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AMC Entertainment to offer $325 million subordinated notes to fund merger with Loews Cineplex
By Paul A. Harris
St. Louis, Jan. 6 - AMC Entertainment, Inc. disclosed in an 8-K filed Friday with the Securities and Exchange Commission that it intends to sell $325 million of senior subordinated notes.
Standard & Poor's subsequently assigned its CCC+ rating to the notes.
The company will also obtain a new $850 million credit facility.
Proceeds will be used to finance the merger of AMC with New York City-based movie theater chain operator Loews Cineplex Entertainment Corp., as well as to refinance AMC's and Loews' existing bank debt and fund the tender for $315 million of Loews' outstanding 9% senior subordinated notes due 2014.
Credit Suisse First Boston, Citigroup and JP Morgan are dealer managers for the tender.
No other information was disclosed in the Friday filing, and AMC did not return a telephone call from Prospect News.
AMC Entertainment is a Kansas City, Mo., movie theater chain.
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