Marval advises in the issuance of “MELI Derechos Creditorios Tarjetas I” Trust Debt Securities - PyME CNV of MercadoLibre
After acting as deal counsel in the successful “Mercado Crédito” trust issuances, Marval O’Farrell Mairal acted as legal advisor in the creation of the innovative series under the “Mercado Crédito” Program.
On this occasion, the securitized assets consists of the collection rights to be generated under the Credit Card Processing Agreements entered into among MercadoLibre SRL, and the credit card system processors Prisma Medios de Pago SA and First Data Cono Sur SRL, in connection with purchase transactions paid with VISA and MasterCard outside the MercadoLibre e-commerce platform (that is to say, on third party sites that process their payments through the payment processing tool Mercado Pago) and within such platform.
On October 15, 2019, “MELI Derechos Creditorios Tarjetas I” Financial Trust issued Class A Trust Debt Securities for a total amount of ARS 600.000.000. The trust securities obtained the highest credit rating - AAAsf(arg) - by Fix Ratings. The issuance has an annual nominal interest rate of 59.4% and a 92% over demand above the bid amount.
MercadoLibre acted as settlor and administrator, and Banco Patagonia as trustee, arranger and underwriter. First Corporate Finance Advisors SA acted as financial advisor and Allaria Ledesma & Cía SA, as sub-underwriter.
On October 3, the transaction was authorized for public offering by the Argentine Securities and Exchange Commission and is listed in Bolsas y Mercados Argentinos SA and Mercado Abierto Electrónico SA.
Marval O’Farrell Mairal acted as legal advisor of the transaction with partner Juan M. Diehl Moreno and associates Sergio Tálamo and Jacqueline Berkenstadt.
Gabriela Colombo, Esteban Tresserras and Micaela Varas Bleuer acted as in-house counsel to MercadoLibre.