Convertible Note等について契約するためには、大まかに何を定めなければならないのかということを事前に知っておく必要があるだろう（タームシートの作成等）。実際のタームシートの作成は、Wilson Sonsini Goodrich & Rosatiという米系法律事務所が、無償で提供してくれているWeb上のサービスを参考にするのも当初の案であろう（50以上の細かい質問に答えていくだけで、自動的にタームシートが作成されるという優れものである）。なお、Convertible Note等の概要については前回を参照されたい。
前回述べたとおり、Convertible Note等にはその発展系であるConvertible Equityというものがある。この二種類のタームシートについて、本稿では取り上げたいと思う。二つを読みとおすことで、Convertible Equityの位置づけというのもよりよく分かることを祈念して…。
I – Debtの性格を有するものの例として…Techstars
ここでは、一つの例として、Techstars（Y Combinatorと同じくして、カリフォルニア州での案件でよく登場してくるベンチャーキャピタルの一つ）が提案する例を取り上げたい。
[NEWCO, INC.]
SUMMARY OF PROPOSED TERMS FOR
CONVERTIBLE PROMISSORY NOTE (BRIDGE) FINANCINGThe following is a summary of the basic terms and conditions of a proposed convertible promissory note financing of [Newco, Inc.], a [Delaware] corporation (the “Company”). This term sheet is for discussion purposes only and is not binding on Company or the Investors (as defined below), nor is Company or any of the Investors obligated to consummate the convertible promissory note financing until a definitive convertible note purchase agreement has been agreed to and executed by Company and the Investors.
Financing Amount: Up to $__________[1] in aggregate principal amount of convertible promissory notes (the “Notes”). Closings: The Company may close the sale of the Notes in one or more closings with one or more purchasers of the Notes acceptable to the Company (the “Investors”). Definitive Agreement: The Notes will be issued and sold pursuant to a convertible note purchase agreement prepared by the Company’s legal counsel and will contain customary representations and warranties of the Company and the Investors (the “Note Purchase Agreement”). Maturity Date: Principal and unpaid accrued interest on the Notes will be due and payable _____[2] months from the date of the Note Purchase Agreement (the “Maturity Date”). Interest: Simple interest will accrue on an annual basis at the rate of _____%[3] per annum based on a 365 day year. Conversion to Equity: Automatic Conversion in a Qualified Financing. If the Company issues equity securities (“Equity Securities”) in a transaction or series of related transactions resulting in aggregate gross proceeds to the Company of at least $__________[4], including conversion of the Notes and any other indebtedness (a “Qualified Financing”), then the Notes, and any accrued but unpaid interest thereon, will automatically convert into the equity securities issued pursuant to the Qualified Financing at a conversion price equal to [the lesser of (i)][5] ____%[6] of the per share price paid by the purchasers of such equity securities in the Qualified Financing [or (ii) the price equal to the quotient of $__________[7] divided by the aggregate number of outstanding shares of the Company’s Common Stock as of immediately prior to the initial closing of the Qualified Financing (assuming full conversion or exercise of all convertible and exercisable securities then outstanding other than the Notes)]. Voluntary Conversion at the Maturity Date. If the Notes have not been previously converted pursuant to a Qualified Financing, then, effective upon the Maturity Date, the Requisite Holders (as defined below) may elect to convert each of the Notes into shares of the Company’s Common Stock at a conversion price equal to the quotient of $__________[8] divided by the aggregate number of outstanding shares of the Company’s Common Stock as of the Maturity Date (assuming full conversion or exercise of all convertible and exercisable securities then outstanding other than the Notes). Any election to convert the Notes pursuant to this paragraph will be made in writing and delivered to the Company at least five days prior to the Maturity Date.
[1] Insert anticipated amount of money that the Company intends to raise through the financing described in this term sheet.
[2] The typical term of a Note issued in a bridge financing is 6 – 12 months.
[3] The typical interest rate for a Note issued in a bridge financing is 7-12%. Please check with counsel to confirm that the actual interest rate used is sufficiently high to avoid imputed interest income to the Company.
[4] This paragraph describes an equity financing that will result in the automatic conversion of the Notes into equity. Because the conversion is automatic (as opposed to occurring at the Investors’ election) the Investors will want to see a dollar value here that represents a “real” round of equity financing. For a typical pre-institutional-funding company, a real round of equity financing would raise $500,000-$1,000,000, but the number that represents a “real” round of equity financing will obviously vary from company to company.
[5] Sometimes Investors are concerned that notwithstanding that discounted conversion price provided for in this paragraph, the effective pre-money valuation in the Qualified Financing will still be too high given the risks involved when the Investors made their bridge investment. This optional language allows the Investors to “cap” the effective pre-money valuation at which the Notes would convert in a Qualified Financing at some pre-agreed amount. As a point of reference, most investors do not insist on this optional language, so we would not necessarily recommend offering it up unless specifically requested.
[6] Part of what incentivizes Investors to participate in a bridge financing is that their Notes will convert into Equity Securities at a discount to the purchase price paid by investors in a later Qualified Financing. The typical range of discounts that we see is 10-30%. As a general rule, the shorter the term of the Notes and the less risky the investment, the lower the expected discount. Finally, please be sure to use the correct number here. If, for example, the intent is to provide for a 10% discount to the purchase price paid by the investors in the Qualified Financing, then you would insert 90% into this blank (not 10%).
[7] See fn. 5.
[8] This is a pre-agreed pre-money valuation of the Company used for purposes of calculating the number of shares of the Company’s Common Stock to be issued to the Investors if the Notes are converted into equity outside the context of a Qualified Financing. We would typically expect to see this valuation set anywhere from 10-50% lower than the pre-money valuation that the Company anticipates for the Qualified Financing. For example, if, at the time of the bridge financing, the Company anticipates closing a Qualified Financing that would value the Company at $2,000,000, then the value range we would expect to see inserted here would typically be between $1,000,000 and $1,800,000. As with the conversion discount described in fn. 6, as a general rule, the shorter the term of the Notes and the less risky the investment, the lower the expected discount.
(1) 転換価額の設定
- 残余財産分配との関係
コンバーチブル・ノートの特徴としては、転換価額が、原則として、次回資金調達ラウンドの株式発行価額ということにある。上記タームシートによれば、この転換価額は、一定割合で割り引かれることになるが、この場合、次回資金調達ラウンドで二つの種類の株式が発行されることになり、それぞれについて残余財産の優先分配権が異なることにもなりかねない。
このところ、シリコンバレーでは、転換後に発行する株式を優先株式と普通株式の組み合わせとすることで、優先株式の価額を次回資金調達ラウンドの株式発行価額と同額に維持するといった工夫をし、残余財産分配権が異なり、会社の資本政策をなるべくシンプルなまま維持するよう工夫される例が多々見られる。
- 転換株式の対象の検討（前回？次回？の株式、普通株式？それとも優先株式？）
上記例では、次回資金調達ラウンドで発行される株式への転換を想定している。もっとも、例えば、初回ラウンドと第二回ラウンドのつなぎの融資として、コンバーチブル・ノートが利用される場合、第二回ラウンドが行わなかった場合であっても、前のラウンドの優先株式等が発行されるアレンジとすることもあることに留意しよう。なお、この場合は、前のラウンドの優先株式の希釈化防止条項に該当してしまう可能性や、（優先株式ではなく）普通株式に転換できるものとしてしまうと、当該価額が普通株式の「公正な価格」（会社法第116条第1項柱書）と見られてしまう可能性があることにも注意しよう。
(2) 転換条項（強制転換・任意転換）
上記のとおり、転換のトリガーは次回資金調達ラウンドが行われた場合であり、その際には、当該投資家サイドの意向は関係ない。任意転換条項も設けられているが、一定期間までの間に、次回資金調達ラウンドが行われなかった場合のことを指している。
(3) 既存株主間契約との関係
対象会社の株主状況いかんにもよるが、株式に転換される時点で、投資家にも株主間契約に入ってもらうことが通常必要であろう。
[Sale of the Company:[1] If a Qualified Financing has not occurred and the Company elects to consummate a sale of the Company prior to the Maturity Date, then notwithstanding any provision of the Notes to the contrary (i) the Company will give the Investors at least five days prior written notice of the anticipated closing date of such sale of the Company and (ii) the Company will pay the holder of each Note an aggregate amount equal to _____[2] times the aggregate amount of principal and interest then outstanding under such Note in full satisfaction of the Company’s obligations under such Note.] Pre-Payment: The principal and accrued interest may not be prepaid unless approved in writing by Investors holding Notes whose aggregate principal amount represents a majority of the outstanding principal amount of all then-outstanding Notes (the “Requisite Holders”). Amendment and Waiver: The Note Purchase Agreement and the Notes may be amended, or any term thereof waived, upon the written consent of the Company and the Requisite Holders. No Security Interest: The Notes will be a general unsecured obligation of the Company. Fees and Expenses: Each Investor will bear its own fees and expenses incurred in the transactions contemplated by this term sheet. [1] If the Company is sold prior to the Maturity Date, the Investors will want the Notes repaid at the closing of the sale. Furthermore, given the risks involved with lending the Company money in the bridge financing, the Investors will want more a nominal interest rate of return in the sale. This optional paragraph gives the Investors the ability to get equity-like “upside” in a sale of the Company by requiring the Company to repay a multiple of the principal and interest actually outstanding under the notes at the time of the sale.
[2] When this provision is employed, we typically see a range of multipliers from 1.5X – 3X.
II – Equityの性格を有するものとして…Wilson Sonsini Goodrich & Rosati
上記のとおり、同法律事務所には、Web上で無料かつ自動作成させてくれるサービスがあるのだが、数々の質問事項を入力しなければならず、あらかじめその全貌を知ることが（少なくとも私にとっては）難しいので、以下のとおり、Termsheetをここに引用することとする。こちらは、Equityの性格を有するので、その点を考慮しつつ、読み進んでいこう。
Issuer [Name] (the “Company“) Type of Security: Up to $[Amount] worth of convertible securities (the “Convertible Securities“) Target Closing Date: [Date] Minimum Investment: $[25,000] per in investor. Qualified Financing: Preferred Stock financing of at least $[1,000,000]
Conversion Price: Lower of [80]% of the price per share paid by other purchasers in the Qualified Financing or
a $[4,000,000] valuation cap (obtained by dividing $ [4,000,000] by the Company’s fully-diluted capitalization) (the “Valuation Cap“)
Automatic Conversion: [Optional Conversion] Change of Control: Amendment: The Convertible Securities may be amended with the consent of theCompany and holders holding a majority of the aggregate outstandingInvestment Amount of the Convertible Securities.
この例では満期および利率の記載がないというところがポイントである。加えて、上記にある「Optional Conversion」があることで、Converssible Noteというか、Equityに近い性格をより持つようになる。
（補則） 株式と借入の基本的な違い
そもそもの理解として、株式と借入の基本的な違いをここで整理しておこう。なお、これらの間のような存在（優先株式や劣後ローン）も内容次第で組成することが可能だということを忘れずに。
| 株式 – Equity | 借入 – Debt |
| 調達資金を返済する義務なし | 調達資金を返済する義務あり |
| 利息を払う必要なし | 利息を払う必要あり |
| 株主総会の議決権 | 株主総会の議決権なし |
| アップサイドを取れる | 当該対象会社が成長した場合のアップサイドを取れない |
D's diary 