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Angel, January 12, 2023 /PRNewswire/ — Live Nation Entertainment, Inc. (NYSE: lie) announced today the completion of its previously announced offering $1 billion The aggregate principal amount is 3.125% Convertible Senior Notes due 2029.The issuance scale is increased from the original issuance scale to $850 million The aggregate principal amount of notes issued in response to investor demand and after the “green shoe” option has been fully exercised.
“It’s incredible to see the market’s confidence in the future of live entertainment and Live Nation, with demand almost five times higher than what we offer, and on very attractive terms,” ​​said Michael Rapinoe, President and CEO of Live Nation Entertainment. “Our 2023 pipeline remains strong, and these additions of capital strengthen our already strong balance sheet as we continue to grow our business globally through acquisitions and investments.”
Proceeds from transaction will be used to repurchase certain of the company’s existing 2.5% mature convertible senior notes March 2023, to pay related fees and expenses, to pay fees related to the capped call option transaction in connection with this offering, and for general corporate purposes, which may include repayment or repurchase of certain outstanding indebtedness of the Company.Offering Enables Live Nation to Minimize Equity Dilution in Maturing 2.5% Convertible Senior Notes March 2023the cap subscription deal was designed to mitigate potential equity dilution and increase the conversion premium of the new convertible notes from 50% to 100%.
About Live Nation Entertainment
Live Nation Entertainment (NYSE: lie) is the world’s leading live entertainment company, comprised of global market leaders: Ticketmaster, Live Nation Concerts and Live Nation Media & Sponsorship.For more information, please visit www.livenationentertainment.com.
SourceLive Nation Entertainment
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