Rebecca Marques

Primary Focus & Experience

Rebecca focuses on advising underwriters, issuers and sponsors on a range of complex financings in Europe, the United States and internationally, including leveraged buyouts, and in a wide variety of international securities transactions.  Her practice and experience is broad, covering high yield debt offerings for leveraged buyouts and corporates, international capital markets transactions in general, liability management exercises and restructurings.

Recent representative engagements include:

• Advising the arrangers in connection with Parts Europe's implementation of a new €960 million term loan B facility and a €240 million revolving facility.
• Advising J.P. Morgan SE as placement agent of Transcom Holding AB in connection with its private placement of €65 million in aggregate principal amount of senior secured floating rate notes. 
• Advising the initial purchasers in connection with Fedrigoni’s €665M High Yield Bond Offering. 
• Advising the ad hoc committee of holders of originally €200 million convertible notes issued in 2017 and originally €300 million senior unsecured notes issued in 2018 on the successful financial restructuring of Corestate Capital Holding S.A.
• Advising Matterhorn Telecom S.A., the parent company of Salt Mobile SA, on an offering of CHF 100 million aggregate principal amount of senior secured notes due 2028.
• Advising Lar España Real Estate SOCIMI, S.A. in connection with a tender offer of its outstanding €400 million Senior Unsecured Green Notes and €300M Senior Unsecured Green Notes.
• Advising the arrangers in connection with senior secured term facilities, a senior secured revolving credit facility, a second lien facility, and a senior secured bridge facility and subsequently represented the initial purchasers in connection with an offering of €415 million senior secured notes due 2029 by Villa Dutch Bidco B.V.
• Advising the initial purchasers in connection with Tendam Brands, S.A.U’s €300 million high yield bond offering and €305 million senior facility agreement.
• Advising the financing sources to provide a debt financing package in support of Bain Capital’s joint ownership agreement for Fedrigoni with BC Partners. Winner of ‘Deal of the Year’ at IFLR Awards 2023.
• Advising the initial purchasers in connection with the issuance of €350 million of 7.25% Senior Secured Notes due 2027 by LSF XI Magpie Bidco BV/SRL, and certain other financing aspects in relation to the acquisition of Manuchar NV by affiliates of Lone Star Funds.
• Advising the financing sources on Bain Capital’s multibillion acquisition of House of HR, a European recruitment specialist.
• Advising the sponsor of Spanish bank, WiZink Bank S.A.U. on the restructuring of the €515m 6.5% / 7.25% holdco senior secured PIK toggle notes due 2023 issued by Singaporean issuer, Mulhacen Pte Ltd and the raising of €250m new capital for WiZink.
• Advising the initial purchasers in connection with Zenith Finco Plc’s offering of £475 million 6.500% Green Senior Secured Notes due 2027 pursuant to its newly established green bond framework and related revolving credit facility. 
• Advising an ad hoc committee of holders of €250M super senior secured notes due 2023 and €500M and $300M senior secured notes due 2023 on the successful completion of the Codere group’s restructuring. 
• Advising Together Financial Services Limited, on a tap offering by its subsidiary Jerrold FinCo plc of its £120 million aggregate principal amount of 4⅞% Senior Secured Notes due 2026. 
• Advising Lar España, a leading Spanish real estate developer and property asset manager, on two green bond issuances this year: its €400M Senior Unsecured Green Bond Offering and related tender offer and with its €300M Senior Unsecured Green Bond Offering. Lar España is a leading publicly listed Spanish real estate developer and property asset manager, with a portfolio comprised of shopping centers and retail parks, valued at more than €1.4 billion.
• Advising Bracken Midco1 plc, the indirect parent company of Together Financial Services Limited, on the offering of its £380 million aggregate principal amount of 6¾% / 7½% Senior PIK Toggle Notes due 2027. 
• Advising BNP Paribas, Barclays Bank Ireland PLC, and Goldman Sachs Bank Europe SE in connection with Parts Europe S.A.’s offering of €380 million Senior Secured Floating Rate Notes due 2027. 
• Advising the underwriting banks in relation to the financing for Brookfield’s acquisition of Modulaire Group for approximately $5 billion, making it one of the largest European leveraged buyouts of 2021. Winner of ‘Deal of the Year’ at IFLR Awards 2022.
• Advising the initial purchasers in connection with Transcom Holding AB (publ)’s offering of €315 million Senior Secured Floating Rate Notes due 2026 and the lenders in connection with the Transcom’s €45 million super senior revolving credit facility. 
• Advising three portfolio companies of ION Investment Corporation S.à r.l. and its subsidiaries (the “ION Group”) on accessing the US and international bond markets for the first time. In addition, Milbank LLP advised the ION Group in connection with the financing for the acquisition of the Cedacri group, which will represent the ION Group’s fourth investment silo. 
• Advising ION Trading Technologies S.à r.l. in connection with its debut issuance of $450 million 5.750% Senior Secured Notes due 2028. 
• Advising the initial purchasers in connection with Victoria PLC’s offering of €250 million 3¾% Senior Secured Notes. 
• Advising the initial purchasers in connection with the issuance of €350 million aggregate principal amount of 3.625% Senior Secured Notes due 2028 and $305 million aggregate principal amount of 4.875% Senior Secured Notes due 2028 by Spa Holdings 3 Oy and the lenders in connection with the Company’s €600 million EUR senior term loan facility and the $547 million senior term loan facility.
• Advising the initial purchasers in connection with Victoria PLC’s offering of €500 million 3⅝% Senior Secured Notes, and the dealer managers in connection with Victoria’s cash tender offer for its outstanding Regulation S 5¼% Senior Secured Notes due 2024 up to a target acceptance amount in an aggregate principal amount of €200 million.
• Advising the lenders on the financing in connection with the acquisition of Pasticceria Bindi S.p.A. by Forno d’Asolo S.p.A.
• Advising Together, on the first sterling bond offering since the formal completion of the Brexit process and the first in 2021.  
• Advising Standard Microgrid Initiatives Limited on securing operating rights to provide electricity to rural communities in Zambia, utilising output excesses from the Chitumba solar milling plant in Chongwe. 
• Advising the ad hoc committee of noteholders in the completion of the €500 million 6.75% senior secured notes and US$300M 7.625% senior secured notes, originally due in November 2021 and issued by Codere Finance 2 (Luxembourg) S.A., part of the Codere group of companies, an international gaming operator with operations in Latin America, Spain and Italy.
• Advising the initial purchasers in connection with multiple bond offerings by Bain Capital portfolio company, Parts Europe (f/k/a Autodis), a leading independent distributor of vehicle parts in France and Western Europe including more recently its tap offering of €280 million 6.50% Senior Secured Notes due 2025 and a €300 million offering of 6.50% senior secured notes due 2025.
• Advising ASR Media and Sponsorship S.p.A. in connection with the solicitation of consents from holders of its outstanding €275 million 5.125% senior secured notes due 2024 following its acquisition by The Friedkin Group, Inc., a privately held group of automotive, hospitality, entertainment, golf and adventure companies.
• Advising the mandated lead arrangers on the underwritten financing package supporting the bid by a consortium, including Bain Capital, for Ahlstrom-Munksjö Oyj, a global company that provides sustainable and innovative fiber solutions, in a deal valuing the Finnish firm at approximately €2.1 billion.
• Advising the initial purchasers in relation to Ardonagh, the UK’s largest independent insurance broker, on multiple bond financings and including more recently including its $500 million 11½% / 12¾% senior PIK toggle notes due 2027 issued by Ardonagh Midco 2 plc. The transaction was the first of its type, a PIK toggle notes offering combined with a unitranche financing.
• Advising Salt, a Swiss telecommunications provider formerly known as Orange Switzerland on its multiple high yield bond offerings and TLB and private placements including most recently:
  • the repricing of its term loan facility B and the offering of €100 million aggregate principal amount of its 3.125% senior secured notes due 2026 as additional notes under its existing indenture through a private placement
  • an offering of €250 million senior secured notes due 2024 and an offering of €575 million senior secured notes due 2026. The deal also consisted of a new 7-year term loan facility B of up to €500 million and a new 5-year revolving facility of up to CHF 75 million. This was the first example of a secured bond pricing inside a loan of the same maturity since 2010
• Advising the initial purchasers in relation to Fabric (BC) S.p.A. on multiple bond issuances including:
  • its €225 million senior secured floating rate notes due 2026, the proceeds of which were used to repay amounts outstanding under a senior secured bridge facility used to fund the acquisition by Fedrigoni of Ritrama Group. Milbank also advised the lenders under the senior secured bridge facility
  • its €455 million senior secured floating rate notes due 2024. The proceeds of the bond issuance were used to repay amounts outstanding under the bridge facility used to fund the acquisition by Bain Capital of Fedrigoni S.p.A. Milbank also advised the initial purchasers on the bridge facility. Fedrigoni is a leading European manufacturer and distributor of specialty paper, self-adhesive products and security products
  • its €125 million senior secured floating rate notes due 2024
• Advising Together Financial, a UK specialist mortgage and secured loan provider, on all of its bond offerings since 2013 including:
  • the issuance by its subsidiary Jerrold FinCo plc of its £435 million aggregate principal amount of 4⅞% senior secured notes due 2026
  • its £350 million aggregate principal amount of 8⅞% / 10⅜% senior PIK toggle notes due 2023
• Advising Amigo Loans, a UK specialist lender, on multiple bond offerings including:
  • tap offering of £75 million 7.625% senior secured notes due 2024
  • tap offering of £50 million 7.625% senior secured notes due 2024
• Advising the initial purchasers in connection with Victoria Plc’s offering of €330 million 5¼% senior secured notes. Victoria is a leading international designer, manufacturer and distributor of innovative flooring products across the United Kingdom, Continental Europe and Australia.
• Advising SAZKA Group on its all cash, unconditional offer to acquire Greece’s OPAP. SAZKA Group is one of the fastest growing European gaming companies with significant market presence in Austria, Cyprus, the Czech Republic, Greece and Italy.
• Advising eir in connection with its €1.15 billion bond and term loan financing. eir is the principal provider of fixed line telecommunications and the third largest mobile telecommunications provider in Ireland.
• Advising Barclays, JPMorgan, and HSBC, as global coordinators, and a group of banks as initial purchasers in a cross-border acquisition financing to support Carlyle and GIC's acquisition of the specialty chemicals business of AkzoNobel N.V.
• Advising JPMorgan, as solicitation agent, in connection with the solicitation of consents by Radisson Hotel Holdings AB from the holders of its outstanding €250 million 6.875% senior secured notes due 2023 to certain amendments to the existing indenture.
• Advising KAEFER Isoliertechnik GmbH & Co. Kommanditgesellschaft, in connection with its issuance of €250 million in senior secured notes and entry into a €480 million super senior revolving credit and multicurrency revolving letter of guarantee facility.

Recognition & Accomplishments

Rebecca is recognized as a “Leading Individual” by Legal 500 UK 2024, “Highly Regarded” by IFLR 1000 2023 for High Yield, “Band 4” for Capital Markets: High Yield by Chambers UK 2024 and is in IFLR 1000 Women's Leaders 2023 as a Highly Regarded Leading Transactional Expert.

"Rebecca is experienced and commercial."

"She is one of the strongest HY lawyers I have ever met. Her competence and ability to solve complex problems set her apart from her peers."

“She is highly responsive and very strong technically."

"She understands the market very well."

“Technically excellent, a ‘hands’ on" partner”

“Rebecca Marques shows strong client engagement and responsiveness.”

"She is really good. She is very smart, articulate and good."

(Chambers UK and Legal 500, Client Testimonials)

Rebecca is also an active participant in pro bono work and won "Lawyer of the Year" at the 2017 Thomson Reuters TrustLaw Awards.

Rebecca is a contributor to publications and co-authored the Project Bonds Chapter in John Dewar’s International Project Finance – Law and Practice, the third edition of which published by Oxford University Press in September 2019.