Madison Square Garden Entertainment Enters into Amended Forbearance Agreement

On January 10, 2025, Madison Square Garden Entertainment, operating under Sphere Entertainment Co., announced the further amendment of its Forbearance Agreement. The original agreement was undertaken by MSGN Holdings L.P., a subsidiary of Sphere Entertainment Co., along with guarantors, administrative agent JPMorgan Chase Bank, N.A., and supporting lenders on October 11, 2024.

The Forbearance Agreement was put in place to withhold certain lender remedies under the Amended and Restated Credit Agreement due to MSGN L.P.’s inability to meet payment obligations on the term loan facility maturing on October 11, 2024. Initially scheduled to conclude on November 8, 2024, the Forbearance Period was extended to January 10, 2025.

The recent amendment, termed the Third Amended and Restated Forbearance Agreement, extends the Forbearance Period until either January 31, 2025, at 11:59 p.m. E.T. or any later date agreed upon by MSGN L.P. and the majority holding supporting lenders. Moreover, amendments were made to certain Termination Events.

The specifics of the Third Amended and Restated Forbearance Agreement can be found in Exhibit 10.1 of the filing.

The objectives and financial agreements pertaining to this development fall under Item 1.01 about entry into a significant definitive agreement. Furthermore, the direct financial obligation or off-balance sheet arrangement of the company is elaborated under Item 2.03, with all relevant subsequent details of financial statements and exhibits listed accordingly in Item 9.01.

Madison Square Garden Entertainment continues to navigate its financial landscapes with strategic agreements and amendments in the backdrop of evolving market dynamics. The company’s commitment to addressing its financial obligations reflects its dedication to long-term sustainability and growth.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Madison Square Garden Entertainment’s 8K filing here.

About Madison Square Garden Entertainment

Madison Square Garden Entertainment Corp. engages in live entertainment business. The company produces, presents, and hosts live entertainment events, including concerts, sports events, and other live events, such as family shows, performing arts events, and special events. Its operations include a collection of venues, the entertainment and sports bookings business, and the Christmas Spectacular Starring the Radio City Rockettes production.