Live Nation closes $1.1B 2.875% convertible notes due 2030; repurchases $316M of existing notes

Live Nation Entertainment, Inc.

Total offering of $1.0B plus $100M greenshoe, priced at par, coupon 2.875%, matures Jan 15, 2030.
Initial conversion price ~$192.29 per share, ~40% premium over Dec 3 closing price of $137.35.
Proceeds used to repurchase $316M principal of existing 2% convertible notes due 2025 for ~$414M, repay revolver, and general corporate purposes.
Notes are senior unsecured, convertible at holder's option under conditions, redeemable by company after Jan 24, 2028 under certain stock price conditions.

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