Rhys Bortignon

Counsel, New York


“Rhys is extremely engaging, helpful and professional.” “Rhys is very strong technically and has provided very excellent service to my business. Rhys is conscientious and thorough with respect to any matter he manages or assists.”

‘Rhys Bortignon is extremely responsive. His advice is clear, practical and helpful. He is knowledgeable from both a transactional perspective and a regulatory perspective.’
Chambers 2023, Legal 500 2023


Rhys is counsel in White & Case's Capital Markets practice and a member of its Global Derivatives group in New York.

Rhys regularly advises a range of US and international clients (including corporates, investment and commercial banks as well as private equity and hedge funds) on a wide variety of derivative transactions in various assets classes (including rates, foreign exchange, credit, equity and commodities), repo and securities lending transactions, and structured products. Rhys also advises sponsors, borrowers and lenders on the hedging component of project and corporate financing transactions from a transactional and regulatory perspective.

Rhys frequently advises on US derivatives regulatory matters, including in relation to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Rhys' regulatory work often includes advising on complex cross-border issues.

Rhys has co-authored a number of thought leadership pieces relating to current and proposed derivatives regulation in the US.

Prior to joining White & Case's New York office, Rhys worked as an associate at international law firms in London and Sydney.

Bars and Courts
New York State Bar
England and Wales
New South Wales
Master of Laws
University of Sydney
Law School
Bachelor of Laws
University of Wollongong
Law School
Bachelor of Commerce
University of Wollongong


Representation of The Hertz Corporation with respect to its derivatives transactional and regulatory matters. The affiliates of The Hertz Corporation effected amendments to the securitization platform for financing activities relating to such affiliates' vehicle fleets in France, the Netherlands, Germany and Spain to (i) add Hertz's Italian vehicle fleet to the securitization platform, (ii) increase the aggregate maximum borrowings thereunder from €750 million to €1.1 billion and (iii) extend the maturity from October 2023 to November 2024.

JFK 6-7
Representation of a group of 13 commercial banks in connection with a non-recourse senior secured financing of the US$4.2 billion redevelopment of Terminals 6 and 7 at JFK International Airport.

Representation of the international commercial banks in a non-recourse financing of the 456 MW, approx. US$700 million Feijão wind project in Brazil, which is co-owned 51% by Green Investment Group, an affiliate of the Macquarie Group, and 49% by Hydro Rein, an affiliate of Norsk Hydro. 

Broad Reach
Representation of EnCap Investments L.P., a leading private equity firm specializing in the energy industry, in its sale of Broad Reach Power LLC, one of the premier independent utility-scale energy storage and renewable energy platforms in the United States and a portfolio company of EnCap, to the French multinational utility company ENGIE. Rhys also represented Broad Reach in connection with a senior secured facility to be provided by Deutsche Bank and other lenders to finance the development, operation and maintenance of certain Texas and California assets.

Representation of Talen Energy Supply, LLC ("Talen" or "the Company"), along with its applicable debtor subsidiaries, in connection with the consummation of the strategic transactions contemplated by its chapter 11 plan of reorganization (the "Plan") and assisting with the completion of the Company's restructuring. As part of these transactions the Company significantly reduced its debt and strengthened its balance sheet, repositioning itself for future value creation. The Plan included the infusion of new equity capital pursuant to a common equity rights offering. In addition, the Company raised: (i) A US$700 million revolving credit facility; (ii) A $US580 million Term Loan B credit facility; (iii) A US$470 million Term Loan C credit facility; and (iv) A US$US75 million bilateral line of credit. The Plan also included the full repayment of the Company's formerly existing first lien funded debt and the consensual equitization of all of the Company's formerly existing unsecured notes. The Plan and the foregoing debt and equity financing transactions resulted in an approximately US$2.7 billion reduction in the Company's debt. The Company is emerging with approximately US$875 million of liquidity consisting of cash on hand and undrawn funds in its revolving credit facilities.

Ormat Technologies, Inc.
Representation of Ormat Technologies, Inc., a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation, on its upsized US$375 million offering of 2.50% Green Convertible Senior Notes due 2027. The notes were sold in a private offering pursuant to Rule 144A under the Securities Act of 1933.

Mondelez International Holdings Netherlands B.V.
Representation of the Sole Bookrunner on the offering of Mondelez International Holdings Netherlands B.V.'s €300 million Guaranteed Zero Coupon Exchangeable Bonds due 2024 Exchangeable for existing Ordinary Shares of JDE Peet's N.V.. The issuance is guaranteed by Mondelēz International, Inc. Mondelēz International, Inc. is a member of the Nasdaq 100 and Standard and Poor's 500. It has a market capitalisation of approximately US$85 billion, sales in 150 countries and owns the Cadbury, Milka and Toblerone chocolate brands, among others.

SE Warehouse Borrower LLC
Representation of Brookfield Asset Management in connection with their portfolio company Service Experts LLC, (the ""Company"") entering into a warehouse facility with an aggregate commitment of US$250 million. The facility will be used to finance a portfolio of consumer home rental contracts for HVAC, water heaters and other related services and equipment acquired or originated by the Company an/or its affiliates. Citigroup Global Markets Inc. ("CGMI") has acted as structuring agent.

INTL FCStone Inc.
Represented Jefferies LLC as initial purchaser in the issuance and sale by INTL FCStone Inc. of US$350 million in aggregate principal amount of 8.625% Senior Secured Notes due 2025 (the "Notes"). INTL FCStone Inc. is a publicly traded global brokerage and financial services firm providing execution, risk management and advisory services, market intelligence and clearing services across asset classes and markets around the world.

Kenbourne Invest S.A.
Represented Chilean mobile telecoms operator WOM S.A. (Kenbourne Invest S.A., trading as WOM), on its US$60 million high yield bond tap issuance , which together with the recent inaugural US$450 million high yield bond issue and US$200 million (equivalent) pari passu senior credit facilities provide WOM S.A. with an aggregate US$710 million (equivalent).

Ibereólica Cabo Leones II S.A. (Cabo II)
Representation of The Bank of Nova Scotia, KfW IPEX-Bank GmbH, ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial E.P.E. as lenders and issuing banks and MUFG Bank Ltd., as administrative agent and intecreditor agent in connection with the non-recourse first/second lien project financings of: (i) the US$217 million financing for a 235 MW wind farm owned and operated by Ibereólica Cabo Leones II S.A. located in Atacama, Chile and (ii) the US$103.2 million financing for a 101MWp solar PV power plant, owned and operated by GPG Solar Chile 2017 SpA located in Antofagasta, Chile.

Representation of the initial purchasers (led by Morgan Stanley & Co. LLC) and the capped call transaction counterparties on DraftKings Inc.'s offering of US$1.265 billion aggregate principal amount of its 0% convertible senior notes due 2028, which includes the full exercise of the initial purchasers' option to purchase additional notes, and the negotiation and execution of the associated capped call transactions. DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirits of sports fans with products that range across daily fantasy, regulated gaming and digital media.

Representation of Varonis Systems, Inc., a pioneer in data security and analytics, on its US$253 million offering of 1.25% convertible senior notes due 2025, and the negotiation and execution of the associated capped call transactions with various dealer counterparties. The notes were sold in a private offering pursuant to Rule 144A under the Securities Act of 1933.

Encore Capital
Representation of Encore Capital Group in connection with their US$1.5 billion global funding structure (which included the offering of €350 million Notes; a consent solicitation of the holders of Cabot's existing £512 million notes and €400 million notes; an amended multi-currency revolving credit facility with an increased total commitment of US$1.05 billion; and the amendment and restatement of Encore’s private placement notes purchase agreement).


"US Bankruptcy Court Enforces CDO Transaction Flip Clauses", Futures & Derivatives Law Report, Volume 36, Issue 10, November 2016, (co-author)

"The CFTC's Proposed Rules on Crossborder Uncleared Swap Margin Requirements", Thomson Reuters: Futures & Derivatives Law Report, Volume 35, Issue 9, October 2015, (co-author)

Awards and Recognition

Up & Coming, Chambers USA 2023, Capital Markets: Derivatives

Recommended Lawyer, Legal 500 2023, Structured Finance: Derivatives and Structured Products