{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-151334","form_type":"8-K","ticker":"SPHR","cik":"0001795250","company_name":"Sphere Entertainment Co.","filed_at":"2025-06-27T23:59:59+00:00","discovered_at":"2026-05-14T18:02:49.750717+00:00","generated_at":"2026-05-18T16:20:05.437816+00:00","sec_items":["1.01","2.03","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"MSG Networks completes debt restructuring: $210M term loan, Knicks/Rangers rights fees reduced 28%/18%","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-151334","json":"https://secwatch.observer/filing/0001193125-25-151334.json","markdown":"https://secwatch.observer/filing/0001193125-25-151334.md","text":"https://secwatch.observer/filing/0001193125-25-151334.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1795250/000119312525151334/0001193125-25-151334-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1795250/000119312525151334/d86547d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T16:20:05.437816+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":"bbe80a83253a1c56946ecb2b814807a6f404900f","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1795250/000119312525151334/0001193125-25-151334-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$210 million"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto"},{"label":"Rate","value":"SOFR plus 5.00%"},{"label":"Maturity","value":"December 2029"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}