Live Nation Entertainment, Inc. (NYSE: LYV) today announced the completion of its previously announced offering of $500 million in aggregate principal amount of 3.750% senior secured notes due 2028.
“This added liquidity provides us with the resources necessary to continue exploring growth opportunities while maintaining a strong balance sheet during this time,” said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. “We remain optimistic about the long-term outlook of our industry, and Live Nation is now even better positioned to help lead the road to recovery.”
Proceeds from the transaction will be used to repay $75.0 million aggregate principal amount of the Company’s senior secured term loan B facility and for general corporate purposes, including acquisitions and organic investment opportunities.
About Live Nation Entertainment
Live Nation Entertainment (NYSE: LYV) is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts and Live Nation Media & Sponsorship. For additional information, visit www.livenationentertainment.com.
Certain statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to growth opportunities, the strength of the company’s balance sheet, the long-term outlook for the company’s industry as well as the company’s positioning, and expected use of the proceeds from the offering, all of which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation, risks related to market and other general economic conditions and the fact that Live Nation’s management will have discretion in the use of the proceeds from the sale of the notes.
Live Nation refers you to the documents it files with the Securities and Exchange Commission, specifically the section titled “Item 1A. Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, which contain and identify important factors that could cause actual results to differ materially from those contained in the company’s forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Based upon changing conditions, should any risk or uncertainty that has already materialized, such as, for example, the risks and uncertainties posed by the global COVID-19 pandemic, worsen in scope, impact or duration, or should one or more of the currently unrealized risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in any forward-looking statements. Live Nation undertakes no obligation to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.