By Paul A. Harris
St. Louis, Feb. 19 - AMC Entertainment Inc. priced a downsized $300 million issue of 10-year senior subordinated notes (Caa1/CCC+) Thursday at par to yield 8%, a syndicate source said.
Price talk was in the area of 7¾%.
Citigroup ran the books on the Rule 144A issue. Banc of America Securities was the joint lead manager. Scotia Capital was the co-manager.
Proceeds will be used to redeem the company's 9½% senior subordinated notes due 2009 and its 9½% senior subordinated notes due 2011.
AMC Entertainment is a movie theater owner-operator based in Kansas City, Mo.
The issue was downsized from a proposed $550 million.
| Issuer: | AMC Entertainment Inc.
|
| Amount: | $300 million (decreased from $550 million)
|
| Maturity: | March 1, 2014
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Citigroup
|
| Joint lead manager: | Banc of America Securities
|
| Co-manager: | Scotia Capital
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 397 basis points
|
| Call features: | Callable after March 1, 2009 at 104.0, 102.667, 101.333, par on March 1, 2012 and thereafter
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 24
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | 7¾% area
|
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