Live Nation raising another $1.2B to weather uncertain year
The addition of these new notes would bring long-term debt to $4.85 billion and add to interest payments that totaled $157.5 million in 2019. By the time the first debt comes due in 2023, Live Nation should be back to health -- assuming the concert business has recovered from the COVID-19 pandemic.
Promoters have no choice but to deepen liquidity since the COVID-19 pandemic has halted the concert business in Live Nation’s primary markets in North America and Europe. Because it suspended tours on March 12, concert revenues dropped 24.6% in the first quarter. The concert business is effectively dead halfway through the second quarter as music venues remain closed in nearly all cities and states.
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