Live Nation Entertainment Inc.'s $300 Million Senior Unsecured Notes Rated 'B+' (Recovery '5')

NEW YORK (S&P Global Ratings) March 15, 2018--S&P Global Ratings today assigned its 'B+' issue-level rating and '5' recovery rating to Beverly Hills, Calif.-based Live Nation Entertainment Inc.'s $300 million senior unsecured debt due in 2026. The '5' recovery rating indicates our expectation for modest recovery (10%-30%; rounded estimate: 20%) of principal in the event of a payment default. S&P Global Ratings also said that its ratings and outlook on Live Nation (BB-/Stable/--) are not affected by the company's announcement that it plans to also issue $500 million unsecured convertible notes due in 2023 (unrated). The company intends to use the proceeds to repurchase its existing 2.5% convertible notes (unrated), add cash to the balance sheet, and pay associated fees

...NEW YORK (S&P Global Ratings) March 15, 2018--S&P Global Ratings today assigned its 'B+' issue-level rating and '5' recovery rating to Beverly Hills, Calif.-based Live Nation Entertainment Inc.'s $300 million senior unsecured debt due in 2026. The '5' recovery rating indicates our expectation for modest recovery (10%-30%; rounded estimate: 20%) of principal in the event of a payment default. S&P Global Ratings also said that its ratings and outlook on Live Nation (##-/Stable/--) are not affected by the company's announcement that it plans to also issue $500 million unsecured convertible notes due in 2023 (unrated). The company intends to use the proceeds to repurchase its existing 2.5% convertible notes (unrated), add cash to the balance sheet, and pay associated fees and expenses. The unaffected ratings include our '##' issue-level and '2' recovery ratings on the company's senior secured credit facility. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%;...

Ratings Action