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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents $200MM Credit Facility to NY Knicks
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent, Collateral Agent]
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Structure
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Senior Secured Revolver
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Amount
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$200.000
Million
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Borrower(s)
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New York Knicks, LLC, a wholly owned subsidiary of The Madison Square Garden Company
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Description
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The Credit Agreement provides the Knicks with a revolving credit facility (the “Facility”) with an initial maximum credit amount of $200,000,000 and a term of five years. The Facility was undrawn at closing and will be available to the Knicks to fund working capital needs and for general corporate purposes. All borrowings under the Facility are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. Borrowings under the Facility bear interest at a floating rate, which at the option of the Knicks may be either (a) a base rate plus a margin ranging from 0.00% to 0.125% per annum or (b) LIBOR plus a margin ranging from 1.00% to 1.125% per annum. The Credit Agreement requires the Knicks to pay a commitment fee ranging from 0.20% to 0.25% per annum in respect of the average daily unused commitments under the Facility. All obligations under the Credit Agreement are secured by a first lien security interest in certain of the Knicks’ assets (the “Collateral”), including, but not limited to, (a) the Knicks’ membership rights in the National Basketball Association and (b) revenues to be paid to the Knicks by the NBA pursuant to certain U.S. national broadcast agreements. Subject to customary notice and minimum amount conditions, the Knicks may voluntarily prepay outstanding loans under the Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurocurrency loans). The Knicks are required to make mandatory prepayments in certain circumstances, including without limitation if the maximum available amount under the Facility is greater than 350% of qualified revenues.
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Industry
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Sports
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| Related Tags |
JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2025
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