Live Nation sets offer price on $950 million term loan B at par

By Sara Rosenberg

New York, Aug. 15 - Live Nation Entertainment Inc. finalized the offer price on its $950 million seven-year term loan B at par, the low end of the revised talk of 99¾ to par and tight of initial talk of 993/4, according to a market source.

Pricing on the B loan is Libor plus 275 basis points with a 0.75% Libor floor. It has 101 soft call protection for six months.

Earlier in the week, the spread on the term B firmed at tight end of the Libor plus 275 bps to 300 bps guidance and the Libor floor was reduced from 1%.

The company's $1.4 billion credit facility (Ba3/BB) also provides for a $335 million five-year revolver and a $115 million five-year term loan A.

At the time of the term loan B pricing changes, the revolver was upsized from $300 million and the term loan A was upsized from $100 million.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance an existing senior secured credit facility, for general corporate purposes and to add cash to the balance sheet.

Live Nation is a West Hollywood, Calif.-based provider of live music concerts and live entertainment ticketing sales and marketing services.

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