Live Nation down 1% after launching $850M convertible senior notes offering

Shares of Live Nation are down $1.04, or about 1%, to $71.34 in early trading after the company announced earlier that it intends to offer, subject to market and other conditions, $850M in aggregate principal amount of convertible senior notes due 2029. The company intends to use a portion of the net proceeds from the convertible notes offering to fund the cost of entering into capped call transactions. The company intends to use the remainder of the net proceeds from the convertible notes offering to effect the repurchase of a portion of its 2.5% convertible senior notes due 2023 in one or more separate and individually negotiated transactions with one or more holders of the existing convertible notes, to pay related fees and expenses and for general corporate purposes, which may include the repayment or repurchase of certain of its outstanding indebtedness.