Cuatrecasas advises Luxembourg fund on “Instant Factoring 2025-I” securitisation
Cuatrecasas has advised a Luxembourg fund specialising in working capital, as senior creditor in the private securitisation called “Instant Factoring 2025-I, Securitisation Fund”, incorporated in Spain.
The fund has a Spanish and a Romanian assignor, both engaged in invoice discounting, which have assigned credit rights arising from commercial transactions for the provision of services or delivery of goods carried out by their customers to third-party debtors. The credits originated in Spain and Romania are governed by their respective national laws and are denominated in euros and Romanian lei (RON), which gives the transaction a truly innovative cross-border structure.
Two loans have been arranged on the fund’s liabilities side: a senior tranche, granted by the fund, and a subordinated tranche, granted by the assignors themselves. The transaction is structured as a securitisation for the purposes of Regulation (EU) 2017/2402.
The Cuatrecasas team responsible for advising on the transaction was made up of lawyers Miguel Cruz Ropero and Ignacio Rebollo Monjo, from the Commercial and Financial Law group.
