04:35 AM EST, 12/04/2024 (MT Newswires) -- Live Nation Entertainment ( LYV ) said late Tuesday it has priced a private placement of $1 billion of 2.875% convertible senior notes due 2030 priced at 100% of par value.

The initial purchasers have been granted a 13-day option to purchase up to $100 million additional amount of notes.

The notes will be convertible at an initial rate of $192.29 per share.

Net proceeds will be used for debt repayments, including the repurchase of 2% convertible senior notes due 2025, and for general corporate purposes, the company said.

Initial closing of the offering is expected to occur on Dec. 6.

The company also said it has agreed to buy back about $316 million outstanding convertible notes in privately negotiated transactions for a price of $414 million.