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S&P rates AMC Entertainment notes B
S&P said it assigned its B issue-level rating and 1 recovery rating to AMC Entertainment Holdings Inc.'s proposed $400 million senior secured notes due 2027, issued by its U.K. subsidiary, Odeon Finco plc. The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 95%) recovery of principal in the event of a payment default.
AMC plans to use the proceeds from these notes, alongside cash on hand, to retire its existing Odeon term loan facility due 2023, which comprises £148 million and €312 million term loans.
“We believe downsizing and extending this debt maturity will be marginally favorable to AMC's credit prospects as the company continues to recover from the effects of the pandemic,” S&P said in a news release.
S&P’s existing ratings on AMC, including the CCC+ issuer credit rating, are unchanged. The outlook is positive.
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