NEW YORK (TheStreet) -- Live Nation Entertainment (LYV) shares are down 1.06% to $22.50 in heavy trading volume this morning after the company last night announced that it priced offerings of $250 million aggregate principal amount of its 2.50% convertible senior notes due 2019 and $250 million aggregate principal amount of its 5.375% senior notes due 2022.
The Convertible Notes and the Senior Notes were each priced at 100% of their principal amount, plus accrued interest, if any, from May 23, 2014.
The company intends to use the net proceeds from these offerings to redeem, in the near future, all of its outstanding 2.875% Convertible Senior Notes due 2027, to pay related fees and expenses, to reinvest in the company's core business and for general corporate purposes, including potential acquisitions.
TheStreet Ratings team rates LIVE NATION ENTERTAINMENT as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate LIVE NATION ENTERTAINMENT (LYV) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."