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Spotify raises $1 billion in new debt financing

Spotify raises $1 billion in new debt financing

A major financing deal will help Spotify extend its lead in the growing streaming music market as it prepares for a possible initial public offering of stock.

The Stockholm company has raised $1 billion in new debt financing led by private equity firm TPG and hedge fund Dragoneer Investment Group, according to people familiar with the matter.

The new financing deal — the biggest to date for the streaming music industry — comes in the form of convertible debt, or bonds that the lenders can exchange for equity in Spotify.

Spotify executives declined to comment, but analysts said the funding would enable Spotify to acquire companies, expand globally and offer...