SEC Form 4 · accession 0001104659-18-071148
Live Nation Entertainment, Inc. · LYV
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Table I — non-derivative securities
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2.25% Exchangeable Senior Debentures due 2048F1,F2 | — | Dec 3, 2018 | S | — | D | — | Dec 1, 2048 | Common Stock | 5,281,010 | — | D |
Explanation of responses
- F1On December 3, 2018, the reporting person sold, pursuant to a purchase agreement, $350,000,000 aggregate principal amount of its 2.25% exchangeable senior debentures due 2048 (the "Debentures") in a private sale pursuant to Rule 144A. Each $1,000 principal amount of Debentures is intially exchangeable for 15.0886 shares of the issuer's common stock, par value $0.01 per share (the "Common Stock"). Upon exchange at the option of the holder or a purchase of the Debentures pursuant to a holder's put right, the reporting person may elect physical or cash settlement, or a combination thereof.
- F2Each Debenture is exchangeable at the option of the holder during specified periods as set forth in the Remarks section. Holders of the Debentures may put them to the reporting person on December 1, 2021, or prior thereto following the occurrence of a "fundamental change," and the Debentures may be redeemed by the reporting person, (i) in whole or in part, on or after December 1, 2021 at any time, or (ii) in whole, but not in part, prior to December 1, 2021, after the occurrence of certain conditions or events.
Remarks
Each Debenture is exchangeable at the option of the holder, subject to certain terms and conditions, during specified periods after: (i) the market value of the underlying Common Stock exceeds 130% of the adjusted principal amount of the Debenture; (ii) the trading price of a Debenture is less than 98% of the market value of the underlying Common Stock; (iii) the occurrence of a "fundamental change" or a "make-whole fundamental change" with respect to a significant reference company; (iv) the Debenture is called for redemption; (v) the reporting person elects to transfer its obligations under the Debentures and the indenture governing the Debentures to a "qualified successor entity" and the reporting person does not provide an irrevocable, full and unconditional guarantee expiring no earlier than December 1, 2021 of the "qualified succesor entity's" payment obligations thereunder; and (vi) the issuer of the Common Stock declares or makes a dividend or distribution that, pursuant to the terms of the Debentures, would reduce the principal amount of the Debentures to $0.00 or such principal amount is otherwise reduced to $0.00. The Debentures are also exchangeable at any time during the period commencing on September 1, 2021 until the close of business on the second scheduled trading day immediately preceding December 1, 2021, and during the period commencing on September 1, 2048 until the close of business on the second scheduled trading day immediately preceding the maturity date of the Debentures.