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AMC Networks begins capped tender offer for $800 million senior notes due 2024, 2025
By Wendy Van Sickle
Columbus, Ohio, Feb. 17 – AMC Networks Inc. said it began a tender offer for up to $800 million total principal amount of its $400 million outstanding 5% senior notes due 2024 (Cusip: 00164VAD5) and $800 million outstanding 4¾% senior notes due 2025 (Cusip: 00164VAE3), according to a news release.
The 2024 notes have acceptance priority over the 2025 notes, which have a series cap of $400 million.
For each $1,000 principal amount of notes, the total purchase price will be $1,000 for the 2024 notes and $950 for the 2025 notes.
The total prices include an early tender premium of $30 that will be paid only to holders who tender by the early deadline of 5 p.m. ET on March 3.
Holders will also receive accrued interest to the settlement date.
The offer will expire at 5 p.m. ET on March 20.
The deadline to withdraw tenders is 5 p.m. ET on March 3.
If the company exercises its option to have an early settlement date, it is expected to occur by March 13. Final settlement is expected on the business day after the expiration date.
Consummation of the offer is conditioned on the company having obtained a new senior secured term loan credit facility in an amount sufficient, together with cash on hand, to fund the purchase of the notes. The company plans to redeem any 2024 notes that are not tendered after the completion of the offer.
BofA Securities, Inc. (888 292-0070 or 980 388-3646) is the lead dealer manager. The co-dealer managers are J.P. Morgan Securities LLC (866 834-4666 or 212 834-3554) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106).
D.F. King & Co., Inc. (866 829-1035 or 212 269-5550) is the information agent.
AMC is a New York-based entertainment company.
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