Madison Square Garden Entertainment slides on pricing secondary offering

Sphere Entertainment

23/06/2023 12:57

** Madison Square Garden Entertainment's  MSGE.N  shares
down 2.4% at $32.51 premarket after secondary offering prices
    ** MSGE late Thurs announced 5.25 mln shares sold by Sphere
Entertainment  SPHR.N  at $31, 6.9% discount to last sale
    ** MSGE's shares fell prior two sessions, losing 16%, after
offering launched late Tues
    ** In addition, co to repurchase 840,053 shares (approx ~$25
mln worth) from SPHR as part of its $250 mln buyback program
    ** Following the transactions, SPHR will own 24.7% of MSGE's
Class A common stock
    ** MSGE has ~51.8 mln total shares outstanding (~44.9 mln
Class A, ~6.9 mln Class B)
    ** MSGE's shares closed at $30.99 on Apr 21, one day after
it completed spin-off from SPHR to create separate public firm
for its live entertainment businesses
    ** BofA, Goldman and JP Morgan acting as jt bookrunners for
secondary offering
    ** SPHR's shares climbing 2.1% to $27.99 before the bell.
YTD, its stock up 32% through Thurs close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))