Madison Square Garden Entertainment Corp. Buyback
OLI recorded this information on 9/18/2023
Company: |
Madison Square Garden Entertainment Corp. |
Buyback: |
MSGE buyback |
$Amount Authorized: |
$50,000,000 |
Buyback Details: |
Madison Square Garden Entertainment Corp. (NYSE: MSGE) (the "Company" or "MSG Entertainment") today announced that Sphere Entertainment Group, LLC (the "Selling Stockholder") has commenced an underwritten secondary offering of 7,150,000 shares of MSG Entertainment's Class A common stock. In connection with the offering, the Selling Stockholder intends to grant the underwriters a 30-day option to purchase up to an additional 1,071,188 shares of MSG Entertainment's Class A common stock at the public offering price, less underwriting discounts. In addition, as part of the secondary offering, MSG Entertainment intends to repurchase a number of shares of its Class A common stock from the underwriters equivalent to approximately $50 million (the "share repurchase") under the Company's existing share repurchase authorization at a price per share equal to the price at which the underwriters will purchase the shares from the Selling Stockholder in the offering. The Company intends to fund the share repurchase from borrowings under its existing revolving credit facility, which has been amended to increase the available capacity from $100 million to $150 million. Upon completion of the share repurchase, the Company estimates that the outstanding balance under its revolving credit facility will be approximately $67 million. |
Madison Square Garden Entertainment is engaged in live entertainment. Co.'s portfolio includes a collection of venues, including New York's Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre, that showcase a range of sporting events, concerts, family shows, and events for guests.
MSGE SEC Filing Email Alerts Service
Open the MSGE Page at The Online Investor »
Company Name: |
Madison Square Garden Entertainment Corp (New) |
Stock buyback: |
MSGE buyback |
Website: |
www.msgentertainment.com |
Sector: |
Entertainment |
Number of ETFs Holding MSGE: |
24 |
Total Market Value Held by ETFs: |
$194.04M |
Total Market Capitalization: |
$1.63B |
% of Market Cap. Held by ETFs: |
11.93% |
|
Open the MSGE Page at The Online Investor (in a new window) »