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Live Nation to redeem all 8 1/8% notes with notes proceeds, borrowings
By Marisa Wong
Madison, Wis., Aug. 8 - Live Nation Entertainment, Inc. said it plans to redeem all of its outstanding 8 1/8% senior notes due 2018 using proceeds from an offering of new senior notes and borrowings under a new senior secured credit facility.
The company announced on Thursday that it plans to issue $200 million of 7% senior notes due 2020. In connection with the offering, the company will also enter into a credit facility consisting of a $300 million revolver, a $100 million five-year term loan A and a $950 million seven-year term loan B.
Funds from the new notes and credit facility will also be used to repay borrowings under the company's existing senior secured credit facility.
Live Nation is a Beverly Hills, Calif.-based ticketing sales and marketing services provider.
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