Cheyne Cudby

Primary Focus & Experience

Cheyne has over 10 years of experience advising issuers, underwriters, investors and other financial institutions in connection with high yield bond offerings, private placements, equity offerings, financial restructurings, liability management transactions and other finance transactions. Cheyne also has experience advising on M&A and general corporate matters. Cheyne’s practice covers a broad spectrum of sectors, including energy, gaming, hospitality, healthcare, aviation and petrochemicals, across a range of geographies in Europe, North America and Asia. Cheyne was previously resident in Milbank’s New York and Hong Kong offices.

A selection of Cheyne’s experience includes advising:

• Allwyn in connection with its €16 billion all-share combination with OPAP pursuant to which Allwyn became listed on the Athens Stock Exchange
• the initial purchasers in connection with NYSE-listed Borr Drilling’s debut €300 million convertible notes offering
• Allwyn in connection with its issuance of €600 million senior secured notes
• Intrum in connection with its €4.5 billion cross-border recapitalization transaction implemented by way of a pre-packaged Chapter 11 process and a Swedish company reconstruction process pursuant to which Intrum’s existing New York and Swedish law governed securities were exchanged into a combination of new senior secured notes and equity and its credit facilities were amended and extended, and the concurrent issuance of €526 million new money senior secured notes
• the note purchasers in connection with Grifols’ privately placed issuance of €1.3 billion senior secured notes
• the initial purchasers in connection with the debut offering of €540 million senior secured floating rate notes in connection with L. Catterton’s €1.4 billion acquisition of KIKO
• the initial purchasers in connection with Omnia Technologies’ €500 million debut high yield offering and super senior revolving credit facility
• the initial purchasers in connection with Medline’s issuance of US$1 billion senior secured notes
• the initial purchasers in connection with EquipmentShare.com’s debut offering of US$640 million second lien notes and add-on offering of US$400 million second lien notes
• the initial purchasers in connection with Griffin Global Asset Management’s debut offering of US$1 billion senior notes and subsequent issuances of US$400 million senior notes and $300 million senior notes
• the note purchasers in connection with the US$1.4 billion multi-tranche private placement of senior notes by a U.S. petrochemicals company
• MGM China in connection with its offerings of $750 million senior notes and $500 million senior notes
• the initial purchasers in connection with Bayport Polymers’ debut offering of US$650 million senior notes to refinance the original project financing
• Turning Point Brands in connection with its US$75 million secured asset-based lending facility
• the financing sources in connection with a US$30 million first lien bridge loan to Arctic Canadian Diamond Company (ACDC) and the partial prepayment in cash and shares and rollover of a US$130 million second lien loan to ACDC in connection with the acquisition of ACDC by Burgundy Diamond Mining, a company listed on the Australian Stock Exchange
• the financing sources in connection with Mountain Province Diamond’s issuance of US$195 million second lien notes by way of partial exchange and partial new issuance and subsequent refinancing of the second lien notes as part of a broader refinancing transaction
• South Street Securities in connection with its issuance of US$90 million of secured notes and warrants to BlackRock and BC Partners and concurrent issuance of series C preferred stock to a global investment firm in exchange for series A and series B preferred stock
• the financing sources in relation to the issuance by a U.S. insurance claims management company of US$524 million privately placed second lien notes and PIK notes and the additional issuance of US$99 million privately placed second lien notes and PIK notes
• the note purchasers in connection with a US$300 million private placement of enhanced equipment trust certificates by a British airline
• the ad hoc group of lenders in connection with GTT Communications’ Chapter 11 bankruptcy
• Heritage Power in connection with its Chapter 11 bankruptcy
• the ad hoc group of noteholders in connection with Constellation Oil Services’ judicial reorganization under Brazilian Bankruptcy Law and Chapter 15 recognition in the United States
• Metro Pacific Investments Corporation and GIC on the sale of their interests in Metro Pacific Hospital Holdings valued at US$685 million to a consortium of investors led by KKR
• the initial purchasers in connection with Star Energy Geothermal’s offering of US$1.1 billion senior secured green bonds
• the underwriters in connection with Monde Nissin’s US$1 billion initial public offering on the Philippine Stock Exchange
• Rizal Commercial Banking Corporation in relation to a US$300 million offering of additional Tier 1 securities, the first additional Tier 1 issuance out of the Philippines
• the underwriter in connection with a US$190 million rights offering by Union Bank of the Philippines on the Philippine Stock Exchange
• the initial purchasers in relation to a €1.25 billion and US$400 million dual-tranche offering of senior secured notes to finance the acquisition of LeasePlan by a consortium led by TDR Capital*
• INEOS in connection with its offering of €1.1 billion senior notes*
• the initial purchasers in connection with Smurfit Kappa’s issuance of €500 million senior notes*
• HDFC Bank in connection with its US$1.6 billion equity offering on the BSE and NSE in India and ADR offering on the NYSE*

*Matter completed prior to joining Milbank.

Recognition & Accomplishments

Cheyne received her Bachelor of Laws with first class honors and Bachelor of Commerce and Administration with a major in economics from Victoria University of Wellington, New Zealand. Prior to joining Milbank, Cheyne worked in the Corporate group in the London office of another highly regarded US law firm. Cheyne is proficient in French and Italian.