Sunday, April 21, 2024

Cuatrecasas steers Linkfactor´s €150m securitisation offer on MARF

Cuatrecasas has acted as Legal advisor to Linkfactor Trade Receivables EUR 1 Securitisation Fund on the registration of a Commercial Paper Programme for a maximum outstanding amount of €150 million on BME´s MARF


BME’s fixed income market, MARF, has admitted to trading Linkfactor Trade Receivables EUR 1 Securitisation Fund’s new Commercial Paper Programme for a maximum outstanding amount of €150 million. The Fund’s assets will consist of a portfolio of receivables arising from the provision of financing and invoice discounting services that have been acquired by the transferor, Linkfactor PYMES, under a factoring contract and that meet the eligibility criteria set out for the Fund. Linkfactor Trade Receivables EUR 1 Securitisation Fund will be the beneficiary of an insurance policy provided by Euler Hermes France.

The Commercial Paper issued by the Fund will be aimed exclusively at qualified investors, will have unit notional amounts of €100,000 and maturities up to a maximum of 731 days.

The transaction embeds a special feature that allows the SPV to issue CP among several MTFs.

Link Securities SV acts as Lead Arranger of the deal. Titulización de Activos SGFT participates as a Registered Advisor in the MARF, is the management company of the Securitization Fund and has acted at the registration of the commercial papers. Gedesco Sevices Spain will be the Administrator of the credit rights acquired by the Fund and the paying agent and accounts bank is Banco Santander. Cuatrecasas has acted as legal advisor to the participants in the constitution of the Securitisation Fund.

The Commercial Paper Programme has an A+ credit rating from EthiFinance Ratings.

Titulización de Activos SGFT is a securitisation fund management company incorporated in 1992 and registered in the Special Register of the CNMV. Throughout its history Titulización de Activos has carried out more than 180 securitization transactions and currently manages Funds that hold fixed income instruments issued with an outstanding balance of more than €60 billion.

Cuatrecasas advised with a team formed by partners Jaime de la Torre and Rebeca Rodríguez, together with lawyers Jaime Juan Rodriguez, Iván Wesolowski Canela, y Laura Barandiarán.

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