Debt ratings agency S&P Global Ratings has reduced AMC Entertainment's credit ratings due to concerns over its new debt deal with bondholders
S&P Global said the mega-circuit's recent debt restructuring with bondholders was"tantamount to a default."
The research firm downgraded AMC's credit rating to SD from CC. AMC recently unveiled a debt restructuring agreement with its bondholders that includes $200 million in fresh cash and the Silver Lake Group purchasing $100 million in new senior notes. AMC has postponed the reopening of its domestic cinemas from the end of July to mid-to-late August due to the continued novel coronavirus pandemic.
To complete the debt exchange, S&P Global argued AMC issued $1.46 billion of new second-lien secured notes due 2026, and "we estimate the lenders are receiving roughly 70 percent to 75 percent par value."
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