Item 5. Other Information
Item 5. Other Information
No director or officer adopted or terminated any Rule 10b5-1 plan, or any other written trading arrangement that meets the requirements of a “non-Rule 10b5-1 trading arrangement” during the three months ended September 30, 2024.
On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No. 12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No. 12, the “Credit Agreement” and as amended by Amendment No. 12, the “Amended Credit Agreement”). The Amendment added a venue expansion revolving credit facility of $400 million, which resulted in a total available borrowing capacity of $1.7 billion.
The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75x to 5.25x, with the first step down of 0.50x occurring on March 31, 2026 and additional step downs of 0.50x occurring annually thereafter.
The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $500.0 million, then the maturity date of the new revolving credit facility will instead be such date.
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Item 6. Exhibits
Exhibit Description Incorporated by Reference Filed
Herewith
Exhibit
No. Form File No. Exhibit No. Filing Date
31.1 Certification of Chief Executive Officer.
X
31.2 Certification of Chief Financial Officer.
X
32.1 Section 1350 Certification of Chief Executive Officer.
X
32.2 Section 1350 Certification of Chief Financial Officer.
X
101.INS XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. X
101.SCH XBRL Taxonomy Schema Document. X
101.CAL XBRL Taxonomy Calculation Linkbase Document. X
101.DEF XBRL Taxonomy Definition Linkbase Document. X
101.LAB XBRL Taxonomy Label Linkbase Document. X
101.PRE XBRL Taxonomy Presentation Linkbase Document. X
104 Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101) X
§ Management contract or compensatory plan or arrangement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 12, 2024.
LIVE NATION ENTERTAINMENT, INC.
By: /s/ Brian Capo
Brian Capo
Chief Accounting Officer (Duly Authorized Officer)
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.