AMC Entertainment to amend or repay loan with buyout by Dalian Wanda

By Sara Rosenberg

New York, May 21 - AMC Entertainment Holdings Inc. will either need to amend its senior secured credit facility to permit the change-of-control through its purchase by Dalian Wanda Group Co. Ltd. or refinance the debt in full, according to an 8-K filed with the Securities and Exchange Commission on Monday.

In addition, upon completion of the buyout, the company will need to make a change-of-control offer for each series of its outstanding debt securities or seek a waiver of the requirement.

Dalian Wanda has provided financing commitments to AMC to fully finance the transaction, and AMC will not be an obligor of any of that debt, the filing said.

Under the agreement, AMC is being acquired for about $2.6 billion.

As part of the transaction, Dalian Wanda intends to invest up to an additional $500 million in AMC over time to fund strategic and operating initiatives.

Closing is subject to customary conditions and the receipt of U.S. and China regulatory approvals.

AMC is a Kansas City, Mo.-based movie exhibitor.

© 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.