"In our continuing focus on de-leveraging our balance sheet, 50% of the closing proceeds will be applied as a permanent reduction in term loans, with the balance to remain available for general working capital purposes," said Michael Rapino, President and Chief Executive Officer of Live Nation.
Live Nation will continue to promote non-theatrical shows at the three venues and will continue to produce shows at its owned and/or operated venues in the Boston area, including The Comcast Center, Bank of America Pavilion and House of Blues Boston.
ABOUT LIVE NATION
Live Nation’s mission is to maximize the live concert experience. Our core business is producing, marketing and selling live concerts for artists via our global concert pipe. Live Nation is the largest producer of live concerts in the world, annually producing over 22,000 concerts for 1,600 artists in 33 countries. During 2008, the company sold over 50 million concert tickets and drove over 70 million unique visitors to LiveNation.com. Live Nation is transforming the concert business by expanding its concert platform into ticketing and building the industry’s first artist-to-fan vertically integrated concert platform. The company is headquartered in Los Angeles, California and is listed on the New York Stock Exchange, trading under the symbol LYV. For additional information about the company, please visit www.livenation.com/investors.
First Call Analyst:
SOURCE: Live Nation