New York Rangers gets $150 million five-year revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Jan. 27 – Madison Square Garden Co. subsidiary New York Rangers, LLC entered into a credit agreement with JPMorgan Chase Bank, NA as administrative agent on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement provides for a five-year senior secured revolving credit facility of up to $150 million.

JPMorgan, Bank of Nova Scotia, and U.S. Bank NA acted as joint bookrunners, Bank of Nova Scotia and U.S. Bank as co-syndication agents and Bank of America, NA, Fifth Third Bank, SunTrust Bank, TD Bank, NA and Wells Fargo Bank, NA as co-senior managing agents.

Borrowings will bear interest at Libor plus a margin ranging from 112.5 basis points to 150 bps, based on the rating of the National Hockey League’s league-wide facility. There is a commitment fee ranging from 37.5 bps to 62.5 bps.

The Rangers must comply with a debt service ratio of 1.5 times.

The revolver was undrawn at closing, and borrowings are expected to be used for working capital and general corporate purposes.

New York-based Madison Square builds sports, media and entertainment brands. The New York Rangers are a professional ice hockey team.

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