Sphere Entertainment announces $225M note offering; London Sphere impairment $80M; Q2 positive AOI outlook

Sphere Entertainment Co.

Offers $225M convertible senior notes due 2028 to qualified institutional buyers in private placement.
Segment to report positive adjusted operating income Q2 Dec 2023; MSGN $1.2B debt, $829M due Oct 2024, refinancing risk.
Through Nov 30: U2 concerts $30.7M revenue (280k tickets); Postcard from Earth $44.5M revenue (450k attendance).
London Sphere planning denied by Mayor; expects $80M non-cash impairment charge in Q2 ending Dec 2023.
CFO search in advanced stages; expects to announce new CFO in near term.

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