Live entertainment giant Live Nation has announced it’s planning to issue $1.3 billion in convertible bonds to refinance debt and fund general corporate purposes.
In a statement issued on Wednesday (October 8), the $35 billion-valued Live Nation said the new convertible bonds – which will be issued “subject to market and other conditions” – will mature on October 15, 2031, with interest paid semi-annually.
The company said it may also grant initial buyers the right to purchase an additional $100 million in convertible notes. The bonds will be issued under Rule 144A of the US’s Securities Act, limiting the bond sale to “qualified institutional buyers.”
The new capital will be used to fully redeem Live Nation’s 5.625% senior notes due in 2026, repay some debt from its existing credit facilities, and for general purposes “which may include funding future venues or the repayment or repurchase of certain… outstanding indebtedness,” Live Nation said.
Following the bond issuance, the company also plans to amend or refinance its existing senior secured credit facility in order to obtain $3.7 billion in a variety of new credit facilities, including a $400 million revolving credit facility for venue expansion.
Per InvestingPro, Live Nation has a “moderate” debt level. The company is carrying $8.42 billion in debt on around $2 billion in EBITDA.
The company’s shares were trading down 3.8% on the NYSE as of mid-day Wednesday following the announcement, at around $149.40 per share.
Live Nation reported revenue of $7.0 billion for the second quarter of 2025, up 16% year-over-year at constant currency. That includes a 20% YoY spike in concerts revenue to a record high $5.95 billion, and a 2% YoY increase in ticketing revenues to $742.7 million.
That was a marked turnaround from Q1, when the company reported an 8% YoY revenue decline, to $3.38 billion, with concerts down 11% YoY at constant currency and ticketing down 1% YoY.
The company continues to invest aggressively in new and renovated venues.
It announced in June that it plans to spend $1 billion on 18 new and/or renovated venues in the US over the next 18 months, and noted it had spent “$14 billion on artists” (i.e., the amount it spent putting on artists’ shows) in 2024.
Even as it expands internationally and at home in the US, the company is facing a number of legal hurdles, including an antitrust lawsuit by the US Department of Justice which is seeking to break off its ticketing division, Ticketmaster, from the rest of the company.
Most recently, Live Nation and Ticketmaster were sued by the US Federal Trade Commission (FTC) over what the FTC called “illegal ticket resale practices.” The FTC’s complaint says Live Nation profits from ticket resellers who use bots to buy large quantities of tickets during concert on-sales.Music Business Worldwide
