Carmike gets consents to amend 6% notes due 2023 for buyout by AMC

By Wendy Van Sickle

Columbus, Ohio, March 22 – Carmike Cinemas, Inc. received consents to waive the change-of-control covenant of its $230 million principal amount of 6% senior secured notes due 2023 from holders of the required simple majority of the notes, according to a press release.

The consents were sought in connection with the acquisition of the company by AMC Entertainment Holdings, Inc.

As part of the consent solicitation, the noteholders also agreed to amend the reporting covenant to allow any direct or indirect parent company that becomes a guarantor of the notes to satisfy the company’s obligations by filing the reports, information and other documents required by the notes indenture.

The consent solicitation expired at 5 p.m. ET on March 21.

The cash consent payment will be $5 per $1,000 principal amount.

The company said it will execute a supplemental indenture giving effect to the waiver and amendments as soon as reasonably practicable.

Citigroup Global Markets Inc. (800 588-3745 or 212 723-6106) is the solicitation agent. Global Bondholder Services Corp. (212 430-3774, 866 470-4500 or contact@gbsc-usa.com) is the information and tabulation agent.

Carmike is a motion picture exhibitor based in Columbus, Ga.

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