Hipgnosis Songs Fund Limited £65 million Revolving Credit Facility (7998K)
September 02 2019 - 2:00AM
UK Regulatory
TIDMSONG
RNS Number : 7998K
Hipgnosis Songs Fund Limited
02 September 2019
2 September 2019
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
GBP65 million Revolving Credit Facility
The Board of Hipgnosis Songs Fund Limited and its Investment
Adviser, The Family (Music) Limited, are pleased to announce that
the Company has signed a Revolving Credit Facility (the "RCF") of
GBP65 million from JPMorgan Chase Bank (as Lead Arranger).
The RCF will be available for three years and the Company may
request an increase in the RCF commitment by a further GBP35
million subject to certain conditions.
The RCF will provide Hipgnosis with flexible capital to fund
investments in accordance with the Company's investment policy and
to provide working capital.
The RCF imposes a loan to value test and a liquidity test and is
secured by, inter alia, a charge over the shares in all the
subsidiaries of the Company and over all of their assets, a charge
over the bank accounts of the Company and a floating charge over
all its assets. The Company has also provided a parent company
guarantee. In accordance with Hipgnosis's investment policy, any
borrowings by the Company will not exceed 20 per cent. of the value
of the assets of the Company less its liabilities.
Merck Mercuriadis, Founder of The Family (Music) Limited and
Hipgnosis Songs Fund Limited, said:
"We are delighted to join forces with JP Morgan's Entertainment
Group and welcome them as our preferred leverage partner. Their
position, knowledge and activity is at an elite level."
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer Tel: +44 (0)20 7496
James Maxwell / James Moat (Corporate 3000
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
The Outside Organisation Tel: +44 (0)7711 081
Alan Edwards / Nick Caley 843
NOTES TO EDITORS
About Hipgnosis Songs Fund Limited
(www.hipgnosissongs.com)
Hipgnosis, which was founded by Merck Mercuriadis, is a Guernsey
registered investment company established to offer investors a
pure-play exposure to songs and associated musical intellectual
property rights. The Company has raised a total of approximately
GBP395 million (gross) through its Initial Public Offering on the
Specialist Fund Segment of the London Stock Exchange's main market
on 11 July 2018, and subsequent placings in April 2019 and August
2019.
About The Family (Music) Limited
The Company's Investment Adviser is The Family (Music) Limited,
which was founded by Merck Mercuriadis, former manager of globally
successful recording artists, such as Elton John, Guns N' Roses,
Morrissey, Iron Maiden and Beyoncé, and hit songwriters such as
Diane Warren, Justin Tranter and The-Dream, and former CEO of The
Sanctuary Group plc. The Investment Adviser has assembled an
Advisory Board of highly successful music industry experts which
include award winning members of the artist, songwriter,
publishing, legal, financial, recorded music and music management
communities, all with in-depth knowledge of music publishing.
Members of The Family (Music) Limited Advisory Board include Nile
Rodgers, The-Dream, Giorgio Tuinfort, Starrah, Nick Jarjour, David
Stewart, Bill Leibowitz, Ian Montone, and Jason Flom.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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