On November 12, MSG National Properties, LLC, a wholly-owned subsidiary of Madison Square Garden Entertainment Corp. (“MSGE”), MSG Entertainment Group, LLC and certain subsidiaries of MSG National Properties LLC entered into a $650 million five-year senior secured term loan facility. The purpose of the facility is to provide funding for working capital needs and general corporate purposes, including making distributions to MSG Entertainment Group, as MSGE weathers the effects of the pandemic on its business.
MSGE’s entertainment segment includes well-known venues such as Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre, as well as the Christmas Spectacular Starring the Radio City Rockettes. MSGE also owns a controlling interest in TAO Group Holdings.
The S&C team advising MSGE was led by Neal McKnight and Bob Downes. Davis Wang advised on tax matters, and special counsel Ral Turbeville advised on real estate matters.