Hipgnosis Songs Fund Limited Increased Debt Facility (6390J)
April 15 2020 - 2:00AM
UK Regulatory
TIDMSONG
RNS Number : 6390J
Hipgnosis Songs Fund Limited
15 April 2020
15 April 2020
Hipgnosis Songs Fund Limited ("Hipgnosis" or the "Company")
Increased Debt Facility
The Board of Hipgnosis Songs Fund Limited and its Investment
Adviser, The Family (Music) Limited, are pleased to announce that
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 GBP100 million to GBP150
million. The Company may request an increase in the Revolving
Credit Facility commitment by a further GBP50 million subject to
certain conditions. The amended Revolving Credit Facility will
provide Hipgnosis with greater flexibility to fund investments and
provide additional working capital. In accordance with Hipgnosis'
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.
In addition to the increase of the commitment of the Revolving
Credit Facility, the maturity date has been extended from 29 August
2022 to 2 April 2025. Other key terms of the Revolving Credit
Facility remain in effect.
For further information, please contact:
The Family (Music) Limited Tel: +44 (0)1481 742742
Merck Mercuriadis
N+1 Singer - Joint Corporate Broker Tel: +44 (0)20 7496
James Maxwell / James Moat (Corporate 3000
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales)
J.P. Morgan Cazenove - Joint Corporate Tel: +44 (0)20 7742
Broker 4000
William Simmonds / Jérémie Birnbaum
(Corporate Finance)
James Bouverat (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 over GBP625
million (gross equity capital) through its Initial Public Offering
on 11 July 2018, and subsequent issues in April 2019, August 2019
and October 2019. In September 2019, Hipgnosis transferred its
entire issued share capital to the Premium listing segment of the
Official List of the FCA and to the London Stock Exchange's Premium
segment of the Main Market.
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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