Live Nation Entertainment announced on December 3, 2024, the pricing of its offering of $1.0 billion in aggregate principal amount of 2.875% convertible senior notes due 2030. The notes were priced at 100.000% of their principal amount, with an initial conversion price of approximately $192.29 per share, representing a 40% premium to the company's closing stock price on December 3, 2024.
The company intends to use the net proceeds to finance the repurchase of approximately $316.0 million of its 2.00% convertible senior notes due 2025 for an aggregate purchase price of approximately $414.0 million. Additionally, proceeds will be used to repay outstanding amounts under its existing revolving credit facility and for general corporate purposes.
This financing move allows Live Nation to refinance existing debt, extend maturities, and enhance its liquidity position. The offering is expected to close on December 6, 2024, providing financial flexibility for the company's ongoing operations and strategic initiatives.
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