pandemic covid-19 2020 concert Music

Live Nation Raising Another $1.2B to Weather Uncertain Year

Reading now: 517
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.

Read more on billboard.com
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA