- The transaction takes place about two months after Mercado Libre obtained the license to be a financial institution from Brazil’s Central Bank;
- According to the company, the distribution of the shares will have a total term of 30 months with amortization in the last 3 months.
The e-commerce giant Mercado Libre announced on Friday that it completed the structuring of a credit rights fund of BRL 1.07 billion to prepay credit card receivables.
According to the firm, the distribution of the shares will have a total term of 30 months with amortization in the last 3 months. The operation was coordinated by Brazilian brokerage XP and Itaú BBA and the fund will be managed by Brasil Plural.
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“Our goal is to diversify the sources of financing to expand and facilitate the offer of working capital to sellers,” said the financial director of Mercado Libre in Brazil, Tiago Azevedo.
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The operation takes place about two months after the Mercado Libre obtained the license to be a financial institution from the Brazil’s Central Bank, which should give greater flexibility for the group to have its products, in addition to its financial arm Mercado Pago.