Last checked at (Sharecast News) - Hipgnosis Songs Fund has entered into an agreement with a syndicated group of lenders led by JPMorgan Chase Bank, it announced on Wednesday, to increase its revolving credit facility from to ?150m ?100m.
The FTSE 250 company said it could request an increase in the facility commitment by a further ?50m, subject to certain conditions.
It said the amended revolving credit facility would provide it with greater flexibility to fund investments, and provide additional working capital.
In accordance with its investment policy, any borrowings by the firm would not exceed 20% 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," the board said in its statement.
"Other key terms of the revolving credit facility remain in effect."
At 0804 BST, shares in Hipgnosis Sings Fund were down 0.8% at 99p.
23 Jul 2020 10:33
Hipgnosis increases credit facility, converts it to US dollars
(Sharecast News) - Music intellectual property investor Hipgnosis Songs Fund has agreed to increase its revolving credit facility from £150m to $400m (£314.54m), with a syndicated group of lenders led by JPMorgan Chase Bank.
Read more