New Issue: Live Nation sells $250 million eight-year notes at par to yield 5 3/8%

By Paul A. Harris

Portland, Ore., May 19 - Live Nation Entertainment, Inc. priced a $250 million issue of eight-year senior notes (B3/B+/) at par to yield 5 3/8% on Monday, according to a market source.

The yield printed at the tight end of yield talk in the 5½% area.

Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, HSBC Securities, Morgan Stanley & Co. LLC, RBS Securities Inc., Wells Fargo Securities LLC and Scotia Capital were the joint bookrunners.

The Los Angeles-based live entertainment company plans to use the proceeds, along with proceeds from a $250 million offering of convertible senior notes due 2019, to redeem all of its outstanding 2 7/8% convertible senior notes due 2027, as well as to reinvest in the company's core business and for general corporate purposes, including potential acquisitions.

Issuer:	Live Nation Entertainment, Inc.
Amount:	$250 million
Maturity:	June 15, 2022
Securities:	Senior notes
Bookrunners:	Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, HSBC Securities, Morgan Stanley & Co. LLC, RBS Securities Inc., Wells Fargo Securities LLC, Scotia Capital
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	306 bps
First call:	June 15, 2017 at 104.0313
Equity clawback:	35% at 105.375 until June 15, 2017
Change-of-control put:	101%
Trade date:	May 19
Settlement date:	May 23
Ratings:	Moody's: B3
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	5½% area
Marketing:	Quick to market

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