Marval O’Farrell Mairal advises in the issuance of “MELI Derechos Creditorios Tarjetas II” Financial Trust of MercadoLibre
After advising in the first successful series, Marval O’Farrell Mairal acted as legal advisor in the creation of the second series of “MELI Derechos Creditorios Tarjetas” financial trust, issued under the “Mercado Crédito” Program.
The transaction took place on November 29, 2019 and consisted of the issuance of trust debt securities for a total amount of ARS 633,670,000. The trust securities obtained the highest credit rating - AAAsf(arg) - by Fix Ratings.
MercadoLibre S.R.L. (“MercadoLibre”) acted as settlor and administrator, and Banco Patagonia as trustee, arranger and underwriter. First Corporate Finance Advisors S.A. acted as financial advisor and Allaria Ledesma & Cía S.A., as sub-underwriter.
Under the same structure as the previous issuance, the securitized assets of “MELI Derechos Creditorios Tarjetas II” include the collection rights to be generated under the Credit Card Aggregation Agreements entered into among MercadoLibre and the credit card processors Prisma Medios de Pago S.A. and First Data Cono Sur S.R.L., in connection with certain purchase transactions paid with VISA and MasterCard in the MercadoLibre e-commerce platform.
This transaction was authorized for public offering by the Argentine Securities and Exchange Commission and is listed in Bolsas y Mercados Argentinos S.A. and Mercado Abierto Electrónico S.A.
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.