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Maples Group Advises on Landmark Financing Arrangement to Luxembourg Securitisation Undertaking

20 Feb 2024

Maples and Calder, the Maples Group's law firm, is pleased to announce that its Luxembourg Finance and Tax practices advised the U.S. International Development Finance Corporation ("DFC"), an agency of the United States Government, on a US$467.5 million revolving securitisation facility to a Luxembourg special purpose vehicle ("SPV"). 

The SPV was established as a securitisation fund in the form of a fiduciary estate, sponsored by StoneCo Ltd. a leading provider of financial technology solutions in Brazil. Its proceeds were used to finance the acquisition of up to US$14 billion of credit card receivables generated by Brazilian micro, small and medium-sized enterprises ("MSMEs") with women ownership or a majority of women workforce. 

The transaction, which closed on 31 January 2024, is the first of its kind for DFC in Latin America and represents a significant milestone in its mission to support private sector development and advance U.S. foreign policy objectives in emerging markets. 

A team based in the firm's Luxembourg office acted as Luxembourg counsel to DFC, assisting with legal matters to extend the loan to the SPV. The team was led by Luxembourg Finance Partner, Arnaud Arrecgros, and Of Counsel David De Pasquale, with assistance from Finance Associates, Despoina Souroviki and Maurice Honnen. Luxembourg Tax Principal James O’Neal and Associate Rui Duarte provided tax advice to DFC. 

Commenting on the transaction, Arnaud Arrecgros said, "We are delighted to have assisted DFC on this landmark transaction, which demonstrates the versatility and flexibility of Luxembourg securitisation vehicles and the growing popularity of securitisation funds. We look forward to continuing our relationship with DFC and supporting their efforts to promote sustainable and inclusive growth in emerging markets."

Maples and Calder (Luxembourg) SARL provides full service legal advice on Luxembourg matters and has dedicated practices in Corporate, Finance, Funds & Investment Management and Tax, with a deep bench of highly experienced lawyers on the ground.  The Maples Group also provides fund and fiduciary services from Luxembourg and the breadth of its combined international capabilities along with its ability to advise on multi-jurisdictional transactions continues to set the law firm apart from its local counterparts.

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