Live Nation will be taking on an additional $500 million debt to boost its liquidity, according to Music Business Worldwide. This $500 million will be raised through a secured note sale, according to a release published on December 17. Repayment for this debt will be due in 2028 and holds an annual interest rate of 3.75 percent per annum. The secured note will be offered through a private placement.

This isn’t the first time Live Nation has raised money through a secure note as a result of the COVID-19 pandemic, back in May of 2020 the company raised a reported $1.2 billion. The debt for that transaction is due in 2027 and holds an annual interest rate of 6.5 percent per annum. These transactions, along with its $963 million of available debt capacity, have provided Live Nation with $1.9 billion in available liquidity.

In a statement to investors Live Nation stated that it “believes this level of liquidity provides it with the ability to fund operations until the expected return of concerts at scale in the summer of 2021, preceded by ticket sales earlier in the year.”

Live Nation was particularly hit hard by the COVID-19 pandemic, with its stock dropping by nearly 50 percent in March as global shutdowns began. Their stock value saw an over 20 percent increase when news of the Pfizer COVID-19 vaccine took off, but shutdowns remain across the globe. The company was also forced to reduce their staff back in September. Despite these shutdowns, Live Nation CEO Joe Berchtold expects amphitheater and outdoor shows to resume this summer.