According to details emerging over the weekend, the London-based Hipgnosis Songs Fund has launched a debt-funded share buyback program after its stock valuation plummeted by 30% in the last six weeks. Per the Financial Times, the fund is backed by private equity giant Blackstone, which is financing the share buybacks using a fresh tranche of refinanced debt.
Source: Hipgnosis Songs Fund Repurchases Own Shares as Stock Plunges