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date: 18 February 2021

Webinar: Model Convertible Loan Agreement


Date: 18 February 2021 | Time 10:30 (EET)

Register at:


Join experienced legal practitioners for a presentation of a model convertible loan agreement (MCLA). The MCLA is best suited for early stage financings of start-ups which are not yet in a position to attract equity investments. The investment (loan) under the MCLA is relatively small and converts into equity at a pre-agreed valuation if the start-up attracts further investments. From the start-up's perspective, the MCLA is a preferable option because it does not give controlling rights and does not involve cash payments of interest. From the investor's perspective, the MCLA allows to lock a relative small amount on a lower valuation which may convert into equity at a later stage. Economically, it is similar to buying a call option. It is also hassle-free to agree on and execute.

The webinar will start with a brief presentation on the economics of the MCLA and an overview of the key points in the model agreement (30 min). Then the floor will be open for Q&A (60 min).

Please feel free to submit up to 2 questions in advance at by 16 February 2021.

The webinar is organised under the umbrella of the Bulgarian Private Equity & Venture Capital Association (BVCA) and in partnership with CampusX.


  • About the lectors – Ilko Stoyanov: Co-Head of the local Corporate and M&A practice

Ilko Stoyanov is partner with Schoenherr in Bulgaria where he specialises in Corporate/M&A and oversees the competition work in relation to transactional matters. Ilko has graduated in law from the Sofia University and has LL.M. degree from Columbia University Law School where he was also an editor of the Columbia Journal of East European Law. Ilko regularly acts for clients on multinational acquisitions and corporate restructurings. Ilko has advised the investment funds BlackPeak Capital (Bulgaria), EQT (Sweden), Advent International (USA), Harbinger Capital Partners (USA), Mezzanine Management (Austria), Revetas Capital Advisors (UK) and B2 (Norway) and a wide array of foreign corporations on deals in the telecom, technology, start-up, banking, insurance, pharmacy, energy, food and manufacturing industries. Ilko has advised on the largest by volume M&A transactions in Bulgaria in 2018 (banking and insurance) and 2019 (telecom).

  • About the lectors – Stela Pavlova-Kaneva: Attorney at Law at Schoenherr

Stela Pavlova-Kaneva specialises in mergers and acquisitions. She is qualified to practice in England and Wales and is registered as a foreign lawyer in Bulgaria. She has solid experience in consulting local and international transactions in the sectors of telecommunications, real estate, energy and manufacturing and participates in several significant acquisitions on the Bulgarian market. Before joining Schoenherr, she was part of the prestigious international law firm of the so-called magic circle – Linklaters LLP.