Creation of a Direct Financial Obligation or an Off-Balance Sheet Arrangement.

As previously reported, Live Nation Entertainment, Inc. (the 'Company') has $400 million in undrawn term loan A capacity under its amended senior secured credit facility that is available to the Company for draw down any time prior to expiration of the drawdown period on October 17, 2021. This $400 million was included as part of the Company's previously disclosed $971 million in available debt capacity as of June 30, 2021 and in the Company's accompanying disclosures regarding its available liquidity at the end of the second quarter to fund operations.

The Company has elected to draw down the $400 million term loan A and add to the existing cash on its balance sheet rather than allow the lenders' commitments under its amended senior secured credit facility to fund the term loan A to permanently expire. Accordingly, on September 2, 2021, the Company delivered to JPMorgan Chase Bank, N.A., as administrative agent under its amended senior secured credit facility, an irrevocable notice to draw down the full $400 million under the term loan A, and the Company expects the loans to be funded on September 8, 2021 in full. The Company intends to use the proceeds from the drawdown for general corporate purposes.

Interest rates per annum applicable to the term loan A are, at the Company's option, equal to either Eurodollar plus 2.25% or a base rate plus 1.25%. The Company is required to make quarterly payments on the term loan A at a rate ranging from 0.625% of the original principal amount during the first three years to 1.25% during the last two years, with the balance due at maturity in October 2024.

A summary of the material terms of the Company's amended senior secured credit facility, including the term loan A, is included in Item 2 of the Company's Quarterly Report on Form 10-Q filed on August 3, 2021, and is incorporated herein by reference.


Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.
Exhibit Description
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



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Live Nation Entertainment Inc. published this content on 03 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 September 2021 21:21:05 UTC.