{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-22-311048","form_type":"8-K","ticker":"SPHR","cik":"0001795250","company_name":"Sphere Entertainment Co.","filed_at":"2022-12-22T23:59:59+00:00","discovered_at":"2026-05-14T18:03:52.152551+00:00","generated_at":"2026-06-21T00:10:12.509188+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"MSG Entertainment Corp. enters $275M senior secured term loan for MSG Sphere content development","bullets":["$275M senior secured term loan facility for MSG Las Vegas LLC, maturing Dec 22, 2027.","Interest: Base rate + 3.375% or Adjusted Term SOFR + 4.375%.","Covenants include 1.35x debt service coverage ratio test starting Q4 2023, and $100M minimum liquidity.","Proceeds to fund content development for Las Vegas MSG Sphere, expected to open H2 2023.","Loans secured by MSG LV assets, leasehold, and after spin-off, retained interest in live entertainment."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-22-311048","json":"https://secwatch.observer/filing/0001193125-22-311048.json","markdown":"https://secwatch.observer/filing/0001193125-22-311048.md","text":"https://secwatch.observer/filing/0001193125-22-311048.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/0001193125-22-311048-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/d389524d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-21T00:10:12.509188+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"4adb64e3c07b39677839b1f07e8e2b5221797f09","claim":"Sphere Entertainment Co. incurred term loan of $275 million with JP Morgan Chase Bank, N.A., as administrative agent at base rate plus a margin of 3.375% per annum or Adjusted Term SOFR plus a margin maturing December 22, 2027.","evidence_excerpt":"On December 22, 2022, MSG Las Vegas, LLC (“MSG LV”), an indirect, wholly-owned subsidiary of Madison Square Garden Entertainment Corp. (the “Company”), entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275 million senior secured term loan facility (the “Sphere Facility”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/0001193125-22-311048-index.htm","confidence":1.0,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$275 million"},{"label":"Counterparty","value":"JP Morgan Chase Bank, N.A., as administrative agent"},{"label":"Rate","value":"base rate plus a margin of 3.375% per annum or Adjusted Term SOFR plus a margin"},{"label":"Maturity","value":"December 22, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"d1d674fea4af2e0fe38c43e56c6b8c2a8f08a86b","claim":"Sphere Entertainment Co. entered into Credit Agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto valued at $275 million (effective 2022-12-22).","evidence_excerpt":"On December 22, 2022, MSG Las Vegas, LLC (\"MSG LV\"), an indirect, wholly-owned subsidiary of Madison Square Garden Entertainment Corp. (the \"Company\"), entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275 million senior secured term loan facility (the \"Sphere Facility\").","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1795250/000119312522311048/0001193125-22-311048-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto"},{"label":"Value","value":"$275 million"},{"label":"Effective","value":"2022-12-22"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}