* 1 billion in convertible debt * 20% discount, no cap * discount increases by 2.5% every 6 months after the first year * 10% interest * converts when Spotify I

* 1 billion in convertible debt * 20% discount, no cap * discount increases by 2.5% every 6 months after the first year * 10% interest * converts when Spotify IPOs * 90 lockup after IPO (instead of 180)