LOS
ANGELES, Jan. 12, 2023 /PRNewswire/ -- Live Nation
Entertainment, Inc. (NYSE: LYV) today announced the completion of
its previously announced offering of $1.0
billion in aggregate principal amount of 3.125% convertible
senior notes due 2029. The offering size was increased from the
original offering size of $850.0
million aggregate principal amount of notes in response to
investor demand and after full exercise of the "greenshoe"
option.
"It's incredible to see the confidence the market has in live
entertainment and the future of Live Nation, with demand reaching
almost five times that of our offering on very attractive terms,"
said Michael Rapino, President and
Chief Executive Officer of Live Nation Entertainment. "Our pipeline
for 2023 remains strong and this added capital bolsters our already
strong balance sheet as we continue to grow our business globally
through acquisitions and investments."
Proceeds from the transaction will be used to repurchase a
portion of the company's existing 2.5% convertible senior notes due
March 2023, to pay related fees and
expenses, to pay costs associated with capped call transactions
entered into in connection with the offering, and for general
corporate purposes, which may include the repayment or repurchase
of certain of the company's outstanding indebtedness. This offering
enables Live Nation to minimize share dilution from the 2.5%
convertible senior notes due March
2023, and the capped call transaction is designed to
mitigate potential equity dilution and raise the conversion premium
of the new convertible notes from 50% to 100%.
About Live Nation Entertainment
Live Nation
Entertainment (NYSE: LYV) is the world's leading live entertainment
company comprised of global market leaders: Ticketmaster, Live
Nation Concerts and Live Nation Media & Sponsorship. For
additional information, visit www.livenationentertainment.com.
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SOURCE Live Nation Entertainment