Margaret R. M.
Rallings

Ms. Rallings’s notable transactions include representing:

• The initial purchasers in the €800 million high‑yield senior secured floating rate notes offering of Sammontana Italia to refinance the indebtedness under a bridge facility agreement to fund the acquisition of Forno d’ Asolo by the issuer;
• The initial purchasers in the €895 million high‑yield senior secured notes offering to finance, in part, the successful bid of €1.65 billion for the acquisition of Applus+ by TDR Capital and I Squared Capital;
• The lender in €577.5 million of credit facilities made available to Dance to finance the acquisition of Superstruct by KKR;
• The initial purchasers in a senior secured notes offering of Upfield Holdings, a KKR portfolio company, to refinance a portion of its existing senior notes;
• The lead arrangers in senior credit facilities to finance the acquisition of Palex Medical by Apax Partners and Fremman Capital and to finance the subsequent bolt-on acquisition of Duomed;
• The lenders in the unitranche credit facilities to finance the £700 million acquisition of WGSN by Apax Partners from Ascential;
• The lead arrangers in senior credit facilities to finance the acquisition of Nexeye by KKR;
• The initial purchasers in the €850 million 144A/Reg. S high‑yield senior secured notes offering by CVC Funds to finance its partnership with LaLiga;
• HEMA B.V. in its multi-jurisdictional financial restructuring, which included a debt for equity swap, consent solicitations of the noteholders and UK scheme of arrangement;
• The initial purchasers in the debut €300 million 144A/Reg. S high‑yield senior secured notes offering and the subsequent €75 million 144A/Reg. S high‑yield senior notes offering of Inter Media and Communications, the sole manager and operator of the media, broadcast and sponsorship business of its parent company F.C. Internazionale Milano S.p.A., a prominent European football club;
• Premier Foods in its £330 million Regulation S high-yield senior secured notes offering and its £210 million 144A/Reg. S high‑yield senior secured floating rate notes offering;
• The initial purchasers in the €530 million 144A/Reg. S high‑yield senior secured floating rate notes offering of Sisal Pay S.p.A. as part of the financing for the proposed creation of the SisalPay Group S.p.A., a corporate partnership in the retail and digital market of payment services between Sisal and Intesa Sanpaolo;
• Picard in its €1.5 billion 144A/Reg. S high‑yield fixed and floating rate senior notes offering, its €770 million 144A/Reg. S high‑yield senior secured and senior notes offering and its €480 million 144A/Reg. S high‑yield floating rate senior secured notes offering; and
• INEOS in its €770 million and $775 million 144A/Reg. S high‑yield senior secured notes offerings;

Ms. Rallings has been named a “Next Generation Partner” by The Legal 500 UK and has been recognized by IFLR1000 for her work in capital markets. She has also co-authored chapters on the U.S. acquisition finance market in multiple editions of Chambers’ Acquisition Finance Guide.

Ms. Rallings received a B.A. in International Relations with distinction concurrently with an M.A. in International Policy Studies from Stanford University in 2007 and a J.D. magna cum laude from Georgetown University Law Center in 2010, where she was a Notes Editor of the Law Journal and elected to the Order of the Coif.

Ms. Rallings joined Cravath in 2010 and was elected European counsel in 2018.