Hipgnosis to sell song catalogues partially to reduce revolver debt

Chicago, Sept. 14 – Hipgnosis Songs Fund Ltd. announced that it would be selling 29 catalogues of songs to Hipgnosis Songs Capital to fund share buybacks and to reduce debt, according to an announcement.

The aggregate consideration for the catalogues is $465 million.

From that amount, the company plans to repay $250 million drawn under its revolving credit facility.

Hipgnosis would also conduct a $180 million share buyback.

There is a 40-day go-shop provision for alternative offers.

The song catalogues include Barry Manilow, Shakira, Nelly and Rick James.

Hipgnosis Songs Capital is a partnership between Hipgnosis Song Management and funds managed and/or advised by Blackstone.

The proposed sale constitutes a related party transaction.

Based in London, Hipgnosis is a music intellectual property investment and song management company.

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