HITS Daily Double


Live Nation has raised $1.2 billion through the sale of 6.5% senior secured notes due in 2027. Due to overwhelming investor demand, the offering was upped from $800m.

“This added liquidity will help bolster our already strong balance sheet, providing us with extra cushion to withstand any scenario well into 2021, as well as ample resources to capitalize on current innovations and ramp business up quickly when the time is right,” said LN President/CEO Michael Rapino. “Artists’ endless creativity, along with the enduring fan demand for concerts, fuels our confidence that there is, and always will be, a strong future ahead for concerts and live events.”

Proceeds from the transaction will be used for general corporate purposes.

At the end of March, Live Nation’s total cash and cash-equivalents balance was $3.3b, which included $817m of free cash, $2b in event-related deferred revenue and $963m in available credit from revolving credit facilities and an undrawn term loan. The addition of the $1.2b gives the company sufficient liquidity while preserving the existing available debt capacity.