Margaret R. M.
Rallings

Ms. Rallings’s notable transactions include representing:

• The initial purchasers or underwriters in the following bond offerings:
  • The €800 million 144A/Reg. S high‑yield senior secured floating rate notes offering of Sammontana Italia to refinance the indebtedness under a bridge facility agreement drawn to fund the acquisition of Forno d’Asolo and in the €125 million follow‑on offering;
  • The €895 million 144A/Reg. S 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;
  • Multiple green bond offerings by Smurfit Westrock;
  • Multiple offerings of 144A/Reg. S high-yield senior secured notes by Flora Food Group (formerly known as Upfield B.V.), a KKR portfolio company;
  • The €850 million 144A/Reg. S high‑yield senior secured notes offering by CVC Funds to finance its partnership with LaLiga; and
  • The debut €300 million 144A/Reg. S high‑yield senior secured notes offering and the subsequent 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.
• The debt providers in acquisition financings for:
  • KKR in connection with the acquisitions of Karo Healthcare, Superstruct and Nexeye;
  • Warburg Pincus in connection with the acquisitions of Sebia and UVEX Group, and its stake in Aztec Group;
  • TDR Capital and I Squared Capital in connection with the €1.65 billion public-to-private acquisition of Applus+; 
  • Sammontana and Investindustrial in connection with the €1.1 billion acquisition of Forno d’Asolo; and

  • Apax Partners in connection with the acquisitions of Palex Medical, Finwave, OCS and WGSN.

Other notable representations include:

• 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; and
• Premier Foods, Picard Groupe, INEOS and EP Energy in their respective high-yield bond issuances.

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 named European counsel in 2018 and elected a partner in 2024.