Lefosse advises UY3 on the structuring of CTL Now III FIDC
Lefosse acted as deal counsel to UY3 Sociedade de Crédito Direto, in its capacity as sponsor and collection agent, on the structuring of CLT Now III Fundo de Investimento em Direitos Creditórios de Responsabilidade Limitada, a closed-end credit rights investment fund (FIDC) aimed at professional investors. The mandate also covered the fund’s first issuance and public offering of senior, subordinated mezzanine and subordinated junior quotas, raised BRL139.9 million.
The offering was registered under the CVM 160, which allows offerings targeted at professional investors to proceed without prior regulatory review. The proceeds will be used to acquire credit rights arising from private-sector payroll loans, a segment in which repayments are deducted directly from the salaries of workers employed under Brazil’s Consolidation of Labour Laws (CLT). CLT Now III is the third fund in UY3’s CLT Now series.
The fund’s three quota classes follow a subordinated structure in which senior quotas have priority in receiving payments, while mezzanine and junior quotas absorb credit losses first, with junior quotas providing the primary layer of credit enhancement. This structure allows the fund to offer different risk-return profiles to investors within a single vehicle.
Banco Votorantim acted as lead underwriter of the offering, with Leto Financial Advisory serving as underwriter. Leto Asset Management is the fund’s investment manager, and Oliveira Trust Distribuidora de Títulos e Valores Mobiliários serves as fiduciary administrator and custodian. UY3’s in-house team included José Alexandre Gregorio da Silva, Karolina Lima and Adriana Maciel.
The Lefosse team was led by partner Felipe Paiva, with support from counsel Jorge Kou and associates Gianluca Notarbartolo, Max Lins and Bruno Verciani.
