Live Nation Announces Closing Of $1.2 Billion 6.5% Notes Due 2027
Live Nation Entertainment, Inc. (NYSE: LYV) today announced the completion of its previously announced offering of $1.2 billion in aggregate principal amount of 6.5% senior secured notes due 2027. As previously announced, due to overwhelming investor demand the offering was upsized to $1.2 billion from $800 million. Proceeds from the transaction will be used for general corporate purposes.
"This added liquidity will help bolster our already strong balance sheet, providing us with extra cushion to withstand any scenario well into 2021, as well as ample resources to capitalize on current innovations and ramp business up quickly when the time is right," said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. "Artists' endless creativity along with the enduring fan demand for concerts fuels our confidence that there is, and always will be, a strong future ahead for concerts and live events."
Liquidity
As of March 31, 2020, Live Nation's total cash and cash equivalents balance was $3.3 billion, which included $817 million of free cash and $2.0 billion of event-related deferred revenue. In addition, the company has available debt capacity of $963 million from its revolving credit facilities and undrawn term loan A. The addition of this $1.2 billion in proceeds from these new notes gives the company sufficient liquidity while preserving the existing available debt capacity.
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.
