AMC Entertainment to launch $150 million 10-year notes Jan. 7

By Paul A. Harris

St. Louis, Mo., Dec. 19 - AMC Entertainment, Inc. will launch an offering of $150 million 10-year senior subordinated notes (existing ratings: Caa3/CCC) on Jan. 7, a syndicate source told Prospect News on Wednesday.

Salomon Smith Barney will run the books on the Rule 144A offering. The notes will be non-callable for five years notes and will likely contain an equity clawback for 35%, according to the source.

Proceeds will be used to fund the acquisition of General Cinema, to repay bank debt, and for general corporate purposes.

The bonds are coming contiguous with an equity offering of nine million shares plus 1.35 million for the greenshoe, the source added.

The roadshow is set to wrap up Jan. 17, with pricing expected soon after.

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