VBSO advise on the 42nd CRA issuance by Ceres Securitizadora
VBSO Advogados advised Ceres Securitizadora on its 42nd issuance of agribusiness receivables certificates.
The senior-class certificates were publicly offered to qualified investors. The subordinated-class certificates were privately subscribed by investment funds managed by BTG Pactual Asset Management.
The securitization instruments are backed by diversified agribusiness receivables originated by Ceres Investimentos. This transaction introduced an innovative structure for the ramp-up and revolving of the underlying receivables, effectively allowing the daily revolving of mentioned underlying assets.
This mechanism enables the CRA issuance to operate in a manner like an investment fund, with the added advantage that its tax benefits for eligible investors do not require a minimum number of participants in the transaction, nor impose maximum exposure limits to the security for mentioned investors, as is the case for agribusiness investment funds (FIAGRO), for example.
VBSO relied on partner José Alves Ribeiro Junior (pictured) and associates Leonardo Sampaio Pontes, Jessica Espíndola de Oliveira, Raphael Martire Rocha, Barbara Gonçalves, Giulia Esposito Barthem and Luís Gustavo de Almeida
