Marval Advises on the Issuance of “Mercado Crédito XXIV” Financial Trusts
The Firm has once again played a major role in a Banking & Finance, and Fintech transaction.
This time, Marval O’Farrell Mairal acted as legal advisor on the issuance of the 24th series of financial trusts “Mercado Crédito,” for a total amount of ARS 17,994,177,318, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on August 15, 2024, and included the issuance of trust debt securities for a total of ARS 13,495,632,988 and certificates of participation for ARS 4,498,544,330.
MercadoLibre SRL, one of the most important companies in LATAM, acted as trustor, administrator, and collection agent. Banco Patagonia SA acted as trustee, arranger, and underwriter; and Allaria SA acted as sub-underwriter. Following the structure used in previous issuances, the securitized assets of “Mercado Crédito XXIV” consist of 100% digital consumer and working capital loans granted to users and consumers by executing private instruments signed electronically.
The securities were authorized for public offering by the Argentine Securities Commission and listed in Bolsas y Mercados Argentinos SA and Mercado Abierto Electrónico SA.
Marval O’Farrell Mairal acted as legal advisor of the transaction through a team led by Partners Juan M. Diehl Moreno and Sergio Talamo, together with Associates Sebastian Swinnen and Agustin Alejo Centurion. Micaela Varas Bleuer, Maria Victoria Suarez, and Paulina Rossi acted as MercadoLibre in-house counsels.