SEC Form 8-K filed by Madison Square Garden Sports Corp.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement |
Knicks Revolving Credit Facility
On November 6, 2025, New York Knicks, LLC (“Knicks LLC”), a wholly owned subsidiary of Madison Square Garden Sports Corp. (the “Company”), entered into Amendment No. 1 to its Second Amended and Restated Credit Agreement which amended and restated the Second Amended and Restated Credit Agreement, dated December 14, 2021 (the “2021 Knicks Credit Agreement” and as so amended and restated, the “2025 Knicks Credit Agreement”), among New York Knicks, LLC, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto, in its entirety.
The 2025 Knicks Credit Agreement provides for a senior secured revolving credit facility of up to $425,000,000 (the “2025 Knicks Revolving Credit Facility”) to fund working capital needs and for general corporate purposes. The maturity date of the 2025 Knicks Credit Facility is November 6, 2030. Borrowings under the 2025 Knicks Credit Agreement bear interest at a floating rate, which at the option of Knicks LLC may be either (i) a base rate plus a margin ranging from 0.25% to 0.375% per annum or (ii) term SOFR plus a credit spread adjustment of 0.10% per annum plus a margin ranging from 1.25% to 1.375% per annum depending on the credit rating applicable to the NBA’s league-wide credit facility. The $267,000,000 in borrowings outstanding under the existing senior secured revolving credit facility under the 2021 Knicks Credit Agreement were refinanced in full with proceeds from the 2025 Knicks Credit Agreement. The outstanding balance under the 2025 Knicks Revolving Credit Facility was $267,000,000 as of November 6, 2025.
The 2025 Knicks Credit Agreement requires Knicks LLC to maintain a minimum debt service ratio of at least 1.5:1.00. In addition, the 2025 Knicks Credit Agreement contains certain customary affirmative and negative covenants, including limitations with respect to the incurrence of indebtedness and liens, restricted payments and certain fundamental changes. The 2025 Knicks Credit Agreement also includes customary events of default, upon and following the occurrence of which the lenders would have the right to accelerate the obligations outstanding under the 2025 Knicks Credit Agreement.
The foregoing description of the 2025 Knicks Credit Agreement is qualified in its entirety by reference to Amendment No. 1 to the Second Amended and Restated Credit Agreement, which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.
Rangers Revolving Credit Facility
On November 6, 2025, New York Rangers, LLC (“Rangers LLC”), a wholly owned subsidiary of the Company, entered into Amendment No. 1 to its Second Amended and Restated Credit Agreement, which amended the Second Amended and Restated Credit Agreement, dated December 14, 2021 (the “2021 Rangers Credit Agreement” and as so amended, the “2025 Rangers Credit Agreement”), among New York Rangers, LLC, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto, in its entirety.
The 2025 Rangers Credit Agreement provides for a senior secured revolving credit facility of up to $250,000,000 (the “2025 Rangers Revolving Credit Facility”) to fund working capital needs and for general corporate purposes. The maturity date of the 2025 Rangers Credit Facility is November 6, 2030. Borrowings under the 2025 Rangers Credit Agreement bear interest at a floating rate, which at the option of Rangers LLC may be either (i) a base rate plus a margin ranging from 0.375% to 0.625% per annum or (ii) term SOFR plus a credit spread adjustment of 0.10% per annum plus a margin ranging from 1.375% to 1.625% per annum depending on the credit rating applicable to the NHL’s league-wide credit facility. There were no borrowings outstanding under the 2025 Rangers Revolving Credit Facility as of November 6, 2025.
The 2025 Rangers Credit Agreement requires Rangers LLC to maintain a minimum debt service ratio of at least 1.5:1.00. In addition, the 2025 Rangers Credit Agreement contains certain customary affirmative and negative covenants, including limitations with respect to the incurrence of indebtedness and liens, restricted payments and certain fundamental changes. The 2025 Rangers Credit Agreement also includes customary events of default, upon and following the occurrence of which the lenders would have the right to accelerate the obligations outstanding under the 2025 Rangers Credit Agreement.
The foregoing description of the 2025 Rangers Credit Agreement is qualified in its entirety by reference to Amendment No. 1 to the Second Amended and Restated Credit Agreement, which is filed as Exhibit 10.2 to this Form 8-K and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MADISON SQUARE GARDEN SPORTS CORP. (Registrant) | ||||
| By: |
/s/ Victoria M. Mink | |||
| Name: | Victoria M. Mink | |||
| Title: | Executive Vice President, Chief Financial Officer and Treasurer | |||
Dated: November 7, 2025