Maples Group Luxembourg Assists BCP Securities, Inc. and Jefferies LLC in US$3.5 Million Notes Issuance
The Maples Group is pleased to announce that a multi-disciplinary team in its Luxembourg office assisted BCP Securities, Inc. and, Jefferies LLC as initial purchasers (the “Initial Purchasers”) of US$3.5 million 12.5% fixed rate notes due in 20231 (the “Notes”) issued by a Luxembourg securitisation special purpose vehicle.
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The Group’s Luxembourg law firm acted as Luxembourg legal counsel to the Initial Purchasers, while the Luxembourg fiduciary services team provided essential domiciliation, directorship and accounting services. The Notes will be listed on the Luxembourg Stock Exchange (“LSE”), with the Maples Group acting as the listing agent. This comprehensive support underscores the Maples Group’s integral role in the successful execution and management of this significant financial transaction.
The Notes were issued under Rule 144A and Regulation S of the US Securities Act and collateralised by receivables generated by the remittance business of Mexican appliances retailer, Grupo Elektra S.A.B. de C.V. (“Elektra”), who also guaranteed the Notes. The proceeds from this issuance were used to refinance a previous notes issuance, on which the Maples Group also provided assistance in 20211. In 2023, Elektra’s remittance business achieved a reimbursement volume exceeding USD $17 billion, representing more than 45% of the market share of money transfers by the amount of funds paid out in Mexico.
A team based in the Maples Group’s Luxembourg office acted as Luxembourg legal counsel to the Initial Purchasers. The team was led by co-head of the Luxembourg Finance team, Arnaud Arrecgros, with assistance from co-head of the Luxembourg Tax team, James O’Neal and Associates Maurice Honnen, Inès Annioui and Arina Belikova. The Luxembourg fiduciary services team provided essential domiciliation, directorship and accounting services. The team was led by Senior Vice President and head of the Luxembourg structured finance business, Constanze Schmidt, and Vice President of the Luxembourg structured finance business, Anika Oberbillig.
Commenting on the transaction, Arnaud said, “We are delighted to have supported BCP Securities, Inc. and Jefferies LLC in this significant notes issuance. This transaction underscores the strength and expertise of our multi-disciplinary team in Luxembourg, as well as our ability to navigate complex financial structures and regulatory environments. Our involvement in this transaction, from legal counsel to fiduciary services, demonstrates our commitment to providing comprehensive and seamless support to our clients.”
Mayer Brown served as lead counsel to BCP Securities, Inc. and Jefferies LLC. Winston & Strawn LLP provided legal counsel to Elektra, while NautaDutilh acted as the Luxembourg legal to Elektra.
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.
1Maples Group Supports Major Investment Banks on Landmark Luxembourg Securitisation – Maples Group