LOS ANGELES (CelebrityAccess) – Live Nation revealed it plans to finance its purchase of Mexican concert promoter OCESA through a stock offering that seeks to raise $449.6 million, after deducting the underwriting discounts and commissions and estimated offering expenses.
The previously announced stock offering, which settled on September 17th, saw Live Nation offer 5,239,259 shares of common stock, at a public offering price of $86.90 per share.
Live Nation said it plans to use the money to complete its acquisition of OCESA and presumably avoid some of the arbitration headaches left over from the suspension of the previously announced acquisition during the early days of the coronavirus pandemic. However, they noted that the closing of the common stock offering is not conditioned upon the completion of the OCESA deal.
Goldman Sachs & Co. LLC is acting as sole book-running manager for the offering.
Live Nation stock was off slightly from its opening price of $86.85 on Friday but overall, the company’s share price has recovered since its pandemic nadir of $33.5 dollars last spring.