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by Stephen Carter
Oct 07, 2026 11:09 AM ET
Live Nation Entertainment Inc (LYV) approx US$1.4bn equiv (US$/EUR) 144A/Reg S sr notes 2-part. Ba2/BB- (stable/stable). Via JPM (B&D)/Citi/BofA US$, MLI EUR/Citizens/GS/HSBC/Miz/MS/MUFG/RBC/Scotia/TSI/USB/WFS jt books, Allen (US$ only)/LionTree as co-managers. No reg rights. New York law. Settles 10/15 (T+5), the U.S. Dollar Notes will settle through The Depository Trust Company and the Euro Notes will settle through Euroclear Bank SA/NV and Clearstream Banking, S.A.
- US$730m (down from $840m) sr notes due 10/15/32 (6y). NC2.5 (04/15/29) (MWC T+50bp), then at 103.563 04/15/29, 101.781 04/15/30, 100 04/15/31. Equity claw: 2.5y 40% at 107.125. CoC at 101. Denoms: 2kx1k. Pays April 15 and October 15, starting 04/15/27. 144A CUSIP: 538034BF5. 144A ISIN: US538034BF50. IPT: high 7s. Price talk: 7.25% area. Downsize switched to the EUR tranche. Launched: $730m at 7.125%. Priced: 7.125% at 100. +197bp vs 3.875% due 09/30/32.
- EUR600m (approx $674m equiv) (up from EUR500m (approx US$562m equivalent)) sr notes due 10/15/32 (6y). NC2.5 (04/15/29) (MWC B+50bp), then at 103.063 04/15/29, 101.531 04/15/30, 100 04/15/31. Equity claw: 2.5y 40% at 106.125. List TISE. CoC at 101. Pays April 15 and October 15, starting 04/15/27. Denoms: 100kx1k. 144A ISIN: XS3535877495. Reg S ISIN: XS3535877149. IPT: high 6s. Price talk: 6.25%-6.50%. Upsize swithched from the US$ tranche. Launched: EUR600m at 6.125%. Priced: 6.125% at 100. +281bp vs DBR 2.50% 11/15/32.
Did investor call at 10:30am NYT / 3:30pm UKT 10/06. Books closed at 9am NYT / 2pm UKT 10/07. Re-confirms were due at 9:30am NYT / 2:30pm UKT 10/07. UOP: fully redeem the $1.2bn 6.50% sr sec notes due 05/15/27 (callable at 100) and $200m for GCP, including the repayment of other debt. Biz: The largest live entertainment company in the world, connecting over 805 million fans across all the Company’s concerts and ticketing platforms in 55 countries during 2025. HQ: Beverly Hills, CA.
DealRoadshow direct link: https://dealroadshow.finsight.com/e/LYVBONDS26. Entry code: LYVBONDS26. Available now.