Published on 12/17/2020 in the Prospect News High Yield Daily.
New Issue: Live Nation prices $500 million 3¾% seven-year secured notes at par
By Paul A. Harris
Portland, Ore., Dec. 17 – Live Nation Entertainment, Inc. priced a $500 million issue of senior secured notes due 2028 (B1/B+) at par to yield 3¾% in a Thursday drive-by, according to market sources.
The yield printed at the tight end of the 3¾% to 4% yield talk. Initial guidance was 4¼% to 4½%.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Mizuho Securities USA Inc., BofA Securities Inc., Citigroup Global Markets Inc., MUFG, Truist Securities Inc., Wells Fargo Securities LLC, Citizens Capital Markets Inc. and U.S. Bancorp Investments Inc.
The Los Angeles-based events promoter and venue operator plans to use the proceeds to repay $75 million on its senior secured term loan B and for general corporate purposes, including acquisitions and organic investment opportunities.
| Issuer: | Live Nation Entertainment, Inc.
|
| Amount: | $500 million
|
| Tenor: | Seven years
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., Mizuho Securities USA Inc., BofA Securities Inc., Citigroup Global Markets Inc., MUFG, Truist Securities Inc., Wells Fargo Securities LLC, Citizens Capital Markets Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Call protection: | Three years
|
| Trade date: | Dec. 17
|
| Settlement date: | Jan. 4
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¾% to 4%
|
| Marketing: | Drive-by
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
