Sphere Entertainment rallies after unit reaches forbearance agreement

Sphere Entertainment (SPHR) are higher after the company disclosed Friday night that MSGN Holdings, an indirect wholly owned subsidiary of Sphere, continues to pursue a refinancing of its term loan through a work-out with its existing syndicate of lenders. As part of this ongoing process, on October 11, MSGN entered into a forbearance agreement by and among the company, guarantor, JPMorgan Chase Bank, as administrative agent, and certain lenders under the amended and restated credit agreement, dated as of October 11, 2019. The lenders have agreed to forbear, during the forbearance period, from exercising certain of their available remedies under the credit agreement with respect to or arising out of the failure to make payment on the outstanding principal amount of the term loan on the maturity date of October 11. Shares of Sphere Entertainment are up 4% to $46.23 in afternoon trading.