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Hipgnosis Songs Fund Ltd on Wednesday said it has now completed interest rate swap agreements after the refinancing of its revolving credit facility.
Hipgnosis Songs Fund is a Guernsey-registered music intellectual property investment and song management company.
It said until January 2 next year, interest on all drawn debt is fixed at 5.7%.
From January 3, 2023 onwards, Hipgnosis has entered into interest rate swaps to hedge $540 million. Of this, $340 million is hedged for the duration of the RCF.
Chief Executive Officer Merck Mercuriadis said: ‘Together with the completion of our new revolving credit facility, executing these swaps concludes our refinancing. As debt markets have become increasingly unpredictable during the course of 2022, these new agreements provide long-term certainty and a stable platform to take advantage of the Music industry's tailwinds.’
On Monday, Hipgnosis said it had successfully refinanced its debt facilities. It signed a $700 million revolving credit facility, which will run for five years until September 2027.
Shares were down 0.1% at 92.50 pence each on Wednesday morning in London.
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