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AMC Entertainment records tenders for 36.32% of 8% notes by early date
By Susanna Moon
Chicago, Feb. 22 - AMC Entertainment Inc. said holders have so far tendered $108,955,000, or about 36.32%, of its $300 million of outstanding 8% senior subordinated notes due 2014.
The company will purchase $58,063,000 principal amount, or about 53.33%, of notes tendered by the early deadline on Wednesday, according to a company press release.
The early tender deadline was 5 p.m. ET on Feb. 21 in the offer to purchase up to $160 million of the notes.
As previously noted, the total purchase price is $1,002.50 per $1,000 principal amount of notes, including an early tender premium of $30.00, tendered by the early tender date.
Holders will also receive accrued interest up to but excluding the settlement date.
The tender offer will continue until 11:59 p.m. ET on March 6. Tendered notes may no longer be withdrawn. The tender offer began on Feb. 7.
If more than $160 million of notes are tendered, the company will accept notes for purchase on a prorated basis.
If less than $160 million of notes are tendered, the company plans to redeem at par an amount of notes equal to the difference between $160 million and the amount tendered "on the earliest possible day following the final settlement date," the release noted.
The company will fund the tender offer with some proceeds of new term loans it will receive under an amendment to its senior credit facilities.
The tender offer is conditioned on the amendment of the credit facilities. AMC said on Feb. 22 that it received lender consents to amend the facilities.
The dealer manager is Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106). The information agent is Global Bondholder Services Corp. (866 470-4500 or 212 430-3774).
AMC operates movie theaters and is based in Kansas City, Mo.
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