AMC Entertainment announced Monday it’s officially concluded a complex, and controversial, restructuring of approximately $2.6 billion of its debt that included an exchange and fresh capital raise.…
announced Monday it’s officially concluded a complex, and controversial, restructuring of approximately $2.6 billion of its debt that included an exchange and fresh capital raise.Holders of more than 87% of senior subordinated notes participated in an exchange into new notes, and all of bondholder Silver Lake’s convertible notes were also restructured. As part of the transactions, a group of noteholders and Silver Lake provided AMC with additional liquidity.
As a result, the debt load of the nationa’s largest exhibitor has been reduced by $553 million and the company will get some $355 to $415 million of cash and other liquidity improvements over the coming 12 to 18 months after deducting transaction costs. As part of these transactions, the company issued 5 million new shares to some former holders of its senior subordinated notes, now holders of the new exchanged notes.
“This consensual restructuring of our debt and enhancement of our liquidity are extraordinarily important transactions for AMC. We have substantially increased our cash reserves, and improved our liquidity in other ways to extend our financial runway into 2021. This will greatly help AMC, a proud 100 year old company, to get through this period of unprecedented theatre closures caused by the coronavirus.
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