DWF advises Valtellina S.p.A. in the issue of €10 million bond loan
26 November 2020
DWF have advised Valtellina S.p.A., a leading telecommunications plant equipment manufacturer, in a transaction involving the issue of a bond loan worth €10 million, subscribed by Intesa Sanpaolo S.p.A. as part of its Basket Bond program.
The transaction, that follows the debenture loan of €12 million which was undertaken in December 2019, and issued by Valtellina and subscribed by UniCredit S.p.A., will help ensure the enactment of their investment and development plans.
For almost all investors on a venture capital transaction the primary motivation will ultimately be to make a capital return on their investment. In this regard, one of the protections that investors will often seek is a preference right attached to the shares subscribed for by the investors such that on a liquidation or an exit/sale event, the investors effectively rank ahead of the holders of other classes of share on the distribution of funds available.
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