Live Nation Floating $1.2 Billion in Fresh Debt
Live Nation Entertainment (NYSE: LYV) is shoring up its capital base with a new issue of debt. The company announced Wednesday that it is floating $1.2 million in aggregate principal amount of senior secured notes. These mature in 2027, and will be issued in a private placement that is to close next Wednesday, May 20.
The notes have an annual interest rate of 6.5%, and will be sold at face value. The issue is larger than previously anticipated; originally, the company planned to raise the comparatively modest amount of $800 million.
Live Nation will utilize the proceeds of the notes sale "for general corporate purposes." These are to include costs and fees related to the flotation.
Source Fool.com
