Published on 6/2/2015 in the Prospect News High Yield Daily.
New Issue: AMC prices $600 million 10-year senior subordinated notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., June 2 – AMC Entertainment Inc. priced a $600 million issue of 10-year senior subordinated notes (B3/B) at par to yield 5¾% in a quick-to-market Tuesday transaction, according to a syndicate source.
The yield printed on top of yield talk.
Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC and HSBC Bank were the joint bookrunners.
The Leawood, Kan.-based motion picture exhibitor plans to use the proceeds to fund the tender offer for its 9¾% senior subordinated notes due 2020.
| Issuer: | AMC Entertainment Inc.
|
| Amount: | $600 million
|
| Maturity: | June 15, 2025
|
| Securities: | Senior subordinated notes
|
| Bookrunners: | Citigroup Global Markets Inc., BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, HSBC Bank
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 348 bps
|
| First call: | June 15, 2020 at 102.875
|
| Equity clawback: | 35% at 105.75 until June 15, 2018
|
| Change-of-control put: | 101%
|
| Trade date: | June 2
|
| Settlement date: | June 5
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5¾% area
|
| Marketing: | Roadshow
|
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