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Moody’s assigns Ba1 to AMC loans
Moody's Investors Service said it assigned a Ba1 rating to the proposed senior secured credit facilities of AMC Entertainment Inc., a wholly owned subsidiary of AMC Entertainment Holdings, Inc.
The credit facilities will consist of a $150 million revolving credit facility and $881 million term loan, with proceeds used to refinance the existing secured credit facilities, retire the remaining 9¾% senior subordinated notes, and fund general corporate expenses.
AMC's B1 corporate family rating and B2 senior subordinated rating remain unchanged.
The transaction extends the revolving credit facility to 2020 from 2018 with a five-year tenure and extends the seven-year term loan maturity to 2022 from 2020. The transaction increases total debt by roughly $106 million. The effect on (Moody's adjusted) debt/EBITDA leverage is de minimis, rising to 4.7 times from 4.6 times.
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