LOS ANGELES, Sept. 15, 2021 /PRNewswire/ -- Live Nation
Entertainment, Inc. (NYSE: LYV) ("we" or the "company") today
announced the pricing of its previously announced offering of
5,239,259 shares of common stock, at a public offering price of
$86.90 per share. The issuance and
sale of the common stock are scheduled to settle on September 17, 2021, subject to customary closing
conditions.
The company estimates that the net proceeds from the offering
will be approximately $449.6 million,
after deducting the underwriting discounts and commissions and
estimated offering expenses. The company intends to use the net
proceeds from the offering to fund the previously announced
acquisition of 51% of the capital stock of OCESA Entretenimiento,
S.A. de C.V. (the "OCESA Acquisition"). The company intends to use
any remaining proceeds for general corporate purposes. The closing
of the common stock offering is not conditioned upon the completion
of the OCESA Acquisition.
Goldman Sachs & Co. LLC is acting as sole book-running
manager for the offering.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities referred to in this
press release, nor will there be any sale of any such securities,
in any state or other jurisdiction in which such offer, sale or
solicitation would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction.
We have filed a shelf registration statement on Form S-3 and
such registration statement has become effective on September 14, 2021. The offering of these
securities may only be made by means of a final prospectus
supplement and accompanying prospectus. Before you invest, you
should read the applicable final prospectus supplement and the
prospectus in that registration statement and other documents we
have filed or will file with the SEC for more complete information
about us and the offering. You may get these documents free by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
we, the underwriter or any dealer participating in the applicable
offering will arrange to send you the applicable final prospectus
supplement and the accompanying prospectus, once available, upon
request to: Goldman Sachs & Co. LLC, Attention: Prospectus
Department, 200 West Street, New York,
NY 10282, or by telephone at (866) 471-2526, or by email at
prospectus-ny@ny.email.gs.com.
Forward-Looking Statements
This news release contains
forward-looking statements, including statements related to the
offering and the expected use of the net proceeds, which are based
on current expectations, forecasts and assumptions that involve
risks and uncertainties that could cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. These
risks and uncertainties include, without limitation, risks related
to whether the company will consummate the offering of the common
stock on the expected terms, or at all, the trading price and
volatility of the company's common stock, market and other general
economic conditions, and the fact that the company's management
will have discretion in the use of the proceeds from any sale of
the common stock. The company refers you to the documents it files
with the Securities and Exchange Commission, specifically the
section titled "Item 1A. Risk Factors" of its Annual Report on Form
10-K for the year ended December 31,
2020 and its Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2021 and June 30, 2021, which contain and identify
important factors that could cause actual results to differ
materially from those contained in the company's projections or
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. Based upon changing conditions,
should any risk or uncertainty that has already materialized, such
as, for example, the risks and uncertainties posed by the global
COVID-19 pandemic, worsen in scope, impact or duration, or should
one or more of the currently unrealized risks or uncertainties
materialize, or should any underlying assumptions prove incorrect,
actual results may vary materially from those described in any
forward-looking statements. The company undertakes no obligation to
update any forward-looking statement, whether as a result of
changes in underlying factors, new information, future events or
otherwise.
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SOURCE Live Nation Entertainment