Madison Square Garden Entertainment Shares Drop 5% Following Secondary Offering

(RTTNews) - Shares of Madison Square Garden Entertainment Corp. (MSGE) are falling more than 4% Monday morning after the company announced secondary offering of 7.15 million shares by Sphere Entertainment Group, LLC.

As part of the secondary offering, MSG Entertainment intends to purchase about $50 million of shares, to be funded by borrowings under its existing credit facility, which has been increased to $150 million from $100 million.

MSG Entertainment will not receive any proceeds from the offering.

MSGE is at $31.21 currently. It has traded in the range of $21.02 - $40.81 in the last 1 year.