Cablevision spinoff MSG closes on $375M line of credit

Madison Square Garden has closed on a $375 million, five-year line of credit, the Cablevision spinoff company said.

The credit line will be used for MSG's working capital needs, ongoing capital expenditures and other general corporate purposes, the company said in a Friday statement.

J.P. Morgan Securities Inc. acted as sole lead arranger for the credit line, with additional support from a group of 10 banks.

Madison Square Garden Inc. is a sports, entertainment and media business made up of MSG Sports, MSG Entertainment and MSG Media.

MSG Sports consists of the New York Knicks and New York Liberty basketball teams, and the New York Rangers and Hartford Wolf Pack hockey teams.

The company stages events at its Madison Square Garden and Radio City Music Hall venues.

Cablevision is the parent company of Newsday.