Moody's gives Live Nation notes B3

Moody's Investors Service said it rated Live Nation Entertainment, Inc.'s new $200 million senior unsecured add-on notes B3.

The company's B1 corporate family rating, B1-PD probability of default rating and Ba3 senior secured credit facility remain unchanged and outlook remains at stable. Live Nation's speculative grade liquidity rating also stayed at SGL-2 (good liquidity).

Moody's said that because the proceeds from the $200 million add-on notes (add-on to existing $225 million 7% senior unsecured notes due Sept. 1, 2020) together with cash on hand will be used to pay down $250 million of Live Nation's 8 1/8% senior unsecured notes due May 15, 2018, total debt is substantially unchanged and the transaction is neutral to Live Nation's credit profile.

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