)
  • NKT Holding A/S - advisor to joint global coordinators in connection with the offering by NKT Holding A/S of new and existing shares at a total value of approx. DKK 1.4 billion through an ABB (2016)
  • Zealand Pharma A/S - advisor to Zealand Pharma in connection with its issue of new shares at a total value of approx. DKK 143 million through an ABB (2016)
  • H+H - advisor to Danske Bank (Sole Lead Manager) in connection with the issue by H+H of new shares through an ABB (2015)
  • A.P. Møller-Mærsk A/S - advisor to Danske Bank (Manager) in connection with the sale of shares in A.P. Møller-Mærsk A/S at a value of approx. DKK 4 billion through an ABB (2014)
  • Danske Bank A/S - advisor to Realdania in connection with the sale of shares at a value of approx. DKK 5.8 billion in Danske Bank A/S through an ABB (2013)

Ratings

  • Plesner is one of Denmark’s largest and leading firms and has top tier rankings across a range of areas.

    "Plesner are extremely responsive. The high quality of their output is equivalent to a magic circle law firm.(2019)
  • "They always deliver and transactions go smoothly." 

    "They are very strong on IPOs."
    (2018)
  • Within Capital markets, Plesner is a first tier firm. 

    One of the leading firms in the capital markets arena, Plesner is "very strong" and features a "business-oriented approach". (2018)
  • Recognised across the board as one of the strongest firms in Copenhagen, Plesner continues to collect plaudits for its work in all areas of practice. (2018)
  • Plesner is listed in "Band 1" as regards Capital Markets. (2018)
  • Thriving capital markets practice, which is actively involved in both debt and equity matters and works with both Danish and international clients. Recent highlights include IPOs, cross-border listings and dual track capitalisation and M&A sales. Widely recognised for its work in debt and securities mandates such as loan note programmes and bond issuances. 

    "The firm has experienced and skilled lawyers in several areas which really shines through in their financial practice in relation to stock markets. They understand the need for a practical approach and what should guide the process."

    "Second to none in Denmark." (2017)
  • Within Capital markets, Plesner is a first tier firm. (2017)
  • One of the established top-tier firms in the Danish market. Clients point to the overall quality of the firm as an outstanding aspect of its work.

    "They deliver very solid work - they are both diligent and commercial."

    "I would be very happy to use them again, they were excellent" (2017)

  • Plesner is listed in "Band 1" as regards Capital Markets. (2017)

  • "The team is very good; its lawyers are smart, pragmatic and always responsive."
     (2016)
  • Plesner is listed in "Band 1" as regards Capital Markets. (2016)
  • Within Capital markets, Plesner is a first tier firm.

    Plesner’s "highly experienced" equity capital markets group is jointly headed by Nicolai Ørsted and the "business-focused" Thomas Holst Laursen. (2016)
  • Across the board Plesner is recognised by clients and peers alike as one of the leading teams in the Danish market doing some of the most significant work.

    "Plesner are extremely responsive. The high quality of their output is equivalent to a magic circle law firm."

    "The capital markets team are professional, service minded, competent." (2016)

  • Impressive reputation for comprehensive equity and debt practice, including bond and share issuances, IPOs, rights offerings and private placements. Represents a wide range of listed companies and domestic and international financial institutions. Highlighted for capabilities in capital raising and securities matters.

    "Doing an outstanding job - commercial, to the point and hard-working."

    "The team has strong individuals and it works together in a very productive way." (2015)

  • Plesner is listed in "Band 1" as regards Capital Markets. (2015)
  • Within Capital markets, Plesner is a first tier firm.

    Plesner’s equity capital markets group handles securities law and corporate matters for companies listed on the Nasdaq OMX Nordic Exchange Copenhagen. (2015)
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