Live Nation Entertainment Prices $450 Mln Common Stock Offering At $86.90 Per Share

Live Nation Entertainment, Inc. (LYV) on Wednesday announced $86.90 per share as the pricing of its previously announced offering of 5,239,259 shares of common stock.

The issuance and sale of the common stock are scheduled to settle public on September 17. The net proceeds from the offering are estimated at $449.6 million, after deducting underwriting discounts, commissions and expenses.

The proceeds are expected to be used for funding the previously announced acquisition of 51 percent of the capital stock of OCESA Entretenimiento, S.A. de C.V. and remainder if any, for general corporate purposes. The closing of the offering is not conditioned upon the completion of the OCESA acquisition.

Goldman Sachs & Co. LLC is acting as the sole book-running manager for the offering.

Shares of Live Nation Entertainment closed Tuesday's trading at $88.68, down $0.43 or 0.48 percent from previous close.

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