With its appetite for acquiring publishing catalogues only accelerating, Hipgnosis Songs Fund has announced an increase in its debt facility to fuel its ambitions.
“The Company has entered into an agreement with a syndicated group of lenders, with JPMorgan Chase Bank as Lead Arranger, to increase its Revolving Credit Facility from £150 million to $400 million,” it announced this morning. And yes, that’s not a typo on our part: it’s growing from 150 million pounds to 400 million dollars: “Drawings under the facility will be denominated in US dollars,” explained the announcement, adding that “the majority (89% as at 31 March 2020) of the Company’s Catalogues are acquired in US dollars and the majority of income is received in US dollars”. Hipgnosis added that it plans to spend the £233.4m it raised from a recent share issue before drawing on its expanded debt facility.
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