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AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or the “Company”) announced that on Friday, July 31, it had completed a complex restructuring of approximately $2.6 billion of its debt in the latest revealed terms. Holders of more than 87% of senior subordinates participated in an exchange of new notes, and all Silver Lake convertible notes were also restructured. As a component of the transactions, an ad hoc organization of dollar holders and Silver Lake also provided AMC with more liquidity.
As a result of these measures, AMC’s debt was reduced by $five and five million and the Company will get between $3 million and $41 million in liquidity and money innovations over the next 12 to 18 months after deducting transaction costs. From these transactions, the Company issued five million new shares to some former holders of its senior subordinate notes, who now keep the new notes exchanged.
Commenting on this development, AMC CEO and President Adam Aron said: “This consensual restructuring of our debt and improving our liquidity are incredibly vital transactions for AMC. We have particularly increased our reserves of money and have advanced our liquidity through another monetary path until 2021 This will go a long way to helping AMC, a proud 100-year-old company, through this era of unprecedented coronavirus theater closures. In addition, debt swaps decrease our debt through more than $550 million and increase our debt until 2026 We can now focus only on the number one task of opening our theaters in the United States, Europe and the Middle East in a guilty way, allowing us once again to welcome the movie pins to our big screens on AMC. the world of cinema: lights, camera, action.”
Moelis -Company LLC acted as broker manager for the exchange of offers and as AMC’s monetary advisor for other transactions, and Weil, Gotshal – Manges LLP acted as AMC’s attorneys for those efforts.
About AMC Entertainment Holdings, Inc.
AMC is the largest corporate film exhibition in the United States, the largest in Europe and the largest in the world with approximately 1,000 theaters and 11,000 screens worldwide. AMC has driven innovation in the exhibition industry by: deploying its Signature electric tilting seats; Offer possible food and beverage options. Increase visitor engagement through your loyalty and subscription programs, online page, and mobile apps; providing high-end large format reports and streaming a wide variety of content, adding the latest Hollywood releases and independent programming. AMC operates among the top-produced theaters in major U.S. market locations, ranking first or at the time of the market spot percentage in 21 of the 25 largest metropolitan venues in the United States. AMC is also the percentage of market location number 1 or number 2 in nine of the 15 countries it serves in North America, Europe and the Middle East. For more information, www.amctheatres.com.
See the businesswire.com edition: https://www.businesswire.com/news/home/20200803005251/fr/
Contacts
INVESTOR RELATIONS: John Merriwether, [email protected]
MEDIA CONTACTS: Ryan Noonan, (913) [email protected]