AMC Entertainment on Friday said it’s drawn up a new debt agreement that the company hopes will help it stay afloat as the novel coronavirus pandemic continues to impact the industry.
The company, which operates the largest theater chain in the country, said it will raise as much as $200 million in cash by allowing certain current debt-holders to exchange their notes at better terms. Under the terms of the deal, the debt-holders will receive interest of 10% in cash or 12% in additional notes due in 2026.
AMC, which has been rocked by the pandemic and massive amounts of debt already on its books, has also restructured some of its debt deals and said in the filing with the Securities and Exchange Commission on Friday that its chief lender, Silver Lake Partners, was buying an additional $100 million in first-lien notes. The private equity firm already holds $600 million of convertible bonds in AMC.
The company, which operates the largest theater chain in the country, said it will raise as much as $200 million in cash by allowing certain current debt-holders to exchange their notes at better terms. Under the terms of the deal, the debt-holders will receive interest of 10% in cash or 12% in additional notes due in 2026.
AMC, which has been rocked by the pandemic and massive amounts of debt already on its books, has also restructured some of its debt deals and said in the filing with the Securities and Exchange Commission on Friday that its chief lender, Silver Lake Partners, was buying an additional $100 million in first-lien notes. The private equity firm already holds $600 million of convertible bonds in AMC.
- 7/11/2020
- by Trey Williams
- The Wrap
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