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A music publishing market often called “frothy” for its rising price tags is showing no signs of slowing down as songwriters continue making major deals with investors. Now, the board of directors of Hipgnosis Songs Fund Limited, the acquirer this week Neil Young and Lindsey Buckingham’s catalogs, have approved an increase in its debt facility by £200 million ($272 million) to £600 million ($815.8 million).

The Hipgnosis Songs Fund Limited, for which Hipnosis Music acts as an investment advisor, has raised over £105 million through a 2018 initial public offering and five additional offerings on the London Stock Exchange. But the fund also has a £400 million revolving credit facility at its disposal; the facility was originally £65 million and has been raised as the fund has met net asset value benchmarks and other conditions. The latest bump in the credit facility allows the Royalty Fund to continue its buying spree; if “certain conditions” are met, the fund can request that its debt facility be raised an additional £150 million, according to a regulatory announcement filed with the LSE on Wednesday.

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The big-spending fund — the catalogs of Buckingham, Young and producer Jimmy Iovine were acquired in just the last week — isn’t short on money like some other music companies during the pandemic; Hipgnosis had a £10.3 million profit in the six-month period ended Sept. 30, according to its earnings statement. Rather, Hipgnosis continuously eyes potential acquisitions to present to the royalty fund’s board. Its investment policy allows total borrowings to not exceed 30% of net asset value (gross assets less liabilities).

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