Marval O’Farrell Mairal advises in the issuance of “Mercado Crédito Consumo I” Financial Trust
Marval O’Farrell Mairal acted as a legal advisor in the creation of the first series of trust securities from the “Mercado Crédito Consumo” Financial Trust for a total amount of ARS 350,232,279, issued under the “Mercado Crédito” Program.
The transaction took place on December 12, 2019 and included the successful issuance of trust debt securities for a total amount of ARS 252,167,241 and certificates of participation for a total amount of ARS 98,065,038.
The special feature of this Trust is that the securitized assets consist of 100% -digital format loans granted to users and consumers. In comparison with other trusts where MercadoLibre S.R.L. (“MercadoLibre”) acted as settlor, these are loans to finance consumption within MercadoLibre’s Platform or for the user to withdraw from their account and use for personal purposes. Additionally, the Trust has a revolving structure for the first 6 months.
MercadoLibre acted as settlor and administrator, Banco Patagonia S.A. as trustee, arranger and underwriter and Allaria Ledesma & Cía S.A., as sub-underwriter.
The 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, Jacqueline Berkenstadt and Santiago Ezequiel Eraso Lomaquiz.
Gabriela Colombo, Esteban Tresserras and Micaela Varas Bleuer acted as in-house counsel to MercadoLibre.