Hipgnosis Songs Fund launches debt-funded buyback to halt share slide
Hipgnosis Songs Fund, the London-listed trust that has bought song catalogues from artists such as Blondie and Neil Young, has launched a debt-funded share buyback programme after its stock fell 30 per cent in six weeks.
The fund, backed by US private equity group Blackstone, made the move after the tumbling share price left its market value at half of what Hipgnosis had said its catalogues were worth.
It will finance the share buybacks using new debt from a refinancing at the beginning of this month. The company would not disclose how many shares it intends to buy.
This story originally appeared on: Financial Times - Author:Kaye Wiggins
