Marval O’Farrell Mairal Advised on the Issuance of “Mercado Crédito Consumo XVII” Financial Trusts

Marval O’Farrell Mairal Advised on the Issuance of “Mercado Crédito Consumo XVII” Financial Trusts

Marval O’Farrell Mairal acted again as legal advisor on the issuance of the seventeenth series of financial trusts “Mercado Crédito Consumo”, for a total amount of ARS 3,999,993,161, under the “Mercado Crédito” Program, which securitizes 100% digital loans. The transaction took place on February 27, 2023, and included the issuance of trust debt securities for a total of ARS 3,039,994,802 and certificates of participation for a total of ARS 959,998,359.

MercadoLibre, one of the most important companies in LATAM, acted as trustor, administrator, and collection agent. Banco Patagonia acted as trustee, arranger, and underwriter; and Allaria Ledesma & Cía. SA acted as sub-underwriter. Following the structure employed during the previous issuances, the securitized assets of “Mercado Crédito Consumo XVII” consist of 100%-digital consumer loans granted to users and consumers by executing private instruments signed electronically.

The securities were authorized for public offering by the Argentinan Securities and Exchange Commission, and 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 through a team led by Partners Juan M. Diehl Moreno and Sergio Tálamo, together with Associates Federico Nahuel Pitarch, Carmen Del Pino, and Manuela Kotsias. Micaela Varas Bleuer and Rosario López acted as MercadoLibre in-house counsels.