Moody's gives AMC notes Caa1

Moody's Investors Service said it rated AMC Entertainment, Inc.'s new $600 million of senior subordinated notes Caa1.

Together with cash on hand, the proceeds will be used to retire about $566 million of existing obligations, the agency said, adding that this debt includes the Caa1-rated $325 million of 11% notes and Marquee Holdings, Inc.'s Caa1-rated $241 million of 12% notes.

Moody's noted that AMC also plans to amend and extend the whole or a considerable part of its Ba2-rated term loan due 2013.

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