CHICAGO (S&P Global Ratings) Dec. 17, 2020--S&P Global Ratings today assigned its 'B+' issue-level and '2' recovery ratings to Live Nation Entertainment Inc.'s proposed $500 million senior secured notes. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 70%) recovery of principal in the event of a payment default. The company plans to use the proceeds to pay down roughly $75 million of its senior secured term loan and add the remaining cash to the balance sheet to bolster liquidity. The new senior secured notes increase secured debt relative to total debt and results in estimated recovery very close to the lower threshold for the '2' recovery rating category. This leaves limited capacity for further secured debt
