Investcorp Europe I (IVCB) Adds $5M Convertible Note to OpSec Deal

Investcorp Europe I (NASDAQ:IVCB) announced this morning that it has entered into a subscription agreement with Sakata in connection to its combination with brand protection firm OpSec.

Under the agreement, Sakata subscribed for five million unsecured convertible loan notes of $1 each for an aggregate purchase price of $5 million.

Once Investcorp Europe I completes its combination, the notes will automatically be replaced with a new contract from OpSec to the combined company and will convert into 526,316 ordinary shares.

The agreement will end based on the following conditions: termination of the combination as per its terms, mutual written agreement by all parties involved in the agreement, failure to meet or feasibly fulfill any closing conditions and if the combination hasn’t closed within one year from the agreement’s execution date.

At the closing, the company and Sakata will enter into a lock-up agreement to not transfer shares. This lock-up period will span from the closing date until either 12 months post-closing or until a change of control happens within the company, whichever comes earlier.

Investcorp Europe I announced its $426 million deal with OpSec in April. London-based OpSec provides a wide range of services to companies to monitor and protect their brands and intellectual property both physically and digitally.