Benzinga | Sep 15, 2021 05:22AM EDT

Live Nation Entertainment Priced 5.23M Share Common Stock Offering @$86.90/Share

Live Nation Entertainment, Inc. (NYSE:LYV) announced the pricing of its previously announced offering of 5,239,259 shares of common stock, at a public offering price of $86.90 per share. The issuance and sale of the common stock are scheduled to settle on September 17, 2021, subject to customary closing conditions.

The company estimates that the net proceeds from the offering will be approximately $449.6 million, after deducting the underwriting discounts and commissions and estimated offering expenses. The company intends to use the net proceeds from the offering to fund the previously announced acquisition of 51% of the capital stock of OCESA Entretenimiento, S.A. de C.V. (the "OCESA Acquisition"). The company intends to use any remaining proceeds for general corporate purposes. The closing of the common stock offering is not conditioned upon the completion of the OCESA Acquisition.

Goldman Sachs & Co. LLC is acting as sole book-running manager for the offering.