Live Nation Entertainment Inc., the world’s biggest concert promoter and ticket seller, completed a debt refinancing that it said will reduce annual cash interest payments by $12 million.
Live Nation obtained a $335 million revolving credit line, a seven-year $950 million facility and a five-year $115 million loan, the Beverly Hills, California-based company said today in a statement. Earlier this week, the company sold $200 million of 7 percent notes, due in 2020, that yield 6.2 percent.
The company is reducing interest expenses after debt more than doubled with the acquisition of Ticketmaster in 2010. Live Nation had long-term borrowings of $1.66 billion as of June 30. Proceeds from the new loans and senior notes were used to repay higher-priced existing loans and its 8.125 percent notes, along with fees and expenses, the company said.
Live Nation rose 2.4 percent to $17.20 at the close in New York. The stock has gained 85 percent this year. Billionaire John Malone’s Liberty Media Corp. is the company’s biggest shareholder.