White & Case Advises Nelo Inc. and Its Mexican Subsidiary on a US$100 Million Credit Facility
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Global law firm White & Case LLP has advised Nelo Inc. and its Mexican subsidiary, Nelo Mobile, on the structuring of an up to US$100 million credit facility backed by receivables originated by Nelo Mobile in Mexico. The facility is granted to Nelo Inc. by Victory Park Capital funds, a leading global alternative investment firm specializing in private credit.
"We are very excited to have advised Nelo in Mexico in this important, strategic transaction," said White & Case partner Carlos Mainero, who co-led the Firm's deal team.
Partner Juan Antonio Martín, who also co-led the deal team, continued: "As a longstanding adviser to Nelo since its inception, we look forward to seeing the company's continued success."
The proceeds of the financing, which included a possible extension to an aggregate amount of up to US$200 million, will be used by Nelo to continue and expand the operation of its ongoing business.
The Firm's representation included the creation of a Mexican trust, where Nelo Mobile contributed all of its current and future receivables derived from consumer microloans granted to its retail customers, which shall act as a contingent payment mechanism in the event that Nelo Inc. does not timely repay its obligations under the financing agreement.
Nelo is a company dedicated to innovation financing in Mexico, with a "buy now, pay later" mobile app that allows people to pay in installments without credit cards. Nelo’s app allows users to finance everyday necessities like utility bills, cellular plans and other e-commerce purchases. To date, the platform has powered more than three million purchases.
The White & Case team in Mexico City was led by partners Carlos Mainero and Juan Antonio Martín, and associate Santiago Puente.
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