trending Market Intelligence /marketintelligence/en/news-insights/trending/7Qsl0tVepXdjRNOT5mLKXQ2 content esgSubNav
In This List

Live Nation closes $950M debt offering, amends credit facility

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Broadcast broker activities, H1'21

Blog

Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud

Blog

Cricket drives surge in Disney+ Hotstar mobile app downloads


Live Nation closes $950M debt offering, amends credit facility

Live Nation Entertainment Inc. closed its previously announced offering of $950 million of 4.75% senior notes due 2027.

Concurrently, the company amended its existing senior secured credit facility to provide for a new five-year $500 million revolving credit facility, a new five-year $400.0 million delayed draw term A loan facility, as well as a new seven-year $950.0 million term B loan facility.

Further, the new revolving credit facility provides for borrowings of up to $500 million with a $150 million sublimit for the issuance of letters of credit, a $50 million sub-limit for swingline borrowings, a $300 million sublimit for borrowings in euros or sterling and a $100 million sublimit for borrowings in or one or more approved non-U.S. currencies.

After the payment of fees and expenses in connection with the notes offering and amendment to its existing senior secured credit facility as well as the repayment in full of outstanding term loans under the company's credit agreement, Live Nation intends to use the remaining proceeds from the notes offering, together with borrowings of term B loans under the amended senior secured credit facility, to redeem all $250 million of its existing 5.375% senior notes due 2022 and for general corporate purposes, including acquisitions.