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Spotify Raises $1 Billion in Debt Financing
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Spotify raises $1 billion from venture capital firms in March 2016. It gives the VC firms a 20% discount in a IPO offering for the shares in 1 year, and adding 2.5% every 6 months till an IPO. Spotify is losing money and plans an IPO in 2 years. It faces competition from Apple Music streaming service. Private equity firm TPG, Dragoneer Investment Group, and clients of Goldman Sachs participated in the deal. Tech firms are increasingly using convertible debt rather than equity. Spotify also pays annual interest of 5% which is added to the debt, and this increases by 1 percentage point every 6 months till it reaches 10%. Fidelity Investments has marked down its Spotify stake, down 27% for Spotify shares since August 2015.
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