LOS ANGELES, July 10 /PRNewswire-FirstCall/ -- Live Nation, Inc.
(NYSE: LYV), today announced that it intends to offer, subject to market
conditions and other factors, $200 million aggregate principal amount of
convertible senior notes due 2027. As part of the offering, the company
intends to grant the initial purchasers a 13-day option to purchase up to an
additional $20 million aggregate principal amount of the notes to cover over-
allotments, if any. The notes will be offered in a private placement in the
United States to qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933.
The offering price, interest rate, conversion rate and circumstances in
which a holder may convert its notes and other terms will be determined by
negotiations between the company and the initial purchasers. The notes will
be unsecured. Upon conversion, the notes may be settled in shares of Live
Nation common stock or, at our election, cash or a combination of cash and
shares of Live Nation common stock.
Live Nation intends to use the net proceeds from the offering to repay
debt under its credit facility and for general business purposes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. Any offer of the securities will
be made only by means of a private offering memorandum. The notes and the
shares of Live Nation common stock issuable upon conversion have not been
registered under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
This press release contains forward-looking statements regarding Live
Nation's intention to issue the notes and its intended use of the resulting
proceeds. There is no assurance that Live Nation will successfully complete
the proposed offering or use the proceeds as presently intended. Investors
should not place undue reliance on forward-looking statements as predictions
of future results. Live Nation undertakes no obligation to update or revise
any forward-looking statements to reflect developments or information obtained
after the date of this press release.
SOURCE Live Nation, Inc.
CONTACT: Lee Ann Gliha for Live Nation, +1-310-867-7000
Web site: http://www.livenation.com