Spotify OKs Tough Terms for $1 Billion Debt Financing

MarketWatch: Spotify has raised $1 billion in convertible debt from investors, a deal that extends the money-losing company’s runway but comes with some onerous guarantees. In return for the financing, Spotify promised its investors strict guarantees tied to an IPO. If Spotify holds a public offering in the next year, investors will be able to convert the debt into equity at a 20 percent discount to the share price of the public offering.