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.

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