Hogan Lovells advises on the structuring and financing of Beka Credit’s new fund
Beka Credit, Beka’s private debt consulting division, makes short-term financing available to companies through the new Alcántara Short-Term Lending fund. Up to 150 million euros to meet their one-off liquidity needs for up to 12 months, through private promissory note programs.
Beka Credit -a subsidiary of Beka- has participated in the design and implementation of the fund and acts as advisor in the origination, analysis and monitoring of the promissory notes.
Alcantara Short-Term Lending
The objective of the fund is to provide a short-term financing alternative for companies domiciled in Spain. In addition to those in any sector of activity and with a turnover of more than 5 million euros. It is aimed at companies with solid business models, with the capacity to generate cash flow and does not require guarantees.
“The Alcántara Short-Term Lending fund has the potential to become a great financing alternative, complementary to the banking system for companies in search of tactical liquidity to cover their short-term needs, in a country where alternative financing still occupies a very limited space, in a potential market of almost 180,000 companies,” states José Corral, CEO of Beka Credit.
This new fund, set up by Beka Securitization, is backed by Spanish and international private and institutional investors.
The Alcántara Short Term Lending has senior financing provided by Citi to optimize the investment capacity of the vehicle.
Advisors
Hogan Lovells acted as legal counsel under English and Spanish law in the structuring and financing of the fund alongside José Luis Vázquez (Office Managing Partner, Madrid) and Julian Craughan (London partner).
Hogan Lovells partners José Luis Vázquez and Julian Craughan said: “We are delighted to have been able to support Citi and Beka in this new transaction. It presented a significant challenge, being a novel structure combining a Spanish securitization fund with senior financing under English law, but we were able to match the requirements and needs of all parties”.
