In addition, HIpgnosis Songs is in advanced talks to fix the majority of its interest rate exposure by entering into interest rate swaps to hedge the interest on the drawn debt. This transaction is expected to be completed shortly and the company will update the market in due course. [ This fixing of the debt is important given the current environment, there had been a concern that rising interest costs would eat further into the company's cash revenue earnings net of debt, which are already insufficient to cover the dividend. ] City National Bank was lead arranger and sole bookrunner for the new debt facility with Truist Securities, Inc., MUFG Union Bank, N.A. and Fifth Third Bank as co-leads. As reported in the last financial results, at 31 March 2022 the gross debt was $600m. The credit margin on this debt was 3.25% over a floating rate based on the London Interbank Offered Rate ( LIBOR ).