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Margaret R. M. Rallings

European Counsel, Corporate

Margaret R. M. Rallings serves as European Counsel in Cravath’s Corporate Department.

Ms. Rallings’s practice focuses on capital markets transactions, in particular cross‑border high‑yield debt offerings. Her clients have included Bacardi, British American Tobacco, EP Energy, INEOS, Picard Groupe and Yell, as well as private equity firms such as Apollo Global Management and Lion Capital. She has also represented underwriters and initial purchasers, such as Goldman Sachs, J.P. Morgan, Credit Suisse, Citi, Barclays and Deutsche Bank, in various offerings.

Ms. Rallings’s notable capital markets transactions include representing:

  • The initial purchasers in the €1.3 billion 144A/Reg. S high‑yield fixed and floating rate senior secured notes offering to finance CVC Capital Partners’s acquisition of FIMEI S.p.A., a majority owner of Recordati S.p.A., an international specialty pharmaceutical company;
  • The initial purchasers in the €600 million Regulation S senior notes offering by Smurfit Kappa to finance its acquisition of Reparenco;
  • Yell in its debut £225 million 144A/Reg. S high‑yield senior secured notes offering;
  • The initial purchasers in the debut €300 million 144A/Reg. S high‑yield senior secured 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;
  • 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 debt offering and its €480 million 144A/Reg. S high‑yield floating rate senior secured debt offering;
  • British American Tobacco in its $17.25 billion 144A/Reg. S fixed and floating rate debt offering;
  • Premier Foods in its £210 million 144A/Reg. S high‑yield senior secured floating rate debt offering;
  • The initial purchasers in the €625 million 144A/Reg. S high‑yield senior debt offering by ATALIAN;
  • NH Hotel Group in its €115 million 144A/Reg. S high‑yield senior secured debt offering;
  • The managers in the CHF4.7 billion rights offering of registered shares of Credit Suisse;
  • INEOS in its €770 million and $775 million 144A/Reg. S high‑yield senior secured debt offerings;
  • Paroc in its debut €430 million 144A/Reg. S high‑yield senior secured and floating rate senior secured debt offering;
  • CE Energy in its €500 million 144A/Reg. S high‑yield senior secured debt offering and EP Energy in its debut €600 million and €500 million 144A/Reg. S senior secured debt offerings;
  • The initial purchasers in the debut €200 million 144A/Reg. S high‑yield floating rate senior secured debt offering by The Nuance Group; and
  • Bacardi in its €650 million Regulation S debt offering.

Ms. Rallings received her B.A. in International Relations with distinction concurrently with her M.A. in International Policy Studies from Stanford University in 2007 and her 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. She joined Cravath in 2010 and was elected European Counsel in 2018.

Ms. Rallings may be reached by phone at +44‑(0)20-7453-1081 or by email at mrallings@cravath.com.

Ms. Rallings is admitted only in New York.

Contact
+44 20 7453 1081
+44 20 7860 1150