JWCA acts as financial advisor on Live Nation Entertainment's $1.1 billion convertible issuance to retire a majority of its outstanding convertible notes due 2025

dECEMBER 2024 | read press release

Transaction Background

Live Nation Entertainment Inc (“LYV”) successfully raised $1.1bn in the convertible market at attractive terms (2.875% coupon and 40.0% conversion premium)

Live Nation's objectives included:

• Low cost of capital and optimize the balance sheet by repurchasing the outstanding convertible due 2025 ahead of maturity

LYV engaged J. Wood Capital Advisors to assist in the structuring and execution of the transaction

JWCA provided extensive analysis on deal structuring and related items, including:

• Re-financing considerations

• Market analysis and transaction timing

• Convertible structuring

JWCA provided advice, support and analysis throughout the execution process

Results

Live Nation’s convertible issuance was extremely well received by investors

• The 2.875% coupon priced at the company friendly end of the marketed range and the conversion premium in the middle of the marketed range

• Live Nation was able to simultaneously retire $316 million of the convertible due 2025

• Live Nation’s stock price traded down 0.3%, compared to a typical stock price reaction of down 5 – 10%