The Firm recently represented the initial purchasers, BofA Securities, Inc. and J.P. Morgan Securities LLC, in the offering of $258.75 million aggregate principal amount of 3.5% Convertible Senior Notes due 2028 by Sphere Entertainment Co., which includes the full exercise of the initial purchasers’ option to purchase additional Notes. Sphere used the net proceeds to pay the cost of the capped call transactions and general corporate purposes, including capital for Sphere-related growth initiatives.
The Firm also represented certain hedge counterparties in related capped call transactions, entered into concurrently with such Notes offering.
Sphere Entertainment Co. (NYSE: SPHR) is a premier live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium powered by cutting-edge technologies to redefine the future of entertainment. The first Sphere venue opened in Las Vegas in September 2023. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as direct-to-consumer and authenticated streaming product MSG+, delivering a wide range of live sports content and other programming.
The Simpson Thacher team included Roxane Reardon, Lesley Peng, Matt Hart and Neil Patel (Capital Markets); Jonathan Lindabury, Nathan Utterback and Danielle Robinson (Derivatives); Jonathan Cantor and Edward Grais (Tax); Corina Holland and Celeste Fleetwood (Intellectual Property); Ryan Stott (Executive Compensation and Employee Benefits); Mike Isby (Environmental); Tim Gallagher (Real Estate) and Jennie Getsin (Blue Sky).