Investcorp Europe Acquisition I in an 8-K said it secured a convertible loan of $5 million from Sakata INX to support the SPAC’s proposed merger with OpSec, a global provider of brand protection solutions and intellectual property management.
At deal closing, the note will convert into 526,316 OpSec shares.
The deal was announced in April at a pro forma enterprise value of $426 million. If the deal is approved, OpSec Group would likely trade on the Nasdaq, where Investcorp Europe I presently lists.
The transaction is supported by a $50 million backstop by the SPAC’s sponsor, with up to $199 million in gross transaction proceeds, less any redemptions by Investcorp Europe shareholders. Any incremental proceeds will be held on the balance sheet, with current investors rolling 96% of their pro forma ownership into the merged enterprise. Read more.
