Carmike seeks consents to amend 6% notes due 2023 for buyout by AMC

By Susanna Moon

Chicago, March 15 – Carmike Cinemas, Inc. said it began a consent solicitation for its $230 million principal amount of 6% senior secured notes due 2023.

The consents are needed to waive the change-of-control covenant in the notes indenture in connection with the acquisition of the company by AMC Entertainment Holdings, Inc., according to a company press release.

The company also is soliciting consents to amend the reporting covenant to allow any direct or indirect parent company that becomes a guarantor of the notes to satisfy the company’s obligations by filing the reports, information and other documents required by the notes indenture.

The consent solicitation will run until 5 p.m. ET on March 21.

To pass, the amendments require consents from holders of at least a majority of the outstanding notes. Holders must be of record as of 5 p.m. on March 14.

The cash consent payment will be $5.00 per $1,000 principal amount.

Holders may revoke their consents at any time before the supplemental indenture is executed.

Citigroup Global Markets Inc. (800 588-3745 or 212 723-6106) is the solicitation agent. Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or contact@gbsc-usa.com) is the information and tabulation agent.

Carmike is a motion picture exhibitor based in Columbus, Ga.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.