Hipgnosis Songs increases revolver to £150 million, extends to 2025

By Rebecca Melvin

New York, April 15 – Hipgnosis Songs Fund Ltd. has entered into an agreement with a syndicated group of lenders to increase its revolving credit facility to £150 million from £100 million, according to a release.

The maturity date of the facility has been extended to April 2, 2025 from Aug. 29, 2022. Other key terms remain in effect.

JPMorgan Chase Bank is lead arranger of the facility, which may be increased by a further £50 million, subject to certain conditions.

The amended revolver will enable the fund greater flexibility to fund investments and provide additional working capital. But borrowings will not exceed 20% of the value of the assets of the company less its liabilities, in accordance with the company’s investment policy.

Based in Britain, Hipgnosis is a Guersey-registered music intellectual property investment and song management company.

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