AMC Entertainment repurchases some 10% notes, exchanges some for shares

By Wendy Van Sickle

Columbus, Ohio, Dec. 11 – AMC Entertainment Holdings, Inc. repurchased $50 million principal amount of its 10% second-lien notes due 2026 at an average discount of 19.67%, plus accrued interest and exchanged $12,275,000 million principal amount of the notes plus accrued interest for approximately 1.6 million shares of class A common stock with an implied value of $8.19 per share, according to a news release.

The transactions were carried out using a portion of proceeds raised through AMC’s $350 million at-the-market equity offering launched on Nov. 8.

“Successfully raising an additional $350 million of equity capital and reducing debt by more than $62 million in a single month underscores our continued commitment to strengthen our balance sheet by bolstering liquidity and methodically reducing debt levels,” AMC chairman and chief executive officer Adam Aron said in the release. “Thus far in 2023, AMC has raised $865 million of gross equity capital and lowered liabilities by approximately $440 million by reducing our corporate borrowings by approximately $350 million and repaying more than $90 million of Covid-19 related deferred rent liabilities. Our commitment to strengthening the balance sheet is further evidenced by the more than $1 billion reduction in our corporate borrowings and deferred rent liabilities since Dec. 31, 2020.”

AMC is a movie exhibition company based in Leawood, Kan.

© 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.