AMC Networks plans to sell $500 million eight-year notes on Monday; initial talk mid 4% area

By Paul A. Harris

Portland, Ore., Jan. 25 – AMC Networks Inc. plans to price a $500 million public offering of eight-year senior notes (existing ratings Ba3/BB) in a Monday drive-by, according to market sources.

Initial price talk is in the mid 4% area, a trader said.

J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, Truist Securities Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Fifth Third Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc. and Barclays are the joint bookrunners.

The notes come with three years of call protection.

The New York-based entertainment company plans to use the proceeds to redeem the $400 million outstanding 4¾% senior notes due December 2022 at par and $100 million of 5% senior notes due April 2024 at 102.5.

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