Tradable LatAm Middle-Market Lender SSTL pc0000085

Tradable LatAm Middle-Market Lender SSTL (also listed as LatAm Middle-Market Lender Senior Secured Term Loan, symbol PC0000085) is a tokenized private-credit/fixed-income investment. The underlying strategy is a cross-border investment company that makes structured, leveraged loans to middle-market businesses in Mexico. The security is presented as a delayed-draw senior secured term-loan facility rather than an operating-company equity token.

The originator arranged a $100 million facility to finance new loan investments. The instrument is marketed to international, non-US investors, with a stated $1 million minimum investment and a closed fundraising status. Tradable is the issuance and secondary-market platform, and the listing identifies ZKSync Era as the available blockchain.

The facility combines contractual cash interest with potential warrant participation. Its stated cash rate is one-month Term SOFR plus 5.50%, subject to a 7.75% floor; the listing also summarizes the cash-interest range as 7.75%–10%. In addition, the originator is entitled to 25% of economic returns above the structural put price for eligible loans, plus 25% of all economics from warrants issued for covenant breaches.

This is a permissioned/tokenized security and not a freely circulating utility coin. Eligibility, transfer controls, KYC/AML and accreditation or regional restrictions can apply through the platform. The public market listing should therefore be treated as an informational record, not as a guarantee of liquidity, repayment, or investment performance.

Middle-market companies in Mexico can have limited access to institutional-scale financing, while private-credit investors often face high minimums, bespoke administration, limited transparency and difficult exits. A cross-border lender can address this financing gap through structured loans, but the resulting assets are traditionally hard to syndicate and trade.

SSTL is designed to address those frictions by packaging exposure to a senior secured loan facility and representing it on-chain through Tradable. The delayed-draw structure also matches capital deployment to new underlying loans instead of requiring the full commitment to be invested immediately.

The structure does not eliminate credit, duration, currency, legal, concentration or liquidity risks. Repayment depends on the originator, obligors and collateral/security package; the floating-rate return is subject to its floor and maturity terms; and secondary trading may be sparse or restricted.

Investors subscribe through Tradable subject to the offering's eligibility controls and minimum investment. The $100 million facility is a delayed-draw senior secured term loan, with a stated day-one draw of $10 million; the listing describes on-chain capital calls as prefunded. Proceeds are intended to finance new loans to qualifying Mexican middle-market obligors.

The debt pays contractual cash interest at one-month Term SOFR plus 5.50%, with a 7.75% floor. The listing gives a four-year term and a maturity date of January 16, 2027 (while the overview text says the notes are due December 2026), so investors should verify the governing documents for the controlling date. The stated target net return is 8.35%, and the listing reports no management, performance or expense fee, alongside a 2% origination fee.

Beyond cash interest, warrant participation provides upside: the originator receives 25% of economic return above the structural put price for eligible loans, and 25% of all economics for warrants received because of an obligor covenant breach. This is contingent economics, not guaranteed interest.

PC0000085 is represented on ZKSync Era at 0xfeAfDE23fb2364896C297c3Fa6628f04601a035b. Tradable is identified as both token-issuance platform and secondary marketplace, but the listing reports zero 24-hour volume, illustrating that tokenization does not assure an active exit market.