Linkfactor issues first securitization to finance SMEs

Cuatrecasas has advised Linkfactor PYMES on closing its first securitization fund, whose underlying assets consist of financing granted to SMEs through recourse factoring facilities. This securitization will enable Linkfactor to finance the working capital of SMEs.

The securitization vehicle is called Linkfactor Trade Receivables EUR 1 and has open-end assets of up to a maximum of €300 million. The fund is registered to issue the commercial paper program on the Spanish Alternative Fixed-Income Market (MARF, operated by BME Exchange) and other secondary markets. Initially, the fund has incorporated a base information document to issue the commercial paper on MARF for a maximum outstanding amount of €150 million.

Bravo Capital Markets acted in the transaction as sole lead arranger, Link Securities as principal placement entity, Gedesco Services Spain as assets manager, and Titulización de Activos SGFT as the fund management company. EthiFinance Ratings has issued a credit rating.

The legal advisory services were led by a Cuatrecasas team made up of partners Jaime de la Torre and Rebeca Rodríguez, and associates Laura Barandiarán, Jaime Juan Rodríguez, Gonzalo Terceño and Iván Wesolowski.