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Margaret R. M.
Rallings

Partner, Corporate

mrallings@cravath.com
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Margaret R. M. Rallings focuses her practice on capital markets and leveraged finance transactions, including cross‑border acquisition financing and high‑yield debt and equity offerings.

Ms. Rallings’s clients include leading financial institutions as underwriters and initial purchasers in various offerings and as arrangers in syndicated loan transactions, as well as private credit funds in acquisition financing transactions. She has also represented companies including Bacardi, EP Energy, Fugro, HEMA, INEOS, MTN Group, Picard Groupe, Premier Foods, The Restaurant Group and Yell, as well as private equity firms such as Apollo Global Management and Lion Capital.

Ms. Rallings’s notable transactions include representing:

  • The initial purchasers in 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;
  • The initial purchasers in 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;
  • The lenders in unitranche credit facilities to finance the acquisition of Superstruct by KKR;
  • The initial purchasers in 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 initial purchasers in the $850 million and €1.2 billion green bond offerings of Smurfit Westrock;
  • 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 unitranche credit facilities to finance the acquisition of WGSN by Apax Partners;
  • 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 named European counsel in 2018 and elected a partner in 2024.

Ms. Rallings’s notable transactions include representing:

  • The initial purchasers in 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;
  • The initial purchasers in 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;
  • The lenders in unitranche credit facilities to finance the acquisition of Superstruct by KKR;
  • The initial purchasers in 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 initial purchasers in the $850 million and €1.2 billion green bond offerings of Smurfit Westrock;
  • 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 unitranche credit facilities to finance the acquisition of WGSN by Apax Partners;
  • 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 named European counsel in 2018 and elected a partner in 2024.

Education

  • J.D., 2010, Georgetown University Law Center
    Order of the Coif, magna cum laude
  • M.A., 2007, Stanford University
  • B.A., 2007, Stanford University

Admitted In

  • New York

Rankings

IFLR1000

  • Capital Markets: Debt (Including High-Yield) – UK (2024, 2023)

The Legal 500 UK

  • Equity Capital Markets (2025)
  • High-Yield (2025-2020)

Deals & Cases

February 28, 2025

Flora Food Management B.V.’s High‑Yield Senior Secured Notes Offering

Cravath represented the initial purchasers in connection with the €325 million 144A/Reg. S high‑yield senior secured notes offering of Flora Food Management B.V. (f/k/a Upfield B.V.). Flora Food Management B.V. operates as a plant‑based consumer product company. The transaction closed on February 3, 2025.

Deals & Cases

December 13, 2024

Smurfit Westrock’s USD and EUR Green Bond Offerings

Cravath represented the initial purchasers in connection with the (i) $850 million senior notes offering by Smurfit Westrock Financing DAC, a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products, and (ii) the dual‑tranche €1.2 billion senior notes offering of Smurfit Kappa Treasury Unlimited Company, a wholly owned subsidiary of Smurfit Westrock plc. The notes offerings closed on November 26 and 27, 2024, respectively.

Deals & Cases

October 25, 2024

Sammontana Italia S.p.A.’s High‑Yield Senior Secured Floating Rate Notes Offering

Cravath represented the initial purchasers in connection with the €800 million 144A/Reg. S high‑yield senior secured floating rate notes offering of Sammontana Italia S.p.A., a leading company in the Italian frozen bakery and ice cream markets. Proceeds of the offering will be used to refinance the indebtedness under a bridge facility agreement to fund the acquisition of Forno d’ Asolo S.p.A. by the issuer. The transaction closed on October 11, 2024.

Deals & Cases

July 24, 2024

IWG US Finance LLC’s Eurobond Offering

Cravath represented IWG US Finance LLC in connection with its €575 million Eurobond offering. IWG US Finance LLC is an indirect and wholly owned subsidiary of International Workplace Group plc, a leading global provider of flexible and hybrid workspaces. The notes were listed on the London Stock Exchange plc’s International Securities Market. The transaction closed on June 28, 2024.

Deals & Cases

July 23, 2024

Upfield B.V.’s High‑Yield Senior Secured Notes Offering

Cravath represented the initial purchasers in connection with the €500 million 144A/Reg. S high‑yield senior secured notes offering of Upfield B.V. Upfield B.V. operates as a plant‑based consumer product company. The transaction closed on July 2, 2024.

Firm News

November 13, 2024

Cravath Announces New Partners

Cravath has elected six new partners.

Publications

June 25, 2024

Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2024 Chambers Acquisition Finance Guide

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2024 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone and Kelly M. Smercina and European Counsel Margaret R. M. Rallings, the U.S. chapter of the guide.

Publications

June 23, 2023

Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2023 Chambers Acquisition Finance Guide

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2023 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone and Kelly M. Smercina and European Counsel Margaret R. M. Rallings, the U.S. chapter of the guide.

Margaret R. M. Rallings focuses her practice on capital markets and leveraged finance transactions, including cross‑border acquisition financing and high‑yield debt and equity offerings.

Ms. Rallings’s clients include leading financial institutions as underwriters and initial purchasers in various offerings and as arrangers in syndicated loan transactions, as well as private credit funds in acquisition financing transactions. She has also represented companies including Bacardi, EP Energy, Fugro, HEMA, INEOS, MTN Group, Picard Groupe, Premier Foods, The Restaurant Group and Yell, as well as private equity firms such as Apollo Global Management and Lion Capital.

Ms. Rallings’s notable transactions include representing:

  • The initial purchasers in 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;
  • The initial purchasers in 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;
  • The lenders in unitranche credit facilities to finance the acquisition of Superstruct by KKR;
  • The initial purchasers in 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 initial purchasers in the $850 million and €1.2 billion green bond offerings of Smurfit Westrock;
  • 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 unitranche credit facilities to finance the acquisition of WGSN by Apax Partners;
  • 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 named European counsel in 2018 and elected a partner in 2024.

Ms. Rallings’s notable transactions include representing:

  • The initial purchasers in 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;
  • The initial purchasers in 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;
  • The lenders in unitranche credit facilities to finance the acquisition of Superstruct by KKR;
  • The initial purchasers in 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 initial purchasers in the $850 million and €1.2 billion green bond offerings of Smurfit Westrock;
  • 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 unitranche credit facilities to finance the acquisition of WGSN by Apax Partners;
  • 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 named European counsel in 2018 and elected a partner in 2024.

Education

  • J.D., 2010, Georgetown University Law Center
    Order of the Coif, magna cum laude
  • M.A., 2007, Stanford University
  • B.A., 2007, Stanford University

Admitted In

  • New York

Rankings

IFLR1000

  • Capital Markets: Debt (Including High-Yield) – UK (2024, 2023)

The Legal 500 UK

  • Equity Capital Markets (2025)
  • High-Yield (2025-2020)

Deals & Cases

February 28, 2025

Flora Food Management B.V.’s High‑Yield Senior Secured Notes Offering

Cravath represented the initial purchasers in connection with the €325 million 144A/Reg. S high‑yield senior secured notes offering of Flora Food Management B.V. (f/k/a Upfield B.V.). Flora Food Management B.V. operates as a plant‑based consumer product company. The transaction closed on February 3, 2025.

Deals & Cases

December 13, 2024

Smurfit Westrock’s USD and EUR Green Bond Offerings

Cravath represented the initial purchasers in connection with the (i) $850 million senior notes offering by Smurfit Westrock Financing DAC, a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products, and (ii) the dual‑tranche €1.2 billion senior notes offering of Smurfit Kappa Treasury Unlimited Company, a wholly owned subsidiary of Smurfit Westrock plc. The notes offerings closed on November 26 and 27, 2024, respectively.

Deals & Cases

October 25, 2024

Sammontana Italia S.p.A.’s High‑Yield Senior Secured Floating Rate Notes Offering

Cravath represented the initial purchasers in connection with the €800 million 144A/Reg. S high‑yield senior secured floating rate notes offering of Sammontana Italia S.p.A., a leading company in the Italian frozen bakery and ice cream markets. Proceeds of the offering will be used to refinance the indebtedness under a bridge facility agreement to fund the acquisition of Forno d’ Asolo S.p.A. by the issuer. The transaction closed on October 11, 2024.

Deals & Cases

July 24, 2024

IWG US Finance LLC’s Eurobond Offering

Cravath represented IWG US Finance LLC in connection with its €575 million Eurobond offering. IWG US Finance LLC is an indirect and wholly owned subsidiary of International Workplace Group plc, a leading global provider of flexible and hybrid workspaces. The notes were listed on the London Stock Exchange plc’s International Securities Market. The transaction closed on June 28, 2024.

Deals & Cases

July 23, 2024

Upfield B.V.’s High‑Yield Senior Secured Notes Offering

Cravath represented the initial purchasers in connection with the €500 million 144A/Reg. S high‑yield senior secured notes offering of Upfield B.V. Upfield B.V. operates as a plant‑based consumer product company. The transaction closed on July 2, 2024.

Firm News

November 13, 2024

Cravath Announces New Partners

Cravath has elected six new partners.

Publications

June 25, 2024

Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2024 Chambers Acquisition Finance Guide

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2024 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone and Kelly M. Smercina and European Counsel Margaret R. M. Rallings, the U.S. chapter of the guide.

Publications

June 23, 2023

Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2023 Chambers Acquisition Finance Guide

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2023 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone and Kelly M. Smercina and European Counsel Margaret R. M. Rallings, the U.S. chapter of the guide.

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