https://www.recode.net/2018/2/28/17064054/spotify-tpg-dragoneer-debt-deal-music-streaming-ipo

Spotify solved a messy debt problem posed by two of its shareholders in recent months — a deal first reported by Recode in January but that came into sharper focus on Wednesday when Spotify officially filed its paperwork to go public.

Two Spotify shareholders, TPG and Dragoneer, held what’s known as a convertible debt note that entitled them to more and more shares in the company if Spotify kept delaying its public listing. Working closely together, the pair late last year was able to convert that debt into equity and then sell their shares to Tencent, the Chinese internet giant eager to gain more of a foothold in the music company.