The Notes and the related guarantees will be secured by first-priority liens on substantially all of the company's and the guarantors' assets.
Live Nation Entertainment, Inc. announced that it intends to offer, subject to market and other conditions, $500 million in aggregate principal amount of senior secured notes due 2028. Obligations under the Notes will be guaranteed by the company and the company's existing and future domestic restricted subsidiaries that guarantee the company's senior secured credit facility.
The Notes and the related guarantees will be secured by first-priority liens on substantially all of the company's and the guarantors' assets, and such liens and the related guarantees will be equal and ratable with the indebtedness under the company's senior secured credit facility and 6.500% Senior Secured Notes due 2027.
The company intends to use the net proceeds from the offering to repay $75 million aggregate principal amount of the company's senior secured term loan B facility, for general corporate purposes, including acquisitions and organic investment opportunities, and to pay fees and expenses related to the offering. Completion of the offering of the Notes is subject to, among other things, pricing and market conditions.
The Notes and the related note guarantees will be offered through a private placement and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. As a result, the Notes and the related note guarantees may not be offered or sold in the United States or to any "U.S. persons" except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes and the related note guarantees will be offered only to "qualified institutional buyers" under Rule 144A of the Securities Act and, outside the United States, to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act. This news release is neither an offer to sell nor a solicitation of an offer to buy the Notes, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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