Convertible Loan Note Example
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FAQ
Convertible Senior Notes For example, let's assume that a $1,000 senior note has a conversion option that allows an investor to convert their holding into 20 shares of common stock. If the market price of the common stock is $60 per share, the investor can convert the senior notes into shares worth $1,200.
Terms of Convertible Debt The interest rate. Usually somewhere between 4% and 8%. The maturity date. Usually 12?24 months. A mandatory conversion paragraph. ... An optional conversion paragraph. ... A change of control provision. ... A conversion discount. ... A valuation cap. ... An amendment provision.
Convertible loan notes should be listed on the company's cap table as the amount of the loan with accrued interest and the maximum number of shares it is likely to convert into.
EXAMPLE: A startup company with 1,000,000 shares of common stock closes a seed funding round of $1,000,000 in the form of a convertible note, with a valuation cap of $5,000,000 pre-money valuation on the next round of financing.