The entertainment industry has been hit hard amid the coronavirus pandemic, and to stay afloat, promoter giant Live Nation announced that it would boost liquidity during the concert shutdown.

On Wednesday, the entertainment behemoth revealed that the company intended to secure $800 million in senior date, via a secured note sale, with repayment due in 2027. Then, hours later, Live Nation updated the debt, noting that it would be increased to $1.2 billion, with senior secured notes due in 2027 with an annual interest rate of 6.5% per annum. The sale will close May 20.

Last week, Live Nation President and CEO Michael Rapino held an investor earnings call where he noted that the company has a free cash balance of $817 million, combined with $963 million in undrawn debt capacity. The total amount – $1.78 billion – would be enough for Live Nation to “maintain critical operations for the remainder of the year, even in the extreme scenario that no major shows play in 2020,” Rapino said.

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Following the $1.2 billion secured note sale, Live Nation’s long-term debt will build up to $4.85 billion. However, on the call, Live Nation announced that it had plans to cut $500 million in costs this year, which includes salary reductions for top executives, including Rapino.

Amid the coronavirus pandemic, the concert industry as a whole is expected to lose more than $9 billion. More and more fans are craving live events during this time, and to fulfill concertgoers’ needs, Live Nation said it would test social-distancing concerts this summer including crowdless shows and drive-in theater tours.