By Alfred Branch, Jr. On the heels its first listing among the the Fortune 1,000, Live Nation late Tuesday announced that it was selling...

By Alfred Branch, Jr.

On the heels its first listing among the
the Fortune 1,000, Live Nation late Tuesday announced that it was selling $200 million in convertible senior notes due 2027.

Despite being named the 557th largest U.S. company in the popular listing, Live Nation did not turn a profit in 2006, according to its financials, losing $31.4 million. The company generated revenues of $3.92 billion for the year, and its current market capitalization is $1.41 billion.

After expenses, officials estimate that the net proceeds from the offering will reach $193 to $213 million, which they said would be used “to repay debt under its credit facility and for general business purposes.” . . .



The company said it also plans to give initial buyers a 13-day option to purchase up to an additional $20 million in notes to cover over-allotments. Depending on what the company chooses, the notes may be converted into Live Nation shares, cash, or a combination of cash and stock.

News of the offering Tuesday slightly spooked investors, dropping shares 7.5 percent to close at $21.29, down $1.72. At the market close today, shares inched up $0.21 to reach $21.50.