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Live Nation changes $975 million term B talk to Libor plus 250-275 bps
By Sara Rosenberg
New York, Oct. 26 – Live Nation Entertainment Inc. trimmed price talk on its $975 million seven-year term loan B (Ba2/BB) to a range of Libor plus 250 basis points to 275 bps from a range of Libor plus 275 bps to 300 bps, according to a market source.
The term loan still has no Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to help refinance existing bank debt and notes and for general corporate purposes.
Other funds for the refinancing will come from $575 million of senior notes.
Live Nation is a Beverly Hills, Calif.-based provider of live music concerts and live entertainment ticketing sales and marketing services.
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