New Issue: AMC Entertainment sells upsized $375 million eight-year notes at par to yield 5 7/8%

By Paul A. Harris

Portland, Ore., Feb. 4 - AMC Entertainment Inc. priced an upsized $375 million issue of eight-year senior subordinated notes (B3/B-) at par to yield 5 7/8% on Tuesday, according to a syndicate source.

The deal was upsized from $325 million.

The yield printed at the tight end of yield talk in the 6% area.

Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC and HSBC Securities were the joint bookrunners.

The Kansas City, Mo.-based movie exhibitor plans to use the proceeds to retire all of its 8¾% senior notes due 2019.

Issuer:	AMC Entertainment Inc.
Amount:	$375 million, increased from $325 million
Maturity:	Feb. 15, 2022
Securities:	Senior subordinated notes
Bookrunners:	Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc.
Coupon:	5 7/8%
Price:	Par
Yield:	5 7/8%
Spread:	378 bps
First call:	Feb. 15, 2017 at 104.406
Equity clawback:	35% at 105.875 until Feb. 15, 2017
Change-of-control put:	101%
Trade date:	Feb. 4
Settlement date:	Feb. 7
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6% area
Marketing:	Quick to market

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