Live Nation talks $350 million five-year convertibles to yield 1.875%-2.375%, up 47.5%-52.5%

By Abigail W. Adams

Portland, Me., Jan. 29 – Live Nation Entertainment Inc. plans to price $350 million five-year convertible notes after the market close on Wednesday with price talk for a coupon of 1.875% to 2.375% and an initial conversion premium of 47.5% to 52.5%, according to a market source.

J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are the bookrunners for the Rule 144A offering, which carries a greenshoe of $50 million.

The notes are contingently convertible until Nov. 15, 2024. They are callable on or after Feb. 21, 2023 subject to a 130% hurdle.

They are putable upon a fundamental change.

The notes will be settled in cash, shares or a combination of both at the company’s option.

Proceeds will be used for general corporate purposes, including acquisitions.

Live Nation Entertainment is a Los Angeles-based events promoter and venue operator.

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