Why Live Nation Entertainment (LYV) Shares Are Sliding Today - Live Nation Entertainment (NYSE:LYV)

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Live Nation Entertainment, Inc (NYSE:LYV) seeks to raise $850 million via private convertible senior notes offering due 2029.
Live Nation Entertainment looks to use a portion of the net proceeds from the offering to fund its capped call transactions.
The company intends to use the remainder of the offering proceeds to repurchase a portion of its 2.5% convertible senior notes due 2023, to pay related fees and expenses, and for general corporate purposes.
The initial purchasers get the right to purchase up to an additional $85.0 million aggregate principal amount of convertible notes for settlement within 13 days.
The convertible notes will accrue interest payable semi-annually in arrears and will mature on January 15, 2029.
Holders of the convertible notes have the right to require the company to repurchase their notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain corporate events.
The company may redeem the convertible notes only if the last reported sale price of the company's common stock has been at least 130% of the conversion price.
The company expects to enter into privately negotiated capped call transactions to reduce the potential dilution of the company's common stock upon converting the convertible notes.
The company held $5.1 billion in long-term debt and $5 billion in cash and equivalents as of September 30.
Price Action: LYV shares traded lower by 3.27% at $70.01 in the premarket on the last check Monday.

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Live Nation Entertainment Plans $850M Convertible Notes Offering