Thomas Margenet-Baudry

  • Partner
  • Ethomas.margenet-baudry@lw.com
  • 45, rue Saint-Dominique
  • Paris 75007
  • France
  • T +33.1.40.62.20.08
  •  
 

Profile

Thomas Margenet-Baudry is a partner in the Paris office of Latham & Watkins and a member of the firm’s Corporate Department. Mr. Margenet-Baudry's practice focuses on capital markets transactions, in particular high-yield debt and equity securities. He has represented issuers and underwriters on a broad range of French, international, and US capital raising transactions, including initial public offerings, high-yield financings, rights issues, and investment grade debt offerings. He also has broad experience with French public M&A and tender offer regulation, and regularly advises clients on French and EU corporate governance and securities regulation matters.

Before joining Latham, Mr. Margenet-Baudry spent eight years with a leading international law firm in its New York and Paris offices, which included a one-year secondment within the legal department in London and Paris.

Recognitions

 Mr. Margenet-Baudry is recognized as a Leading Individual by Legal 500 EMEA 2019.

"The highly versatile Thomas Margenet-Baudry is a great adviser." Legal 500 EMEA 2017

Mr. Margenet-Baudry offers solid expertise in the high-yield sector, and is described by one client as "one of the nicest lawyers I've ever come across." Chambers Europe 2017

His work in high-yield earns him positive feedback from clients, who call him "energetic and upfront." Chambers Europe 2016

 

Experience

Mr. Margenet-Baudry's recent experience includes advising:

  • The underwriters (Credit Suisse, BNP Paribas, Crédit Agricole CIB, Natixis, Société Générale, Arkea Banque Entreprises et Institutionnels, and CM-CIC) in connection with the €480 million green High Yield bond issued by the Paprec Group
  • The underwriters on the Initial Public Offering of American Depositary Shares by Cellectis
  • Deutsche Bank, BNP Paribas, Credit Suisse, Crédit Agricole CIB, Natixis, and Société Générale in connection with the €660 million high yield deal to refinance French industrial equipment rental business Loxam's existing debt
  • Fives on the refinancing of its existing senior and mezzanine debt through a €580 million high yield bond 
  • Elior, a leading global caterer and support services provider, in connection with its IPO on the Euronext Paris
  • JP Morgan, Credit Suisse, UniCredit, Crédit Agricole, and BNP Paribas in connection with the refinancing of the existing bank debt of Alain Afflelou Group via a €440 million high yield bond offering due in 2019
  • PAI Partners/Global Closure Systems in connection with the refinancing of its existing debt through an issuance of €350 million aggregate principal amount of high yield bonds due 2018
  • JP Morgan and the other underwriters in connection with the IPO of Criteo on NASDAQ
  • Goldman Sachs and JP Morgan in connection with the €190 million high yield offering by Oberthur Technologies
  • Charterhouse Capital Partners / Elior in relation to the €350 million high yield bond offering, to repay existing bank facilities
  • BNPP, Goldman Sachs, and JP Morgan on the €450 million high yield offering by Elis
  • Credit Suisse, Crédit Agricole CIB, and Natixis on the €385,000,000 high yield bond offering of Medi-Partenaires
  • BNPP on the €300 million high yield offering by Cegedim
  • Deutsche Bank and Credit Suisse on the €300 million high yield offering by Loxam
  • PAI Partners/Cerba on the €365 million high yield offering by Cerba
  • The joint bookrunners and initial purchasers, which included, among others, Deutsche Bank, on a €300 million high yield bond offering by leading European equipment rental group Europcar
  • Credit Suisse, Deutsche Bank, Citigroup, J.P. Morgan, Morgan Stanley, and UBS, as joint bookrunners and initial purchasers, on the CHF 1,1 billion high yield bond offering implemented in connection with the acquisition by Apax Partners of Orange Communications S.A. (Switzerland) from France Telecom
  • Eutelsat S.A. in connection with its €800 million standalone bond offering
  • Lagardère in connection with the attempted IPO of Canal+ France
  • The joint bookrunners and initial purchasers, which included, among others, JP Morgan and Deutsche Bank, on a €350 million high yield bond offering by the Europcar group to refinance in part a senior asset financing loan facility
  • Alain Afflelou in connection with its attempted IPO on Euronext Paris
  • Citi, HSBC, JP Morgan, as joint bookrunners and initial purchasers, on the standalone inaugural bond offering into the United States by RCI Banque for an aggregate principal amount of US$2 billion
  • The joint bookrunners and initial purchasers, Deutsche Bank and Credit Agricole CIB, on a €400 million high yield bond offering by Europcar Group SA to refinance in part its existing indebtedness
  • Axa Private Equity and Permira on the high yield bond offering by OdiGeo in connection with the joint acquisition by Axa Private Equity and Permira of Opodo and the related combination of Opodo, Go Voyages, and eDreams Inc
  • The joint bookrunners and initial purchasers, which included, among others Société Générale, in connection with Eutelsat S.A.’s inaugural Regulation S standalone bond offering for an aggregate principal amount of €850 million
  • The French sovereign fund FSI in connection with its minority investment into Euronext listed company Vilmorin & Co

Thought Leadership

  • The Initial Public Offerings Law Review, Third Edition – France  -  May 10, 2019
  • Europe’s New Market Abuse Rules for Issuers of Debt Securities -  February 02, 2016
  • L’attractivité des émissions high yield et des financements bancaires américains  -  December 01, 2013
  • L’émergence des émissions high yield dans les opérations LBO et les processus de Staple High Yield Financing -  December 01, 2012
Thomas Margenet-Baudry  receives praise from market commentators for his handling of both equity and debt capital markets mandates. He has extensive expertise advising on high-yield transactions. He also assists with IPOs and block trades.
Chambers Europe 2019
Bar Qualification
  • Avocat (Paris)
Education
  • LL.M., Columbia University School of Law, 2001
  • Postgraduate Degree International Business Law (DEA), University of Paris I, 1999
  • Graduate Degree Private Law, University of Paris I (Pantheon-Sorbonne), 1998
Practices
  • Capital Markets
  • Public Company Representation
  • Mergers & Acquisitions