Sphere Entertainment Co. (SPHR): debt financing — MSG Networks completes debt restructuring: $210M term loan, Knicks/Rangers rights fees reduced 28%/18%

Sphere Entertainment Co.

New $210M term loan facility replaces existing $514M debt; matures Dec 2029, SOFR+5%.
$80M cash payment to Lenders on closing, funded partly by $15M Sphere capital contribution.
Knicks media rights fee reduced 28%, Rangers reduced 18%; escalators eliminated, contracts to 2028-29 season.
Lenders receive Contingent Interest Units entitling to 50% of excess cash and M&A proceeds up to $100M aggregate.
MSG Sports receives penny warrants for 19.9% of MSG Networks common stock.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sphere Entertainment Co. incurred term loan of $210 million with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto at SOFR plus 5.00% maturing December 2029.

Instrument: term loan
Principal: $210 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
Rate: SOFR plus 5.00%
Maturity: December 2029
Event: incurrence

Exact text from the filing

the Borrower’s existing credit facility has been replaced with a new $210 million term loan facility (the “New Term Loan Facility”), which matures in December 2029.

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Source: SEC EDGAR

accession 0001193125-25-151334

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