Live Nation to price $200 million convertible senior notes, talked at 2.625%-3.125%, up 25%-30%

By Evan Weinberger

New York, July 10 - Live Nation, Inc. plans to price $200 million in convertible senior notes due 2027. The deal is talked at a coupon of 2.625% to 3.125% with an initial conversion premium talked at 25% to 30%.

The deal was expected to price Tuesday after market close.

There is a $20 million over-allotment option.

JP Morgan is the bookrunner of the Rule 144A transaction.

The convertibles will be issued at par.

The bonds are convertible into Live Nation common stock, cash or cash and common stock, with the ability to convert subject to a 130% hurdle.

There is a call after seven years and put options at seven, 10 and 15 years. There are full dividend and takeover protections.

Live Nation is a Los Angeles-based concert promoter and music venue manager. The company intends to use the proceeds to repay bank debt and for general corporate purposes.

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