MSGE - Madison Square Garden Entertainment announces pricing of secondary offering and concurrent share repurchase

2023-06-23 13:50:18 ET

• Madison Square Garden Entertainment ( NYSE: MSGE ) has announced the pricing of the previously announced underwritten secondary offering by Sphere Entertainment Group, of 5.25M shares of MSG Entertainment's Class A common stock at a public offering price of $31/share.
• In addition, under MSG Entertainment's existing $250M share repurchase authorization, MSG Entertainment intends to repurchase 0.84M shares directly from the Selling Stockholder, at a price of $29.76/share.
• This equals to the price at which the underwriters will purchase the shares from the Selling Stockholder, for an aggregate amount of ~$25M, concurrently with the closing of the offering.
• Upon completion, assuming the underwriters' option to purchase additional shares is not exercised, the Selling Stockholder will beneficially own 24.7% of MSG Entertainment's Class A common stock.

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