New York Rangers, LLC Enters Into $150 Million Senior Secured Revolving Credit FacilityJanuary 25, 2017
New York Rangers, LLC, a wholly owned subsidiary of S&C client The Madison Square Garden Company, entered into a $150 million senior secured revolving credit facility, which was undrawn at closing.
The revolving credit facility is secured by a first lien security interest in certain of the Rangers' assets, including the Rangers' membership rights in the NHL, revenues to be paid to the Rangers by the NHL pursuant to certain U.S. and Canadian national broadcast agreements and revenues to be paid to the Rangers pursuant to certain local media revenues. The Rangers' entry into the revolving credit facility required the consent of the NHL, which was granted pursuant to a consent letter.
The S&C team advising the Rangers consisted of John Mead, Robert Downes, Jennifer Lee and Noam Weiss. Joshua Steinberger advised on intellectual property matters; Davis Wang and Assaf Prussak advised on tax matters; Eric Kadel and Sean Memon advised on sanctions and hedging matters; and Rebecca Coccaro advised on ERISA matters.