covid-19 2020 pandemic

Live Nation Raising Another $1.2B to Weather Uncertain Year

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www.billboard.com

Live Nation is raising $1.2 billion in a note sale that closes May 20, giving the promoter and ticketing company roughly $3 billion of liquidity going into a near-empty summer concert season.

The 6.5% senior secured notes will be used for general corporate purposes and will be due in 2027.The addition of these new notes would bring long-term debt to $4.85 billion and add to interest payments that totaled $157.5 million in 2019.

By the time the first debt comes due in 2023, Live Nation should be back to health -- assuming the concert business has recovered from the COVID-19 pandemic.

In the meantime, the company “absolutely will not break our covenants,” even if there is no “material” concert activity, said CFO Kathy Willard during a May 7.

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The economy is recovering, says President during meeting with professionals
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