You really don't need a macro for this. A wildcard Find/Replace will do the job, where:
Find = <[! ]@ly>
Replace = ^&
and the replacement format is set to your highlight colour. If you really want it as a macro, simply switch on the macro recorder and record a wildcard Find/Replace with the above parameters.

PS: When posting code, please use the code tags. They're on the 'Go Advanced' tab.

__________________
Cheers,
Paul Edstein
[Fmr MS MVP - Word]