PMK Advogados advises on Brasol CRI issuance

PMK Advogados acted as legal counsel to Canal Companhia de Securitização and Brasol Participações e Empreendimentos on the issuance and public offering of real estate receivables certificates (CRI), comprising Canal’s 170th issuance, with an aggregate amount of BRL 180,001,000. The transaction was structured into two classes: a senior class, issued in two series, and a subordinated class, issued in a single series.

The CRI are backed by real estate receivables arising from twelve atypical built-to-suit lease agreements related to photovoltaic power generation plants developed by Brasol group companies. The structure included co-obligation of the assignors until the fulfilment of certain conditions precedent, including minimum accumulated electricity generation thresholds, and a robust security package covering surface rights, equipment, equity interests, corporate guarantees and reserve funds.

PMK Advogados relied on partner Ricardo Stuber (pictured) and lawyers Cristiane Moreno, Carolina Sartori, Camila Torelli, Leandro Fazolo Nardi, Beatriz Vieira, Arnaldo Gouvea, Thiago Chediek, Ana Julia Junqueira, Bruno Giardini, Raul Garrido and Flavia Cervantes.