LYV · 10-Q · 2026Q3 · Full report
Debt and Liquidity Position
Live Nation Entertainment, Inc. · 2026-11-05 · Importance 60 · Surprise 40 · No source text
At September 30, 2026, Live Nation reported $8.3 billion of cash and cash equivalents, $69.1 million of short-term investments, and $9.7 billion of total net debt, compared with $8.2 billion of net debt at December 31, 2025. Cash included $2.7 billion of ticketing client cash, and foreign subsidiaries held approximately $4.9 billion of cash excluding client cash. Approximately 80% of debt carried fixed rates, and the weighted-average cost of debt was 4.3%; $1.23 billion remained available under revolving facilities after outstanding letters of credit. The company issued $730 million of 7.125% U.S. dollar senior notes and €600 million of 6.125% euro senior notes due 2032 on October 15, 2026, using proceeds to redeem all outstanding 6.500% senior secured notes due 2027 and for fees and general corporate purposes.
Key facts
- In connection with its offering, Live Nation entered into cross-currency swaps converting $730.0 million of 7.125% U.S. Dollar Notes into approximately €652.1 million of euro-denominated fixed-rate obligations at a weighted average rate of approximately 5.68% through October 15, 2031. source
- On October 15, 2026, Live Nation issued $730.0 million of 7.125% senior notes due 2032 and €600.0 million of 6.125% senior notes due 2032. source
- Live Nation amended and restated its senior secured credit facility in October 2025, providing a $1.3 billion multicurrency revolving facility, a $400 million venue expansion revolving facility, a $700 million delayed-draw term loan A facility, and a $1.3 billion term loan B facility. source
- After the cross-currency swaps, the weighted average interest rate of Live Nation’s Notes was approximately 5.89%, compared with 6.500% on the 6.500% Senior Secured Notes due 2027 that it redeemed with offering proceeds. source
- The amendment increased Live Nation’s multicurrency revolving credit facility commitments to $1.45 billion, venue expansion revolving credit facility commitments to $435.0 million, and delayed draw term loan A facility commitments to $725.0 million. source
- Live Nation held $8.3 billion of cash and cash equivalents and $69.1 million of short-term investments at September 30, 2026, compared with $7.1 billion and $76.6 million, respectively, at December 31, 2025. source
- Live Nation had $9.8 billion of total debt, excluding unamortized debt discounts and issuance costs, as of September 30, 2026, comprising approximately $7.8 billion fixed-rate debt and $2.0 billion floating-rate debt. source
- Live Nation’s interest-rate swap caps the rate on $500 million principal amount of outstanding term loan B at 3.445% through October 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -5.4% | Live Nation’s total net debt was $9.7 billion at September 30, 2026, compared with $8.2 billion at December 31, 2025. |
| cash | positive | realized | +4.3% | Live Nation held $8.3 billion of cash and cash equivalents and $69.1 million of short-term investments at September 30, 2026, compared… |
| cash | positive | realized | +4.0% | Live Nation provided $780.2 million of cash from financing activities for the nine months ended September 30, 2026, compared with cash… |
| assets | negative | realized | -0.0% | Live Nation held $8.3 billion of cash and cash equivalents and $69.1 million of short-term investments at September 30, 2026, compared… |
| liability | negative | committed | — | On October 15, 2026, Live Nation issued $730.0 million of 7.125% senior notes due 2032 and €600.0 million of 6.125% senior notes due 2032. |
| cash | positive | committed | — | On October 15, 2026, Live Nation issued $730.0 million of 7.125% senior notes due 2032 and €600.0 million of 6.125% senior notes due 2032. |
| liability | positive | committed | — | After the cross-currency swaps, the weighted average interest rate of Live Nation’s Notes was approximately 5.89%, compared with 6.500% on… |
| cash | negative | committed | — | After the cross-currency swaps, the weighted average interest rate of Live Nation’s Notes was approximately 5.89%, compared with 6.500% on… |
| net_income | positive | committed | — | After the cross-currency swaps, the weighted average interest rate of Live Nation’s Notes was approximately 5.89%, compared with 6.500% on… |