Sphere Entertainment prices $225M 3.50% convertible senior notes due 2028

Sphere Entertainment Co.

Principal amount $225M (plus $33.75M option) at 3.50% coupon, matures Dec 1, 2028.
Initial conversion price $35.51/share, a 25% premium to $28.41 Dec 5 close.
Net proceeds ~$217.8M; $12.4M for capped call, remainder for Sphere growth.
Capped call transactions entered to reduce potential dilution upon conversion.
Offering expected to close Dec 8, 2023, with initial purchasers' option.

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