NEWS
AMC Entertainment Holdings: Collaborative Refinancing Transactions Extend Up to $2.45B of Debt Maturities to 2029 and Beyond
AMC Entertainment Holdings, Inc. (NYSE: AMC) has announced a series of refinancing transactions to extend the maturity of approximately $1.6 billion of debt due in 2026 to 2029 and 2030. The company has issued $1.2 billion of new secured term loans due 2029 in exchange for existing loans and notes. Additionally, AMC has issued $414 million of new exchangeable notes due 2030 to repurchase second lien notes.
The refinancing provides AMC with significant financial flexibility and the potential to reduce debt by $464 million through the conversion of exchangeable notes into equity. The company also has arrangements to potentially repurchase up to $800 million of additional existing term loans and issue up to $50 million more in exchangeable notes to refinance other outstanding debt.
AMC CEO Adam Aron described the agreement as a "major milestone" and a "strong vote of confidence" from lenders in AMC's future. He expressed optimism about the company's recovery and expects strong year-over-year box office growth in the latter half of 2024 and beyond.
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