Live Nation Entertainment, Inc. (LYV) on Wednesday said it plans to offer $1.3 billion of convertible senior notes due 2031 in a private placement.
The company intends to use the net proceeds from the convertible notes offering, together with borrowings under a new senior secured credit facility, to redeem its 5.625% senior notes due 2026, repay debt, cover related expenses, and for general corporate purposes.
In connection with the offering, the company expects to grant initial purchasers an option to buy up to an additional $100 million of notes.
Following the notes offering, the company plans to amend or refinance its existing senior secured credit facility to include a $1.3 billion term loan B facility, a $700 million delayed draw term loan A facility, a $1.3 billion multicurrency revolving credit facility, and a $400 million venue expansion revolving credit facility.
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