Sweden-based Spotify raises $1 billion in debt
Sweden-based music streaming startup Spotify has raised $1 billion in convertible bonds from TPG and Dragoneer among others. As per the deal, the investors will get to convert the debt to equity at 20% discount when Spotify files for IPO. However, if it doesn't file the IPO within the next year, the discount will increase by 2.5% every six months.