Live Nation to Repay Debt, Potentially Fund Concert Venues Via $1.3B Senior Note Offering  

Live Nation plans to offer $1.3 billion of convertible senior notes with 2031 due dates that will repay existing debt and possibly fund concert venues, the company announced Wednesday (Oct. 8).

The offering’s proceeds, along with borrowings under a new credit facility, will be used to redeem all of the $300 million of 5.625% notes due in 2026. The notes will also pay the full amounts outstanding in a term B loan facility and the revolving credit facility, which amounted to $823.8 million as of June 30. The company also intends to use some of the proceeds for general corporate purposes, which may include funding concert venues or repaying or purchasing some of its outstanding debt.

Initial buyers will have the right to purchase up to an additional $100 million of convertible notes. The net proceeds from these additional notes are expected to be used for general corporate purposes. 

As of June 30, Live Nation had total debt of $6.48 billion on its balance sheet, with $4.99 billion being long-term and $1.49 billion classified as current (including $1.1 billion of senior convertible notes due 2029 that holders could have exchanged in the third quarter). Live Nation also has a $135 million euro-denominated note due this year and $275 million of debt due in 2026 related to the acquisition of a U.S. venue. After next year’s maturities, the company will have $1.2 billion of 6.5% senior secured notes and $950 million of 4.75% senior notes, both due in 2027, and $500 million of 3.75% senior secured notes due 2028.