Item 1.01 Substantial definitive agreement signed.
MSG Sphere Credit Line
The company is currently implementing its MSG Sphere initiative – a state-of-the-art venue that combines cutting-edge technology with multi-sensory storytelling to deliver immersive experiences on an unparalleled scale.The first MSG Sphere is currently under construction
The Sphere Facility includes financial covenants requiring MSG LV to maintain specified minimum debt service coverage ratios and requiring
As of this date, unencumbered liquidity includes cash and cash equivalents and available lines of credit. Live Entertainment Company Retained Interest will be pledged to secure The security of the Sphere Facility until the pledge is released on the Liquidity Deed Reduction Date, and a portion of the value of the Live Entertainment Company Retained Interest may also be counted towards the Minimum Liquidity Level.
Sphere Facility will be
All obligations under the Sphere Facility, including guarantees for these obligations, are secured by all assets and
In addition to the covenants set forth above, the Sphere Facility and related guarantees and guarantee and pledge agreements contain certain customary representations and warranties, affirmative and negative covenants and events of default. The Sphere Facility includes certain restrictions on the following capabilities
Manages the credit agreement for the Sphere Facility, managed by
Item 2.03 Creation of Direct Financial Obligations or Obligations Under Subscriber Off-Balance Sheet Arrangements.
The information contained in Item 1.01 above is hereby incorporated by reference into Item 2.03.
Item 9.01 Financial Statements and Appendices.
(d) Exhibits Exhibit Number Description 10.1 Credit Agreement, dated as of
December 22, 2022, among MSG Las Vegas, LLC, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 10.2 Pledge and Security Agreement, dated as of December 22, 2022, by and between MSG Las Vegas, LLCand JPMorgan Chase Bank, N.A. 10.3 Guaranty Agreement, dated as of December 22, 2022, by MSG Entertainment Group, LLCin favor of JPMorgan Chase Bank, N.A. on behalf of the lenders. 10.4 Pledge Agreement, dated as of December 22, 2022, by MSG Entertainment Group, LLCin favor of JPMorgan Chase Bank, N.A. on behalf of the lenders. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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