Spotify won’t be going down without a fight: Faced with a quickly growing Apple Music competitor, Spotify is raising another $500 million in convertible debt, according to Swedish media reports (hat tip to TechCrunch).

The new fundraise isn’t your typical equity round, which would involve raising money from institutional investors in exchange for equity in the company. Instead, it’s essentially a loan, with the option of investors converting some of the money into stock at a preferred rate in the case of a public offering.

Spotify hasn’t said when or if it will go public, and it’s unlikely that the company would do so in the current financial climate. Its Paris-based competitor Deezer just cancelled its own IPO late last year, and ended up raising a new $100 million round of funding this month.

However, it’s worth noting that the terms of Spotify’s new loan include a passage that reduces the amount of shares investors could buy in an offering after one year, and then again every six months. This could be seen as a signal that investors hope for Spotify to go public sooner rather than later.

All of this happens as Apple is reporting impressive growth for its own Apple Music service, which launched last summer. Apple CEO Tim Cook revealed during the company’s earnings call this week that Apple Music already has more than 10 million paying customers.