Madison Square Garden Tao units upsize to $135 million in two parts

By Wendy Van Sickle

Columbus, Ohio, June 15 – Tao Group Operating LLC and Tao Group Intermediate Holdings LLC amended and restated their credit agreement dated May 23, 2019 with JPMorgan Chase Bank, NA as administrative agent on June 9, according to an 8-K filing with the Securities and Exchange Commission.

The amendment and restatement increased the term loan to $75 million from $40 million and the revolver to $60 million from $25 million.

Further, the term loan’s maturity date and the revolver’s commitment expiration date were extended to June 9, 2027.

The minimum liquidity and maximum capital expenditures for Tao Group Operating were increased to $20 million and $30 million, respectively, and the basket for the maximum amount of the incremental revolving credit facility was increased to $50 million.

Borrowings bear interest at SOFR plus 250 basis points to 300 bps, depending on total net leverage ratio. There is a reduced commitment fee of 37.5 bps on daily unused revolver commitments.

JPMorgan and U.S. Bank NA are bookrunners and lead arrangers.

Tao Group operates as a restaurant and nightlife company and is part of New York-based Madison Square Garden Entertainment Corp.

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