Los Angeles, January 12, 2023 /PRNewswire/ — Live Nation Entertainment, Inc. (NYSE: LYV) previously announced today billion dollars 3.125% aggregate principal amount of convertible senior notes due 2029. The issuance amount has been increased from the original issuance amount. $850 million After meeting investor demand and fully exercising the “greenshoe” option, we aggregate the bond principal.
“The confidence the market has in live entertainment and the future of Live Nation is amazing. Demand has reached almost five times what we offer on very attractive terms.” Michael Rapino, President and CEO of Live Nation Entertainment. “Our pipeline remains strong in 2023 and this additional capital strengthens our already strong balance sheet as we continue to grow our business globally through acquisitions and investments.”
Proceeds from this transaction will be used to repurchase a portion of the company’s existing 2.5% convertible debentures. March 2023to pay related fees and costs, to pay costs associated with capped call transactions made in connection with the offering, and for general corporate purposes, to repay a portion of the company’s outstanding debt or May include buybacks. This offering allows Live Nation to minimize share dilution from 2.5% maturity convertible bonds. March 2023and capped call trades are designed to mitigate potential equity dilution and raise the conversion premium of new convertible bonds from 50% to 100%.
About Live Nation Entertainment
Live Nation Entertainment (NYSE: LYV) is the world’s leading live entertainment company, comprising the global market leaders of Ticketmaster, Live Nation Concerts, Live Nation Media & Sponsorship. For more information, visit his website at: www.livenationentertainment.com.
Source Live Nation Entertainment