MSG National Properties closes $609M term loan and $150M revolver refinancing

Madison Square Garden Entertainment Corp.

• New $609.375M term loan and $150M revolver mature June 27, 2030; interest rates SOFR+1.75%-2.50% or base+0.75%-1.50%.
• Covenants: debt service coverage ratio ≥2.5:1 and total leverage ratio ≤3.5:1, tested from Q2 FY2025.
• Quarterly term loan amortization of 5% per annum of original principal, balance due at maturity.
• Collateral excludes MSG Arena, Chicago Theatre, Radio City Music Hall, Beacon Theatre.
• Proceeds used to refinance existing credit facility and pay fees/costs.