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Live Nation greenshoe exercised, ups convertibles to $275 million
By Tali Rackner
Norfolk, Va., May 23 - Underwriters for Live Nation Entertainment, Inc.'s convertible senior notes due 2019 exercised their $25 million over-allotment option in full, increasing the size of the deal to $275 million, according to an 8-K filing with the Securities and Exchange Commission.
The company priced $250 million of the five-year convertibles on May 19.
As previously reported, Goldman Sachs & Co. and J.P. Morgan Securities LLC were joint bookrunners of the convertibles deal.
Proceeds will be used to redeem Live Nation's outstanding 2.875% convertible senior notes due 2027, which are putable this year, and to pay related fees and expenses, to reinvest in the company's core business and for general corporate purposes, including potential acquisitions.
Live Nation is a Los Angeles-based concert promoter and music venue manager.
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