Live Nation Prices $730M and €600M Debt Offering

Live Nation Entertainment announced the pricing of senior notes due 2032 on Wednesday, October 7. The sale consists of $730 million in dollar-denominated notes carrying an annual interest rate of 7.125% and €600 million in euro-denominated notes carrying an annual interest rate of 6.125%. Both tranches will be issued at 100% of their nominal value, with completion expected on October 15. The company initially announced plans to offer $840 million in dollar notes and €500 million in euro notes, subsequently decreasing the dollar tranche by $110 million and increasing the euro tranche by €100 million.

The net proceeds are planned to redeem 6.500% senior secured notes due 2027, pay expenses, and serve general corporate purposes. The debt targeted for redemption dates to May 2020, when Live Nation issued $1.2 billion of the notes, all of which remained outstanding at the end of June.

Live Nation reported first-half revenue of $11.5 billion, a 10% increase compared to the same period the previous year. In the second quarter, the company generated $7.7 billion in revenue, representing a 9% year-over-year increase, and $522 million in operating income. Live Nation concluded the second quarter with approximately $2 billion in free cash.