The Spanish venture capital management firm Inveready has securitised its Inveready Convertible Finance I fund with the aim of maximising the return obtained by its investors and ensuring a minimum return for its investors in a volatile environment.
According to the company, the fund invests in companies listed on alternative markets such as BME Growth through convertible bonds. The transaction is the result of the creation of a new vehicle registered with the CNMV and managed by EBN Securitisation, and “consists of the assignment of the credit rights, but not the ownership, and will not represent a liability for ICF as it is a non-recourse financing.”
“The splitting of the bond structure by divesting its debt component and retaining its equity component has highlighted the great intrinsic attractiveness of this fund at the time of its launch,” said the firm’s general partner, Carlos Conti.
EBN’s investment banking team was in charge of the transaction, which was legally advised by Gómez Acebo & Pombo. The team was led by partner Fernando Herrero, along with Tax of counsel Remedios García and lawyer Marina Carreño.